Test Bank for Introduction to Managerial Accounting, 7th Canadian Edition by Peter C. Brewer
105 views 3 purchases
Course
Managerial Accounting
Institution
Managerial Accounting
Test Bank for Introduction to Managerial Accounting 7ce 7th Canadian Edition by Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan. Full Chapters test bank are included - Chapter 1 to 14
PART I PRODUCT AND SERVICE COSTING
Chapter 2 Cost Concepts
Chapter 3 Sys...
Chap 01 7ce Brewer
1) Managers carry out three major activities: planning, implementation, and control.
⊚ true
⊚ false
2) The theory of constraint (TOC) framework focuses on effectively managing constraints as
the key to success.
⊚ true
⊚ false
3) Managerial Accounting reports are prepared for external users while Financial Accounting
reports are prepared for internal users.
⊚ true
⊚ false
4) Merchandising firms largely refer to retail and wholesale outlets that buy goods from
suppliers and resell them to customers.
⊚ true
⊚ false
5) Merchandising and manufacturing firms generate revenue by selling products.
⊚ true
⊚ false
6) Service firms do not sell any products but generate revenues by offering one or more types of
services.
⊚ true
⊚ false
1
, 7) Managers assign tasks to employees, arbitrate disputes, answer questions, solve on the spot
problems, and make many decisions that affect customers and employees, which in turn, will
likely influence future financial and nonfinancial performance.
⊚ true
⊚ false
8) Planning involves selecting a course of action and specifying how the action will be
implemented.
⊚ true
⊚ false
9) Control involves the process of instituting procedures and then obtaining feedback to ensure
that all parts of the organization are functioning effectively and moving toward overall
company goals.
⊚ true
⊚ false
10) Strategy pertains to the general direction in which an organization plans to move to achieve
its goals and objectives.
⊚ true
⊚ false
11) Management accountants are not required to follow the generally accepted accounting
principles that are used for external financial reporting when preparing reports for internal
users.
⊚ true
⊚ false
12) Management accounting information is primarily concerned with reports on the organization
while financial accounting focuses more on the individual segments of the organization.
⊚ true
⊚ false
2
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