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Test Bank for Managerial Accounting, 18th Edition by Ray Garrison || All Chapters 1-16 || Latest Edition
Test Bank for Managerial Accounting, 18th Edition by Ray Garrison || All Chapters 1-16 || Latest Edition
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Test Bank for Managerial AccountingAuthor: Garrison
18th Edition
, Chapter 1 Managerial Accounting and the Business Environment
TABLE OF CONTENT
Chapter One: Managerial Accounting and Cost Concepts
Chapter Two: Job-Order Costing: Calculating Unit Product Costs
Chapter Three: Job-Order Costing: Cost Flows and External Reporting
Chapter Four: Process Costing
Chapter Five: Cost-Volume-Profit Relationships
Chapter Six: Variable Costing and Segment Reporting: Tools for Management
Chapter Seven: Activity-Based Costing: A Tool to Aid Decision Making
Chapter Eight: Master Budgeting
Chapter Nine: Flexible Budgets and Performance Analysis
Chapter Ten: Standard Costs and Variances
Chapter Eleven: Responsibility Accounting Systems
Chapter Twelve: Strategic Performance Measurement
Chapter Thirteen: Differential Analysis: The Key to Decision Making
Chapter Fourteen: Capital Budgeting Decisions
Chapter Fifteen: Statement of Cash Flows
Chapter Sixteen: Financial Statement Analysis
,True/False Questions
1. Although Financial And Managerial Accounting Differ In Many Ways, They Are
Similar InThat Both Rely On The Same Underlying Financial Data.
Answer: True Level: Medium LO: 1
2. Managerial Accounting Is A Branch Of Financial Accounting And Serves
Essentially TheSame Purposes As Financial Accounting.
Answer: False Level: Medium LO: 1
3. Managerial Accounting Places Greater Emphasis On The Future Than
FinancialAccounting, Which Is Primarily Concerned With The Past.
Answer: True Level: Easy LO: 1
4. Managerial Accounting Is Not Needed In A Non-Profit Or Governmental Organization.
Answer: False Level: Easy LO: 1
5. When Carrying Out Their Planning Activities, Managers Select A Course Of
Action AndSpecify How The Action Will Be Implemented.
Answer: True Level: Easy LO: 2
6. When Carrying Out Their Planning Activities, Managers Obtain Feedback To Ensure
That The Plan Is Actually Carried Out And Is Appropriately Modified As
Circumstances Change.
Answer: False Level: Medium LO: 2
7. The Controller Occupies A Line Position In An Organization.
Answer: False Level: Easy LO: 2
8. Decentralization Means The Delegation Of Decision-Making Authority Throughout
An Organization By Allowing Managers At Various Operating Levels To Make Key
DecisionsRelating To Their Own Area Of Responsibility.
Answer: True Level: Easy LO: 2
, Chapter 1 Managerial Accounting and the Business Environment
9. A Firm's Organization Chart Will Normally Show Both The Formal And Informal
Lines OfReporting And Communication.
Answer: False Level: Easy LO: 2
10. The Chief Financial Officer Of An Organization Is Responsible For Ensuring That
LineOperations Run Smoothly.
Answer: False Level: Medium LO: 2
11. Traditionally, Companies Have Maintained Large Amounts Of Raw Materials, Work
In Process, And Finished Goods Inventories To Act As Buffers So That Operations
Can ProceedSmoothly Even If There Are Unanticipated Disruptions.
Answer: True Level: Medium LO: 3
12. Process Reengineering Is Generally Considered To Be A More Radical
Approach ToImprovement Than Total Quality Management.
Answer: True Level: Easy LO: 3
13. Process Reengineering Emphasizes A Team Approach Involving Front-Line
Workers, Whereas Total Quality Management Is Usually Implemented Using
Outside SpecialistsAnd Is Imposed From Above.
Answer: False Level: Medium LO: 3
14. If Ethical Standards Were Not Generally Followed, One Of The Results Would
Probably BeFewer Goods And Services Available In The Marketplace.
Answer: True Level: Medium LO: 4
15. The Standards Of Ethical Conduct For Management Accountants Promulgated By
The Institute Of Management Accountants Specifically State That Management
Accountants'Sole Ethical Responsibility Is To Not Break Any Laws.
Answer: False Level: Easy LO: 4
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