Exam (elaborations)
Test Bank for Managerial Accounting, 11th Canadian Edition by Ray Garrison, All Chapters ||Complete A+ Guide
Test Bank for Managerial Accounting, 11th Canadian Edition by Ray Garrison, All Chapters ||Complete A+ Guide
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Content preview
,Chapter 01 - Managerial Accounting and the Business EnvironmentChapter 01
Managerial Accounting and the Business Environment
Multiple Choice Questions
f f
1. Day-to-day decision making is most common to which of the following activities managers
f f f f f f f f f f f f
are expected to carry on in organizations?
f f f f f f f
A. Strategy formulation.
f
B. Directing and motivating.
f f
C. Planning.
D. Budgeting.
Blooms: fUnderstand
CPA fCompetency: f3.1.1 fEvaluates fmanagement finformation frequirements.
f Difficulty: fMedium
Learning fObjective: f01-01 fDescribe fthe ffunctions fperformed fby fmanagers.
Topic: f01-02 fThe fWork fof fManagers fand fTheir fNeed ffor fManagerial fAccounting fInformation
2. Identifying alternatives and selecting the best among them is part of which of the following
f f f f f f f f f f f f f f
activities which managers carry on in organizations?
f f f f f f f
A. Controlling.
B. Directing.
C. Planning.
D. Motivating.
Blooms: fUnderstand
CPA fCompetency: f3.1.1 fEvaluates fmanagement finformation frequirements.
f Difficulty: fMedium
Learning fObjective: f01-01 fDescribe fthe ffunctions fperformed fby fmanagers.
f Topic: f01-03 fPlanning
1-1
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
,Chapter 01 - Managerial Accounting and the Business Environment
3. Budgeting is part of which of the following activities managers perform in organizations?
f f f f f f f f f f f f
A. Controlling.
B. Directing.
C. Planning.
D. Motivating.
Blooms: fUnderstand
CPA fCompetency: f3.1.1 fEvaluates fmanagement finformation frequirements.
f Difficulty: fEasy
Learning fObjective: f01-01 fDescribe fthe ffunctions fperformed fby fmanagers.
f Topic: f01-03 fPlanning
4. Obtaining feedback is generally identified most directly with which of these functions of
f f f f f f f f f f f f
management?
f
A. Planning.
B. Directing and motivating. f f
C. Controlling.
D. Decision making. f
Blooms: fUnderstand
CPA fCompetency: f3.1.1 fEvaluates fmanagement finformation frequirements.
f Difficulty: fEasy
Learning fObjective: f01-01 fDescribe fthe ffunctions fperformed fby fmanagers.
f Topic: f01-05 fControlling
5. Which of the following is part of managing and improving business processes?
f f f f f f f f f f f
A. Directing
B. Lean production
f
C. Motivating
D. Planning
Blooms: fRemember
CPA fCompetency: f3.1.2 fEvaluates fthe ftypes fof finformation fsystems fused fand fthe frole fthey fplay fin fan forganization.
f Difficulty: fEasy
Learning fObjective: f01-03 fExplain fthe fbasic fconcepts fof flean fproduction fand fenterprise frisk fmanagement.
f Topic: f01-16 fBusiness fProcess fManagement
1-2
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
, Chapter 01 - Managerial Accounting and the Business Environment
6. Which is the most common risk management tactic?
f f f f f f f
A. Accept the risk. f f
B. Avoid the risk. f f
C. Reduce the risk. f f
D. Share the risk. f f
Blooms: fRemember
CPA fCompetency: f3.1.2 fEvaluates fthe ftypes fof finformation fsystems fused fand fthe frole fthey fplay fin fan forganization.
f Difficulty: fEasy
Learning fObjective: f01-03 fExplain fthe fbasic fconcepts fof flean fproduction fand fenterprise frisk fmanagement.
f Topic: f01-18 fEnterprise fRisk fManagement
7. Which of the following best describes the function of managerial accounting within an
f f f f f f f f f f f f
organization?
f
A. It has its primary emphasis on the future.
f f f f f f f
B. It is required by regulatory bodies such as the Ontario Securities Commission.
f f f f f f f f f f f
C. It focuses on the organization as a whole, rather than on the organization's segments.
f f f f f f f f f f f f f
D. It places more emphasis on precision of data than financial accounting does.
f f f f f f f f f f f
Blooms: fRemember
CPA fCompetency: f3.1.1 fEvaluates fmanagement finformation frequirements.
f Difficulty: fEasy
Learning fObjective: f01-02 fIdentify fthe fmajor fdifferences fand fsimilarities fbetween ffinancial fand fmanagerial faccounting.
f Topic: f01-10 fEmphasis fon fthe fFuture
8. Upon which of the following does managerial accounting place considerable weight?
f f f f f f f f f f
A. Generally accepted accounting principles. f f f
B. The financial history of the entity.
f f f f f
C. Ensuring that all transactions are properly recorded.
f f f f f f
D. Detailed segment reports about departments, products, and customers.
f f f f f f f
Blooms: fUnderstand
CPA fCompetency: f3.1.1 fEvaluates fmanagement finformation frequirements.
f Difficulty: fEasy
Learning fObjective: f01-02 fIdentify fthe fmajor fdifferences fand fsimilarities fbetween ffinancial fand fmanagerial faccounting.
f Topic: f01-13 fSegments fof fan fOrganization
1-3
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ascorers. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80364 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now