Exam (elaborations)

COST ACCOUNTING 14TH EDITION BY HORNGREN, DATAR ,RAJAN TEST BANK

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Course
COST ACCOUNTING 14TH ED

Institution
COST ACCOUNTING 14TH ED

Book
Cost Accounting

The text that defined the cost accounting market. Horngren’s Cost Accounting defined the cost accounting market and continues to innovate today by consistently integrating the most current practice and theory into the text. This acclaimed, market-leading text emphasizes the basic theme of “diff...

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Uploaded on November 8, 2024
Number of pages 1339
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Type Exam (elaborations)
Contains Questions & answers

9780132109178
cost accounting 14th ed
questions with answers
cost accounting 14th edition by horngren datar
by charles t horngren author

Institution COST ACCOUNTING 14TH ED
Course COST ACCOUNTING 14TH ED

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Cost Accounting, 14e (Horngren/Datar/Rajan)
Chapter 1 The Accountant's Role in the Organizatio
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Objective 1.1 LO

1) Management accounting:
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A) focuses on estimating future revenues, costs, and other measures to forecast activities and thei
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results
B) provides information about the company as a whole
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C) reports information that has occurred in the past that is verifiable and reliable
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D) provides information that is generally available only on a quarterly or annual basis
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Answer: A L O

Diff: 2 LO

Terms: treasury
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Objective: Reflective
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2) Managers use management accounting information to ________ strategy.
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A) choose
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B) communicate
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C) implement
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D) All of these answers are correct.
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Answer: D L O

Diff: 1 LO

Terms: total quality management (TQM)
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3) Financial accounting:
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A) focuses on the future and includes activities such as preparing next year's operating budget
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B) must comply with GAAP (generally accepted accounting principles)
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C) reports include detailed information on the various operating segments of the business such a
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product lines or departments
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D) is prepared for the use of department heads and other employees
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Answer: B L O

Diff: 2 LO

Terms: financial accounting
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Objective: 1 L O

AACSB: Reflective thinking
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Copyright © 2012 Pearson Education, Inc.
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4) The person most likely to use ONLY financial accounting information is a
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: factory shift supervisor
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B) vice president of operations
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C) current shareholder
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D) department manager
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Answer: C L O

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5) Which of the following people is LEAST likely to use management accounting information
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? the controller
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B) a shareholder evaluating a stock investment
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C) the treasurer
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D) an assembly department supervisor
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Answer: B L O

Diff: 1LO

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Objective: 1 L O

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6) Financial accounting provides the primary source of information for:
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A) decision making in the finishing department
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B) improving customer service
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C) preparing the income statement for shareholders
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D) planning next year's operating budget
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Answer: C L O

Diff: 2LO

Terms: financial accounting
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AACSB: Reflective thinking
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7) Which of the following descriptors refers to management accounting information?
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A) It is verifiable and reliable.
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B) It is driven by rules.
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C) It is prepared for shareholders.
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D) It provides reasonable and timely estimates.
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Answer: D L O

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Objective: 1 L O

AACSB: Reflective thinking
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8) Which of the following statements refers to management accounting information?
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A) There are no regulations governing the reports.
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B) The reports are generally delayed and historical.
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C) The audience tends to be stockholders, creditors, and tax authorities.
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D) It primarily measures and records business transactions.
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Answer: A L O

Diff: 2 LO

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9) Which of the following groups would be LEAST likely to receive detailed management accountin
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reports?
A) stockholders
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B) sales representatives
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C) production supervisors
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D) managers
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Answer: A L O

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10) Management accounting information includes:
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A) tabulated results of customer satisfaction surveys
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B) the cost of producing a product
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C) the percentage of units produced that are defective
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D) All of these answers are correct.
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Answer: D L O

Diff: 1 LO

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11) Cost accounting:
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A) provides information on the efficiency of factory labor
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B) provides information on the cost of servicing commercial customers
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C) provides information on the performance of an operating division
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D) All of these answers are correct.
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Answer: D L O

Diff: 1 LO

Terms: cost accounting
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3
Copyright © 2012 Pearson Education, Inc.
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