Managerial Accounting Tools for Business Decision Making 8th Edition By Jerry Weygandt, Paul Kimmel, Donald Kieso (Test Bank)
13 views 0 purchase
Course
Managerial Accounting Tools for Business Decision
Institution
Managerial Accounting Tools For Business Decision
Managerial Accounting Tools for Business Decision Making, 8e Jerry Weygandt, Paul Kimmel, Donald Kieso (Test Bank)
Managerial Accounting Tools for Business Decision Making, 8e Jerry Weygandt, Paul Kimmel, Donald Kieso (Test Bank)
Test Bank for
Managerial
Accounting Tools for
Business Decision
Making, 8e Jerry
Weygandt, Paul
Kimmel, Donald Kieso
(All Chapters)
, CHAPTER 1
MANAGERIAL ACCOUNTING
SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOOM’S TAXONOMY
Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT
True-False Statements
1. 1 C 9. 1 K 17. 2 C 25. 3 C 33. 2 C
2. 1 K 10. 2 K 18. 2 K 26. 3 C 34. 2 K
3. 1 K 11. 2 K 19. 2 K 27. 3 K 35. 2 K
4. 1 K 12. 2 K 20. 2 K 28. 4 K 36. 3 K
5. 1 K 13. 2 K 21. 3 K 29. 4 K 37. 3 K
6. 1 K 14. 2 C 22. 3 K 30. 4 K
7. 1 C 15. 2 C 23. 3 K 31. 1 K
8. 1 K 16. 2 K 24. 3 K 32. 1 K
Multiple Choice Questions
38. 1 K 61. 1 C 84. 2 AP 107. 3 AP 130. 3 AP
39. 1 C 62. 1 K 85. 2 C 108. 3 AP 131. 3 AP
40. 1 K 63. 1 C 86. 2 C 109. 3 AP 132. 3 AP
41. 1 C 64. 2 C 87. 2 C 110. 3 AP 133. 3 AP
42. 1 K 65. 2 K 88. 2 C 111. 3 AP 134. 3 C
43. 1 C 66. 2 C 89. 2 K 112. 3 AP 135. 3 C
44. 1 K 67. 2 K 90. 2 C 113. 3 AP 136. 4 C
45. 1 C 68. 2 K 91. 2 K 114. 3 AP 137. 4 K
46. 1 C 69. 2 K 92. 3 K 115. 3 AP 138. 4 K
47. 1 K 70. 2 C 93. 3 C 116. 3 AP 139. 4 C
48. 1 K 71. 2 C 94. 3 C 117. 3 AP 140. 4 K
49. 1 K 72. 2 K 95. 3 C 118. 3 AP 141. 4 K
50. 1 K 73. 2 K 96. 3 C 119. 3 AP 142. 1 C
51. 1 C 74. 2 C 97. 3 AP 120. 3 AP 143. 1 K
52. 1 C 75. 2 K 98. 3 K 121. 3 AP 144. 2 K
53. 1 K 76. 2 C 99. 3 C 122. 3 AP 145. 2 K
st
54. 1 K 77. 2 K 100. 3 C 123. 3 AP 146. 3 K
55. 1 K 78. 2 K 101. 3 K 124. 3 AP 147. 3 C
st
56. 1 K 79. 2 C 102. 3 AP 125. 3 AP 148. 3 K
57. 1 C 80. 2 K 103. 3 AP 126. 3 AP 149. 3 K
st
58. 1 K 81. 2 K 104. 3 AP 127. 3 AP 150. 3 K
59. 1 C 82. 2 C 105. 3 K 128. 3 AP 151. 3 K
60. 1 K 83. 2 C 106. 3 AP 129. 3 AP
Brief Exercises
152. 2 K 154. 2 K 156. 2 C 158. 3 AP 160. 3 AP
153. 2 K 155. 2 K 157. 3 AP 159. 3 AP 161. 3 AP
Exercises
162. 1 C 167. 2 AP 172. 3 AP 177. 3 AP 182. 3 AP
163. 2 C 168. 2 C 173. 3 AP 178. 3 AP 183. 3 AP
164. 2 C 169. 2 C 174. 3 AP 179. 3 AP 184. 3 C
165. 2 C 170. 3 AP 175. 2,3 AP 180. 3 AN 185. 3 AP
166. 2 AP 171. 3 C 176. 3 AN 181. 3 AN
,1-2 Test Bank for Managerial Accounting, Eighth Edition
Completion Statements
186. 1 K 189. 1 K 192. 2 K 195. 2 K 198. 3 K
187. 1 K 190. 1 K 193. 2 K 196. 3 K 199. 3 K
188. 1 K 191. 1 K 194. 2 K 197. 3 K 200. 3 K
Matching Statements
201. 1 K
Short-Answer Essay
202. 1 K 204. 2 K 206. 2 K 208. 2 K
203. 1 K 205. 2 K 207. 4 K
st
This question also appears in a self-test at the student companion website.
SUMMARY OF LEARNING OBJECTIVES BY QUESTION TYPE
Item Type Item Type Item Type Item Type Item Type Item Type Item Type
Learning Objective 1
1. TF 8. TF 41. MC 48. MC 55. MC 62. MC 188. C
2. TF 9. TF 42. MC 49. MC 56. MC 63. MC 189. C
3. TF 31. TF 43. MC 50. MC 57. MC 142. MC 190. C
4. TF 32. TF 44. MC 51. MC 58. MC 143. MC 191. C
5. TF 38. MC 45. MC 52. MC 59. MC 162. Ex 201. MA
6. TF 39. MC 46. MC 53. MC 60. MC 186. C 202. SA
7. TF 40. MC 47. MC 54. MC 61. MC 187. C 203. SA
Learning Objective 2
10. TF 20. TF 71. MC 81. MC 91. MC 165. Ex 204. SA
11. TF 33. TF 72. MC 82. MC 144. MC 166. Ex 205. SA
12. TF 34. TF 73. MC 83. MC 145. MC 167. Ex 206. SA
13. TF 64. MC 74. MC 84. MC 152. BE 168. Ex 208. SA
14. TF 65. MC 75. MC 85. MC 153. BE 169. Ex
15. TF 66. MC 76. MC 86. MC 154. BE 175. Ex
16. TF 67. MC 77. MC 87. MC 155. BE 192. C
17. TF 68. MC 78. MC 88. MC 156. BE 193. C
18. TF 69. MC 79. MC 89. MC 163. Ex 194. C
19. TF 70. MC 80. MC 90. MC 164. Ex 195. C
Learning Objective 3
21. TF 95. MC 108. MC 121. MC 134. MC 170. Ex 183. Ex
22. TF 96. MC 109. MC 122. MC 135. MC 171. Ex 184. Ex
23. TF 97. MC 110. MC 123. MC 146. MC 172. Ex 185. Ex
24. TF 98. MC 111. MC 124. MC 147. MC 173. Ex 196. C
25. TF 99. MC 112. MC 125. MC 148. MC 174. Ex 197. C
26. TF 100. MC 113. MC 126. MC 149. MC 175. Ex 198. C
27. TF 101. MC 114. MC 127. MC 150. MC 176. Ex 199. C
35. TF 102. MC 115. MC 128. MC 151. MC 177. Ex 200. C
36. TF 103. MC 116. MC 129. MC 157. BE 178. Ex
37. TF 104. MC 117. MC 130. MC 158. BE 179. Ex
92. MC 105. MC 118. MC 131. MC 159. BE 180. Ex
93. MC 106. MC 119. MC 132. MC 160. BE 181. Ex
94. MC 107. MC 120. MC 133. MC 161. BE 182. Ex
, Managerial Accounting 1-3
Learning Objective 4
28. TF 30. TF 137. MC 139. MC 141. MC
29. TF 136. MC 138. MC 140. MC 207. SA
Note: TF = True-False BE = Brief Exercise C = Completion
MC = Multiple Choice Ex = Exercise
CHAPTER LEARNING OBJECTIVES
1. Identify the features of managerial accounting and the functions of management. The
primary users of managerial accounting reports issued as frequently as needed, are internal
users, who are officers, department heads, managers, and supervisors in the company. The
purpose of these reports is to provide special-purpose information for a particular user for a
specific decision. The content of managerial accounting reports pertains to subunits of the
business. It may be very detailed, and may extend beyond the double-entry accounting
system. The reporting standard is relevance to the decision being made. No independent
audits are required in managerial accounting. The functions of management are planning,
directing, and controlling. Planning requires management to look ahead and to establish
objectives. Directing involves coordinating the diverse activities and human resources of a
company to produce a smooth-running operation. Controlling is the process of keeping the
activities on track.
2. Describe the classes of manufacturing costs and the differences between product and
period costs. Manufacturing costs are typically classified as either (1) direct materials, (2)
direct labor, or (3) manufacturing overhead. Raw materials that can be physically and directly
associated with the finished product during the manufacturing process are called direct
materials. The work of factory employees that can be physically and directly associated with
converting raw materials into finished goods is considered direct labor. Manufacturing
overhead consists of costs that are indirectly associated with the manufacture of the finished
product. Product costs are costs that are a necessary and integral part of producing the
finished product. Product costs are also called inventoriable costs. These costs do not
become expenses until the company sells the finished goods inventory. Period costs are
costs that are identified with a specific time period rather than with a salable product. These
costs relate to nonmanufacturing costs and therefore are not inventoriable costs.
3. Demonstrate how to compute cost of goods manufactured and prepare financial
statements for a manufacturer. Companies add the cost of the beginning work in process to
the total manufacturing costs for the current year to arrive at the total cost of work in process
for the year. They then subtract the ending work in process from the total cost of work in
process to arrive at the cost of goods manufactured. The difference between a merchandising
and a manufacturing income statement is in the cost of goods sold section. A manufacturing
cost of goods sold section shows beginning and ending finished goods inventories and the
cost of goods manufactured. The difference between a merchandising and a manufacturing
balance sheet is in the current assets section. The current assets section of a manufacturing
company's balance sheet presents three inventory accounts: finished goods inventory, work
in process inventory, and raw materials inventory.
4 Discuss trends in managerial accounting. Managerial accounting has experienced many
changes in recent years, including a shift toward service companies as well as emphasis on
ethical behavior. Improved practices include a focus on managing the value chain through
techniques such as just-in-time inventory, total quality management, activity-based costing,
and theory of constraints. The balanced scorecard is now used by many companies in order
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 tutorsection. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
