Test bank For Managerial Accounting: An Introduction to Concepts, Methods and Uses 11th Edition Michael Maher, Roman Weil
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Managerial Accounting
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Managerial Accounting
Test bank, Tb for Managerial Accounting: An Introduction to Concepts, Methods and Uses 11th Edition by Michael W. Maher, Clyde P. Stickney, Roman L. Weil .
isbn: 9781111571269
Managerial Accounting 9e test bank.
TEST BANK Managerial Accounting: An Introduction to
Concepts, Methods and Uses 11/E Michael Maher
Chapter 1: Fundamental Concepts
1. Which of the following is true of Managerial Accounting?
A. Complies with Securities and Exchange Commission rules and regulations.
B. Uses cost-benefit analysis to determine the amount of detail presented.
C. Prepares general-purpose reports for people outside an organization.
D. Presents summary historical data in compliance with generally accepted accounting principles.
2. The best example of using managerial accounting information to help organizations succeed includes which
of the following?
A. implementing strategies.
B. processing travel vouchers.
C. tracking employee time and attendance.
D. reconciling petty cash balances.
3. Managerial accounting information is used by which of the following managers?
A. marketing managers to help price products and assess their profitability.
B. production managers to manage quality and costs and to assure on-time delivery.
C. general managers to measure employee performance and create incentives.
D. All of the answers are correct.
4. Considering the time dimension, how does managerial decision making compare with external performance
evaluation?
Managerial Decision Making External Performance
A. Past Past
B. Past Future
C. Future Past
D. Future Future
5. The question "How much information is enough?" for managerial purposes should be answered on
A. a cost/benefit basis.
B. a cost, but not benefit, basis.
C. a benefit, but not cost, basis.
D. neither costs nor benefits, but some other criteria.
,6. Accounting data used for managerial reports
A. must be the same data used for reporting to shareholders, but may be different for tax purposes.
B. must be the same data used for tax purposes, but may be different data for reporting to shareholders.
C. must be the same data used for both tax purposes and reporting to shareholders.
D. may be different from data used for both tax purposes and reporting to shareholders.
7. Who manages cost and managerial accounting in most organizations?
A. Controller
B. Treasurer
C. Board of directors
D. Chief executive officer
8. Who manages cash flows and raises cash for operations in most organizations?
A. Controller
B. Treasurer
C. Board of directors
D. Chief executive officer
9. Who is the manager in charge of raising cash for operations and managing cash and near-cash assets?
A. Chief financial officer.
B. Controller.
C. Treasurer.
D. Internal auditor.
10. Which of the following works in planning, decision making, designing information systems, designing
incentive systems, and helping managers make operating decisions?
A. Controller
B. Treasurer
C. Board of directors
D. Chief executive officer
11. Who is the chief accounting officer that oversees providing information to managers?
A. Chief financial officer.
B. Controller.
C. Treasurer.
D. Internal auditor.
,12. What organization publishes a journal called Strategic Finance, numerous policy statements, and research
studies on accounting issues?
A. Institute of Management Accountants
B. Cost Accounting Standards Board
C. General Accounting Office
D. American Institute of Certified Public Accountants
13. The Sarbanes-Oxley Act of 2002 has increased the interaction between the audit committee of the board of
directors and the which of the following?
A. controller.
B. treasurer.
C. internal auditor.
D. production manager.
14. In 2002, Congress passed the Sarbanes-Oxley Act. Which of the following is not a provision of that act?
A. The law empowered the American Institute of Certified Public Accountants (AICPA) to oversee licensure of
auditors.
B. The Chief Executive Officer (CEO) must sign the company’s financial statements attesting to the inclusion
of all material information.
C. The Public Company Accounting Oversight Board (PCAOB) was created.
D. The CEO and Chief Financial Officer (CFO) must indicate that they are responsible for the company’s
system of internal control.
15. What organization developed the “Standards of Ethical Conduct for Management Accountants” mandating
that management accountants have a responsibility to maintain the highest levels of ethical conduct?
A. Institute of Management Accountants
B. Cost Accounting Standards Board
C. General Accounting Office
D. American Institute of Certified Public Accountants
16. Which of the following accurately describes the managerial accountants' professional environment and
ethical responsibilities?
A. Stockholders have an ethical responsibility to report accurately even when their own compensation suffers.
B. Financial analysts have an ethical responsibility to report accurately even when their own compensation
suffers.
C. Managers have an ethical responsibility to report accurately even when their own compensation suffers.
D. Managers do not have an ethical responsibility to report accurately even when their own compensation
suffers.
, 17. How is cost, as used in managerial accounting, distinguished from expense, as used in financial
accounting?
A. A cost is a sacrifice of resources and expenses are recorded in accounting records, but not all costs appear in
accounting records.
B. All expenses are costs, but not all costs are expenses in the period of incurrence, even though they will
become expenses in some later period.
C. Managerial accounting deals primarily with costs, not expenses, while financial accounting primarily deals
with expenses for financial reporting as defined by generally accepted accounting principles.
D. All of the answers are correct.
18. In principle, a cost is
A. a sacrifice of resources.
B. something used up to produce revenues in a particular accounting period.
C. only comprised of direct material and direct labor.
D. something measured in conformity with generally accepted accounting principles.
19. What is an opportunity cost?
A. The historical cost of goods or services used.
B. The foregone income from using an asset in its best alternative.
C. A sacrifice of resources.
D. A sacrifice of investment opportunities.
20. What is an opportunity cost?
A. The difference in total costs which results from selecting one choice instead of another.
B. The profit forgone by selecting one choice instead of another.
C. A cost that may be saved by not adopting an alternative.
D. A cost that may be shifted to the future with little or no effect on current operations.
21. Income forgone from not using an asset in its best economic alternative is an example of which of the
following type of cost?
A. outlay cost.
B. direct cost.
C. indirect cost.
D. opportunity cost.
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