Essay about chapter 1

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Objective 1.1

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

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

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

4) The person most likely to use ONLY financial accounting information is a:
A) factory shift supervisor
B) vice president of operations
C) current shareholder
D) department manager
Answer: C

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

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

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

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

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

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

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

12) Which of the following types of information are used in management accounting?
A) financial information
B) nonfinancial information
C) information focused on the long term
D) All of these answers are correct.
Answer: D

13) Modern cost accounting plays a role in:
A) planning new products
B) evaluating operational processes
C) controlling costs
D) All of these answers are correct.
Answer: D

14) A data warehouse or infobarn:
A) is reserved for exclusive use by the CFO
B) is primarily used for financial reporting purposes
C) stores information used by different managers for multiple purposes
D) gathers only
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