Managerial Accounting 10th Edition Weygandt TESTBANK PDF

, TESTBANK FOR Managerial Accounting 10e
Weygandt
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,Managerial Accounting, 10e (Weygandt)
Chapter 1 Managerial Accounting

1) Reports prepared in financial accounting are general-purpose reports while reports prepared in
managerial accounting are usually special-purpose reports.
Answer: TRUE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: C
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: Communication
Min.: 1

2) Managerial accounting information generally pertains to an entity as a whole and is highly
aggregated.
Answer: FALSE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: Communication
Min.: 1

3) All forms of business organizations need managerial accounting information.
Answer: TRUE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: Communication
Min.: 1

4) Determining the unit cost of manufacturing a product is an output of financial accounting.
Answer: FALSE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: None / FSA
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1




1

, 5) Managerial accounting internal reports are prepared more frequently than financial statements
that are distributed externally.
Answer: TRUE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: Communication
Min.: 1

6) The management function of organizing and directing is mainly concerned with setting goals
and objectives for the entity.
Answer: FALSE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: None / Decision Analysis
AICPA: BB: Process and Resource Management Perspectives; FC: None; PC: Leadership
Min.: 1

7) The controller of a company is responsible for all of the accounting and finance issues a
company faces.
Answer: FALSE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: Ethics / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Min.: 1

8) Controlling is the process of determining whether planned goals are being met.
Answer: TRUE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: None / Internal Controls
AICPA: BB: Process and Resource Management Perspectives; FC: None; PC: Leadership
Min.: 1

9) Decision-making is an integral part of the planning, directing, and controlling functions.
Answer: TRUE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: None / Decision Analysis
AICPA: BB: Strategic Perspective; FC: None; PC: Leadership
Min.: 1

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