ACCOUNTING QUIZBANK
QUESTIONS AND ACCURATE
SOLUTIONS FROM FINANCIAL
MANAGERIAL ACCOUNTING 20TH
EDITION BY JAN WILLIAMS HAILEY
COLLEGE OF BANKING AND
FINANCE.
,CHAPTER 1
1. Award:
Managerial accounting information is designed primarily to assist investors and creditors in
deciding how to allocate scarce resources.
True
False
Difficulty: 1 Easy Learning Objective: 01-01 Discuss
accounting as the language of business
and the role of accounting information in
making economic decisions.
2. Award:
Information provided to decision makers in an organization is comprised only of the accounting
information generated by the organization’s information system.
True
False
Difficulty: 1 Easy Learning Objective: 01-02 Discuss the
significance of information systems in
generating reliable accounting
information and understand the five
components of internal control.
,3. Award:
All internal control systems need to be monitored.
True
False
Difficulty: 2 Medium Learning Objective: 01-02 Discuss the
significance of information systems in
generating reliable accounting
information and understand the five
components of internal control.
4. Award:
A data analytics system is the integrated management of core business processes that an
organization can use to collect, store, manage, and interpret data across a wide range of business
activities.
True
False
Difficulty: 1 Easy Learning Objective: 01-02 Discuss the
significance of information systems in
generating reliable accounting
information and understand the five
components of internal control.
, 5. Award:
Management accounting information is oriented toward the future while financial accounting
information is historical in nature.
True
False
Learning Objective:
01-03 Explain the
importance of
financial accounting
information for
external parties—
primarily investors
and creditors—in
terms of the
objectives and the
characteristics of
that information.
Learning Objective:
01-04 Explain the
importance of
accounting
information for
internal parties—
primarily
management—in
terms of the
objectives and the
characteristics of
that information.
QUESTIONS AND ACCURATE
SOLUTIONS FROM FINANCIAL
MANAGERIAL ACCOUNTING 20TH
EDITION BY JAN WILLIAMS HAILEY
COLLEGE OF BANKING AND
FINANCE.
,CHAPTER 1
1. Award:
Managerial accounting information is designed primarily to assist investors and creditors in
deciding how to allocate scarce resources.
True
False
Difficulty: 1 Easy Learning Objective: 01-01 Discuss
accounting as the language of business
and the role of accounting information in
making economic decisions.
2. Award:
Information provided to decision makers in an organization is comprised only of the accounting
information generated by the organization’s information system.
True
False
Difficulty: 1 Easy Learning Objective: 01-02 Discuss the
significance of information systems in
generating reliable accounting
information and understand the five
components of internal control.
,3. Award:
All internal control systems need to be monitored.
True
False
Difficulty: 2 Medium Learning Objective: 01-02 Discuss the
significance of information systems in
generating reliable accounting
information and understand the five
components of internal control.
4. Award:
A data analytics system is the integrated management of core business processes that an
organization can use to collect, store, manage, and interpret data across a wide range of business
activities.
True
False
Difficulty: 1 Easy Learning Objective: 01-02 Discuss the
significance of information systems in
generating reliable accounting
information and understand the five
components of internal control.
, 5. Award:
Management accounting information is oriented toward the future while financial accounting
information is historical in nature.
True
False
Learning Objective:
01-03 Explain the
importance of
financial accounting
information for
external parties—
primarily investors
and creditors—in
terms of the
objectives and the
characteristics of
that information.
Learning Objective:
01-04 Explain the
importance of
accounting
information for
internal parties—
primarily
management—in
terms of the
objectives and the
characteristics of
that information.
