, TESTBANK FOR Managerial Accounting 10e
Weygandt
Notes
1- The file is chapter after chapter.
2- We have shown you few pages sample.
3- The file contains all Appendix and Excel sheet
if it exists.
4- We have all what you need, we make update
at every time. There are many new editions
waiting you.
5- If you think you purchased the wrong file You
can contact us at every time, we can replace it
with true one.
Our email:
,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
2
,10) Direct materials costs and indirect materials costs are both included in manufacturing
overhead.
Answer: FALSE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
11) Manufacturing costs that cannot be classified as direct materials or direct labor are classified
as manufacturing overhead.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
12) The balance in the raw materials inventory account is equal to total direct materials minus
total indirect materials.
Answer: FALSE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
13) Raw materials that can be conveniently and directly associated with a finished product are
called materials overhead.
Answer: FALSE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
3
,14) The total cost of a finished product does not generally include equal amounts of materials,
labor, and overhead costs.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: C
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
15) Both direct labor cost and indirect labor cost are product costs.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: C
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
16) Period costs include selling and administrative expenses.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
17) Indirect materials and indirect labor are both inventoriable costs.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: C
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
4
,18) Direct materials and direct labor are the only product costs.
Answer: FALSE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
19) Total period costs are deducted from total cost of work in process to calculate cost of goods
manufactured.
Answer: FALSE
Diff: 1
LO: 3. Demonstrate how to compute cost of goods manufactured and prepare financial
statements for a manufacturer.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
20) Period costs are not inventoriable costs.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Min.: 1
21) Ending finished goods inventory appears on both the balance sheet and the income statement
of a manufacturing company.
Answer: TRUE
Diff: 1
LO: 3. Demonstrate how to compute cost of goods manufactured and prepare financial
statements for a manufacturer.
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Min.: 1
5
,22) The beginning work in process inventory appears on both the balance sheet and the cost of
goods manufactured schedule of a manufacturing company.
Answer: FALSE
Diff: 1
LO: 3. Demonstrate how to compute cost of goods manufactured and prepare financial
statements for a manufacturer.
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Min.: 1
23) In calculating gross profit for a manufacturing company, the cost of goods manufactured is
deducted from net sales.
Answer: FALSE
Diff: 1
LO: 3. Demonstrate how to compute cost of goods manufactured and prepare financial
statements for a manufacturer.
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Min.: 1
24) Finished goods inventory does not appear on a cost of goods manufactured schedule.
Answer: TRUE
Diff: 1
LO: 3. Demonstrate how to compute cost of goods manufactured and prepare financial
statements for a manufacturer.
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Min.: 1
25) If ending work in process inventory is greater than beginning work in process inventory, then
cost of goods manufactured will be less than total manufacturing costs for the period.
Answer: TRUE
Diff: 1
LO: 3. Demonstrate how to compute cost of goods manufactured and prepare financial
statements for a manufacturer.
Bloom: C
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
6
,26) The finished goods inventory account for a manufacturing company is equivalent to the
inventory account for a merchandising company.
Answer: TRUE
Diff: 1
LO: 3. Demonstrate how to compute cost of goods manufactured and prepare financial
statements for a manufacturer.
Bloom: C
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Min.: 1
27) Raw materials inventory shows the cost of completed goods available for sale to customers.
Answer: FALSE
Diff: 1
LO: 3. Demonstrate how to compute cost of goods manufactured and prepare financial
statements for a manufacturer.
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Min.: 1
28) The balanced scorecard approach attempts to maintain minimal inventories on hand.
Answer: FALSE
Diff: 1
LO: 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.
Bloom: K
AACSB / IMA: None / Performance Measurement
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
29) The supply chain is all the activities associated with providing a product or service.
Answer: FALSE
Diff: 1
LO: 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.
Bloom: K
AACSB / IMA: None / Performance Measurement
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
7
, 30) Many companies have significantly lowered inventory levels and costs using just-in-time
inventory methods.
Answer: TRUE
Diff: 1
LO: 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.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
31) Managerial accounting is primarily concerned with managers and external users.
Answer: FALSE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: None / Business Economics
AICPA: BB: None; FC: Reporting; PC: None
Min.: 1
32) Planning involves coordinating the diverse activities and human resources of a company to
produce a smoothly running operation.
Answer: FALSE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: Process and Resource Management Perspectives; FC: None; PC: None
Min.: 1
33) When the physical association of raw materials with the finished product is too difficult to
trace, these costs are usually classified as indirect materials.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: C
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
8
Weygandt
Notes
1- The file is chapter after chapter.
2- We have shown you few pages sample.
3- The file contains all Appendix and Excel sheet
if it exists.
4- We have all what you need, we make update
at every time. There are many new editions
waiting you.
5- If you think you purchased the wrong file You
can contact us at every time, we can replace it
with true one.
Our email:
,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
2
,10) Direct materials costs and indirect materials costs are both included in manufacturing
overhead.
Answer: FALSE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
11) Manufacturing costs that cannot be classified as direct materials or direct labor are classified
as manufacturing overhead.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
12) The balance in the raw materials inventory account is equal to total direct materials minus
total indirect materials.
Answer: FALSE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
13) Raw materials that can be conveniently and directly associated with a finished product are
called materials overhead.
Answer: FALSE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
3
,14) The total cost of a finished product does not generally include equal amounts of materials,
labor, and overhead costs.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: C
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
15) Both direct labor cost and indirect labor cost are product costs.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: C
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
16) Period costs include selling and administrative expenses.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
17) Indirect materials and indirect labor are both inventoriable costs.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: C
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
4
,18) Direct materials and direct labor are the only product costs.
Answer: FALSE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
19) Total period costs are deducted from total cost of work in process to calculate cost of goods
manufactured.
Answer: FALSE
Diff: 1
LO: 3. Demonstrate how to compute cost of goods manufactured and prepare financial
statements for a manufacturer.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
20) Period costs are not inventoriable costs.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Min.: 1
21) Ending finished goods inventory appears on both the balance sheet and the income statement
of a manufacturing company.
Answer: TRUE
Diff: 1
LO: 3. Demonstrate how to compute cost of goods manufactured and prepare financial
statements for a manufacturer.
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Min.: 1
5
,22) The beginning work in process inventory appears on both the balance sheet and the cost of
goods manufactured schedule of a manufacturing company.
Answer: FALSE
Diff: 1
LO: 3. Demonstrate how to compute cost of goods manufactured and prepare financial
statements for a manufacturer.
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Min.: 1
23) In calculating gross profit for a manufacturing company, the cost of goods manufactured is
deducted from net sales.
Answer: FALSE
Diff: 1
LO: 3. Demonstrate how to compute cost of goods manufactured and prepare financial
statements for a manufacturer.
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Min.: 1
24) Finished goods inventory does not appear on a cost of goods manufactured schedule.
Answer: TRUE
Diff: 1
LO: 3. Demonstrate how to compute cost of goods manufactured and prepare financial
statements for a manufacturer.
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Min.: 1
25) If ending work in process inventory is greater than beginning work in process inventory, then
cost of goods manufactured will be less than total manufacturing costs for the period.
Answer: TRUE
Diff: 1
LO: 3. Demonstrate how to compute cost of goods manufactured and prepare financial
statements for a manufacturer.
Bloom: C
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
6
,26) The finished goods inventory account for a manufacturing company is equivalent to the
inventory account for a merchandising company.
Answer: TRUE
Diff: 1
LO: 3. Demonstrate how to compute cost of goods manufactured and prepare financial
statements for a manufacturer.
Bloom: C
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Min.: 1
27) Raw materials inventory shows the cost of completed goods available for sale to customers.
Answer: FALSE
Diff: 1
LO: 3. Demonstrate how to compute cost of goods manufactured and prepare financial
statements for a manufacturer.
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: None; FC: Reporting; PC: None
Min.: 1
28) The balanced scorecard approach attempts to maintain minimal inventories on hand.
Answer: FALSE
Diff: 1
LO: 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.
Bloom: K
AACSB / IMA: None / Performance Measurement
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
29) The supply chain is all the activities associated with providing a product or service.
Answer: FALSE
Diff: 1
LO: 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.
Bloom: K
AACSB / IMA: None / Performance Measurement
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
7
, 30) Many companies have significantly lowered inventory levels and costs using just-in-time
inventory methods.
Answer: TRUE
Diff: 1
LO: 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.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
31) Managerial accounting is primarily concerned with managers and external users.
Answer: FALSE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: None / Business Economics
AICPA: BB: None; FC: Reporting; PC: None
Min.: 1
32) Planning involves coordinating the diverse activities and human resources of a company to
produce a smoothly running operation.
Answer: FALSE
Diff: 1
LO: 1. Identify the features of managerial accounting and the functions of management.
Bloom: K
AACSB / IMA: None / Cost Management
AICPA: BB: Process and Resource Management Perspectives; FC: None; PC: None
Min.: 1
33) When the physical association of raw materials with the finished product is too difficult to
trace, these costs are usually classified as indirect materials.
Answer: TRUE
Diff: 1
LO: 2. Describe the classes of manufacturing costs and the differences between product and
period costs.
Bloom: C
AACSB / IMA: None / Cost Management
AICPA: BB: None; FC: Measurement Analysis and Interpretation; PC: None
Min.: 1
8
