,ACCESS Test Bank for Financial & Managerial Accounting 20th Edition Willia
v v v v v v v v v v
ms
Financialv &v Managerialv Accountingv Editionv 20v byv Williams
CORRECT ANSWERS ARE LOCATED IN THE 2ND HALF OF THIS DOC.
v v v v v v v v v v
TRUE/FALSE v -v Writev 'T'v if v thev statementv isv truev andv 'F'v if v thev statementv isv false.
1) Managerialv accountingv informationv isv designed v primarilyv tov assist v investorsv and v creditorsv inv
decidingv howv tov allocatev scarcev resources.
⊚v true
⊚v false
2) Informationv provided vtovdecisionv makersv inv anv organizationv isvcomprised v onlyv ofvtheva
ccountingv informationv generated v byv thev organization’sv informationv system.
⊚v true
⊚v false
3) Allv internalv controlv systemsv need v tov bev monitored.
⊚v true
⊚v false
4) A vdatav analyticsv systemv isvthev integratedv management v ofv corev businessv processesv that v anv o
rganizationv canv usev tov collect,v store,v manage,v andv interpret vdatav acrossv avwidev rangev of v bu
sinessv activities.
⊚v true
⊚v false
5) Management v accountingv informationv isv oriented v towardvthevfuturevwhilev financialv accountingv i
nformationv isv historicalv inv nature.
⊚v true
⊚v false
6) Returnv onv investment v isv thev samev asv returnv of v investment.
⊚v true
⊚v false
7) Thev IRSv taxv returnv isv onev of v thev primaryv financialv statements.
⊚v true
⊚v false
8) Externalv usersv of v accountingv informationv havevavfinancialv interest v invanv entityvbut varevnot v i
nvolved v withv thev day-to-dayv operationsv of v thev enterprise.
⊚v true
⊚v false
Versionv1 1
mynursytest.store
,ACCESS Test Bank for Financial & Managerial Accounting 20th Edition Willia
v v v v v v v v v v
ms
Financialv &v Managerialv Accountingv Editionv 20v byv Williams
9) Thev tailoringv of v anv accountingv report v tovmeet v thevneedsv ofvavspecificv decisionv makerv isv morev c
haracteristicv of v financialv accountingv reportsv thanv of v management v accountingv reports.
⊚v true
⊚v false
10) Thev annualv financialv statementsv ofv largev corporationsv suchv asv Microsoft v orv PepsiCov needv notv b
ev auditedv byv independentv certifiedv publicv accountants,v sincevthesev companiesv maintainv largev ac
countingv departmentsv asv part v of v theirv organizations.
⊚v true
⊚v false
11) Thev statement v of v financialv positionv and v thev incomev statement v arev onev and v thev same.
⊚v true
⊚v false
12) Investorsv arev individualsv and votherv enterprisesv that vhavevprovidedvequityvtovthev reportingve
nterprise.
⊚v true
⊚v false
13) A v statement v of v cashv flowsv depictsv thev wayv profitsv havev changed v duringv av designated v period.
⊚v true
⊚v false
14) Management v accountingv refersv tov thevpreparationv andvusevof vaccountingv informationv designed vt
ov meet v thev needsv of v decisionv makersv outsidev thev businessv organization.
⊚v true
⊚v false
15) Thev content v of v management vaccountingv reportsvneedsvtov bev presented v inv conformityv withv
generallyv accepted v accountingv principles.
⊚v true
⊚v false
16) Onev purposev of v generallyv accepted v accountingv principlesv isv tov makev accountingv informationv
prepared v byv different v companiesv morev comparable.
⊚v true
⊚v false
Versionv1 2
mynursytest.store
, ACCESS Test Bank for Financial & Managerial Accounting 20th Edition Willia
v v v v v v v v v v
ms
Financialv &v Managerialv Accountingv Editionv 20v byv Williams
17) Anv accountingv practicev canv becomev av "generallyv accepted v accountingv principle"v throughv wi
despread v use,v evenv if vthevpracticev isv notv mentionedvinv thevofficialv pronouncementsv of vthevacc
ountingv standard-settingv organizations.
⊚v true
⊚v false
18) Thev Publicv Companyv Accountingv Oversight v Boardvisv responsiblev forv creatingvand vpromotingvI
nternationalv Financialv Reportingv Standards.
⊚v true
⊚v false
19) Today,v thev most v authoritativev sourcev of v generallyv accepted v accountingv principlesv isv thev
Americanv Accountingv Association.
⊚v true
⊚v false
20) Thev Americanv Institutev of vCertified v Publicv Accountantsv hasv thev legalv authorityv overv publiclyv
held v corporationsv tov enforcev compliancev withv generallyv accepted v accountingv principles.
⊚v true
⊚v false
21) Thev Securitiesv and v Exchangev Commissionv isv instrumentalv inv thevdevelopment v of vfinancialva
ccountingv standards.
⊚v true
⊚v false
22) Financialv accountingv standardsv issued v byvthevFASBv arev considered v generallyv accepted v
accountingv principles.
⊚v true
⊚v false
23) Generallyv accepted v accountingv principlesv werev established v byv thev Americanv Accountingv
Associationv inv 1934v and v arev updated v annuallyv byv Congress.
⊚v true
⊚v false
24) Thev CPA v examinationv isv administered v byvthevGeneralv AccountingvOfficev of v thev U.S.v
Government.
⊚v true
⊚v false
Versionv1 3
mynursytest.store
v v v v v v v v v v
ms
Financialv &v Managerialv Accountingv Editionv 20v byv Williams
CORRECT ANSWERS ARE LOCATED IN THE 2ND HALF OF THIS DOC.
v v v v v v v v v v
TRUE/FALSE v -v Writev 'T'v if v thev statementv isv truev andv 'F'v if v thev statementv isv false.
1) Managerialv accountingv informationv isv designed v primarilyv tov assist v investorsv and v creditorsv inv
decidingv howv tov allocatev scarcev resources.
⊚v true
⊚v false
2) Informationv provided vtovdecisionv makersv inv anv organizationv isvcomprised v onlyv ofvtheva
ccountingv informationv generated v byv thev organization’sv informationv system.
⊚v true
⊚v false
3) Allv internalv controlv systemsv need v tov bev monitored.
⊚v true
⊚v false
4) A vdatav analyticsv systemv isvthev integratedv management v ofv corev businessv processesv that v anv o
rganizationv canv usev tov collect,v store,v manage,v andv interpret vdatav acrossv avwidev rangev of v bu
sinessv activities.
⊚v true
⊚v false
5) Management v accountingv informationv isv oriented v towardvthevfuturevwhilev financialv accountingv i
nformationv isv historicalv inv nature.
⊚v true
⊚v false
6) Returnv onv investment v isv thev samev asv returnv of v investment.
⊚v true
⊚v false
7) Thev IRSv taxv returnv isv onev of v thev primaryv financialv statements.
⊚v true
⊚v false
8) Externalv usersv of v accountingv informationv havevavfinancialv interest v invanv entityvbut varevnot v i
nvolved v withv thev day-to-dayv operationsv of v thev enterprise.
⊚v true
⊚v false
Versionv1 1
mynursytest.store
,ACCESS Test Bank for Financial & Managerial Accounting 20th Edition Willia
v v v v v v v v v v
ms
Financialv &v Managerialv Accountingv Editionv 20v byv Williams
9) Thev tailoringv of v anv accountingv report v tovmeet v thevneedsv ofvavspecificv decisionv makerv isv morev c
haracteristicv of v financialv accountingv reportsv thanv of v management v accountingv reports.
⊚v true
⊚v false
10) Thev annualv financialv statementsv ofv largev corporationsv suchv asv Microsoft v orv PepsiCov needv notv b
ev auditedv byv independentv certifiedv publicv accountants,v sincevthesev companiesv maintainv largev ac
countingv departmentsv asv part v of v theirv organizations.
⊚v true
⊚v false
11) Thev statement v of v financialv positionv and v thev incomev statement v arev onev and v thev same.
⊚v true
⊚v false
12) Investorsv arev individualsv and votherv enterprisesv that vhavevprovidedvequityvtovthev reportingve
nterprise.
⊚v true
⊚v false
13) A v statement v of v cashv flowsv depictsv thev wayv profitsv havev changed v duringv av designated v period.
⊚v true
⊚v false
14) Management v accountingv refersv tov thevpreparationv andvusevof vaccountingv informationv designed vt
ov meet v thev needsv of v decisionv makersv outsidev thev businessv organization.
⊚v true
⊚v false
15) Thev content v of v management vaccountingv reportsvneedsvtov bev presented v inv conformityv withv
generallyv accepted v accountingv principles.
⊚v true
⊚v false
16) Onev purposev of v generallyv accepted v accountingv principlesv isv tov makev accountingv informationv
prepared v byv different v companiesv morev comparable.
⊚v true
⊚v false
Versionv1 2
mynursytest.store
, ACCESS Test Bank for Financial & Managerial Accounting 20th Edition Willia
v v v v v v v v v v
ms
Financialv &v Managerialv Accountingv Editionv 20v byv Williams
17) Anv accountingv practicev canv becomev av "generallyv accepted v accountingv principle"v throughv wi
despread v use,v evenv if vthevpracticev isv notv mentionedvinv thevofficialv pronouncementsv of vthevacc
ountingv standard-settingv organizations.
⊚v true
⊚v false
18) Thev Publicv Companyv Accountingv Oversight v Boardvisv responsiblev forv creatingvand vpromotingvI
nternationalv Financialv Reportingv Standards.
⊚v true
⊚v false
19) Today,v thev most v authoritativev sourcev of v generallyv accepted v accountingv principlesv isv thev
Americanv Accountingv Association.
⊚v true
⊚v false
20) Thev Americanv Institutev of vCertified v Publicv Accountantsv hasv thev legalv authorityv overv publiclyv
held v corporationsv tov enforcev compliancev withv generallyv accepted v accountingv principles.
⊚v true
⊚v false
21) Thev Securitiesv and v Exchangev Commissionv isv instrumentalv inv thevdevelopment v of vfinancialva
ccountingv standards.
⊚v true
⊚v false
22) Financialv accountingv standardsv issued v byvthevFASBv arev considered v generallyv accepted v
accountingv principles.
⊚v true
⊚v false
23) Generallyv accepted v accountingv principlesv werev established v byv thev Americanv Accountingv
Associationv inv 1934v and v arev updated v annuallyv byv Congress.
⊚v true
⊚v false
24) Thev CPA v examinationv isv administered v byvthevGeneralv AccountingvOfficev of v thev U.S.v
Government.
⊚v true
⊚v false
Versionv1 3
mynursytest.store
