Managerial Accounting 7th Edition Jiambalvo Test Bank
Test Bank for Managerial Accounting 7th Edition James Jiambalvo, ISBN: 1119577705, ISBN: 9781119577706
TABLE OF CONTENTS
1 Managerial Accounting in the Information Age 1-1
2 Job-Order Costing for Manufacturing and Service Companies 2-1
3 Process Costing 3-1
4 Cost-Volume-Profit Analysis 4-1
5 Variable Costing 5-1
6 Cost Allocation and Activity-Based Costing 6-1
7 The Use of Cost Information in Management Decision Making 7-1
8 Pricing Decisions, Customer Profitability Analysis, and Activity-Based Pricing 8-1
9 Capital Budgeting and Other Long-Run Decisions 9-1
10 Budgetary Planning and Control 10-1
11 Standard Costs and Variance Analysis 11-1
12 Decentralization and Performance Evaluation 12-1
13 Statement of Cash Flows 13-1
14 Analyzing Financial Statements: A Managerial Perspective 14-1
TRUE-FALSE STATEMENTS
1. Financial accounting stresses accounting concepts and procedures that are relevant to preparing reports for internal users of accounting information.
Ans: False, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Analytic, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting
2. The goal of managerial accounting is to provide information for planning, controlling, and reporting information to shareholders.
Ans: False, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Analytic, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting
3. A thorough understanding of managerial accounting is essential to be an effective manager.
Ans: True, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Analytic, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting
4. A production cost budget provides details of planned production amounts and the cost of resources needed for production.
Ans: True, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Analytic, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting
5. Budgets can be used to communicate a company’s goals to employees.
Ans: True, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Analytic, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting
6. Only amounts that can be expressed in dollars and cents can be used in preparing budgets.
Ans: False, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Analytic, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting
7. A favorable evaluation of an operation indicates that the manager of that operation is performing adequately.
Ans: False, LO: 1, Bloom: C, Difficulty: Moderate, Min: 1, AACSB: Analytic, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting
8. Performance reports are used for control purposes.
Ans: True, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Analytic, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting
9. Performance reports, like other managerial accounting reports, must follow GAAP.
Ans: False, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Analytic, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting
10. Budgets show comparisons of current period performance to the planned performance.
Ans: False, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Analytic, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting
