Hilton Ppt Chapter 1 Answer Key

Topics: Management accounting, Management, Certified Management Accountant Pages: 41 (6709 words) Published: August 25, 2013
Chapter 01
The Changing Role of Managerial Accounting in a Dynamic Business Environment

Chapter 01 The Changing Role of Managerial Accounting in a Dynamic Business Environment Answer Key  

True / False Questions
 

1. Controlling involves the coordination of daily business functions within an organization.  FALSE

 

AACSB: Reflective Thinking
AICPA BB: Industry
AICPA FN: Decision Making
Bloom's: RC
Difficulty: Easy
Learning Objective: 01-02 Explain four fundamental management processes that help organizations attain their goals.  

2. Measuring the performance of managers and subunits is not an objective of managerial accounting.  FALSE

 

AACSB: Analytic
AICPA BB: Critical Thinking
AICPA FN: Research
Bloom's: RC
Difficulty: Easy
Learning Objective: 01-03 List and describe five objectives of managerial accounting activity.  

3. Middle-level managers would likely be considered internal users of accounting information rather than external users.  TRUE

 

AACSB: Reflective Thinking
AICPA BB: Resource Management
AICPA FN: Reporting
Bloom's: RC
Difficulty: Easy
Learning Objective: 01-04 Explain the major differences between managerial and financial accounting.  

4. A controller is normally involved with preparing financial statements.  TRUE

 

AACSB: Analytic
AICPA BB: Resource Management
AICPA FN: Reporting
Bloom's: RC
Difficulty: Medium
Learning Objective: 01-06 Describe the roles of an organization's chief financial officer (CFO) or controller Learning Objective: and internal auditor.
Learning Objective: treasurer
 

5. The upper limit on the production of goods and services if everything works perfectly is known as practical capacity.  FALSE

 

AACSB: Analytic
AICPA BB: Industry
AICPA FN: Reporting
Bloom's: RC
Difficulty: Easy
Learning Objective: 01-07 Briefly describe some of the major contemporary themes in managerial accounting.  
 

Multiple Choice Questions
 

6. Which of the following statements about managerial accountants is false?  A. Managerial accountants more and more are considered "business partners." B. Managerial accountants often are part of cross-functional teams. C. An increasing number of organizations are segregating managerial accountants in separate managerial-accounting departments. D. In a number of companies, managerial accountants make significant business decisions and resolve operating problems. E. The role of managerial accountants has changed considerably over the past decade.

 

AACSB: Reflective Thinking
AICPA BB: Industry
AICPA FN: Decision Making
Bloom's: RC
Difficulty: Easy
Learning Objective: 01-01 Define managerial accounting and describe its role in the management process.  

7. The day-to-day work of management teams will typically comprise all of the following activities except:  A. decision making.
B. planning.
C. cost minimizing.
D. directing operational activities.
E. controlling.

 

AACSB: Reflective Thinking
AICPA BB: Industry
AICPA FN: Decision Making
Bloom's: RC
Difficulty: Easy
Learning Objective: 01-02 Explain four fundamental management processes that help organizations attain their goals.  

8. Which of the following functions is best described as choosing among available alternatives?  A. Decision making.
B. Planning.
C. Directing operational activities.
D. Controlling.
E. Budgeting.

 

AACSB: Reflective Thinking
AICPA BB: Industry
AICPA FN: Decision Making
Bloom's: RC
Difficulty: Easy
Learning Objective: 01-02 Explain four fundamental management processes that help organizations attain their goals.  

9. Which of the following managerial functions involves a detailed financial and operational description of anticipated operations?  A. Decision making.
B. Planning.
C. Directing operational activities.
D. Controlling.
E. Measuring.

 

AACSB: Reflective Thinking
AICPA BB: Industry
AICPA FN: Decision Making
Bloom's: RC
Difficulty: Easy...
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