Chapter 18 Accounting 26e Carl Warren James M Reeve Jonathan Duchac

Chapter 18 Accounting 26e Carl Warren James M Reeve Jonathan Duchac

 

Complete Chapter Questions With Answers

 

Sample Questions Are Posted Below

 

1. Managerial accounting reports must be prepared according to generally accepted accounting principles.
   1. True
   2. False

 

ANSWER:                                  False

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.18-01 – 18-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.25 – Managerial Characteristics/Terminology

ACCT.ACBSP.APC.27 – Managerial Accounting Features/Costs ACCT.IMA.07 – Cost Management

BUSPROG: Analytic

 

2. Managerial accounting uses only past data in reports to aid management in the decision making process.
   1. True
   2. False

 

ANSWER:                                  False

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.18-01 – 18-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.25 – Managerial Characteristics/Terminology

ACCT.ACBSP.APC.27 – Managerial Accounting Features/Costs ACCT.IMA.07 – Cost Management

BUSPROG: Analytic

 

3. Managerial accounting information includes both historical and estimated data.
   1. True
   2. False

 

ANSWER:                                  True

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.18-01 – 18-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.25 – Managerial Characteristics/Terminology

ACCT.ACBSP.APC.27 – Managerial Accounting Features/Costs ACCT.IMA.07 – Cost Management

BUSPROG: Analytic

 

 

 

4. Since there are few rules to restrict how an organization chooses to arrange its own internal data for decision making, managerial accounting provides ample opportunity for creativity and change.
   1. True
   2. False

 

ANSWER:                                  True

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.18-01 – 18-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.25 – Managerial Characteristics/Terminology

ACCT.ACBSP.APC.27 – Managerial Accounting Features/Costs ACCT.IMA.07 – Cost Management

BUSPROG: Analytic

 

5. A diagram of the operating structure of an organization is called an organization chart.
   1. True
   2. False

 

ANSWER:                                  True

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.18-01 – 18-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.25 – Managerial Characteristics/Terminology

ACCT.ACBSP.APC.27 – Managerial Accounting Features/Costs ACCT.IMA.07 – Cost Management

BUSPROG: Analytic