Indieate whether the following statements are True or False on the Answer Sheet provided. A staff department or unit is one that provides services, assistance, and advice to the departments with line or other staff responsibilities. a. True b. False On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead are categorized as either materials inventory, work in process inventory, or finished goods inventory. a. True b. False 3. The statement of cost of goods manufactured is an extension of the income statement for a manufacturing company. a. True b. False Managers use managerial information to evaluate performance of a company's operation. a. True b. False 5. Managerial information is for external as well as internal stakeholders. a. True b. False 6. Cost accounting systems measure, record, and report product costs. a. True b. False 7. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. a. True b. False 8. Materials are transferred from the storeroom to the factory in response to materials requisitions. a. True b. False 9. ory accounts generally maintained by a manufacturing firm are only finished goods and The inventory accounts generally maintained by a materials a. True b. False 10. Job order cost accounting systems may be used to evaluate a company's emiciency. a True b. False Multiple Choice Read each statement/question carefully and indicate the BEST answer by writing the corresponding 'letter' on the Answer Sheet provided. 11. Managerial accounting reports are a. prepared according to GAAP b. prepared according to management needs c. prepared periodically only d. related to the entire business entity only 12. Who are the individuals charged with the responsibility for directing the day-to-day operations of a business? a. investors b. managers c. shareholders d. customers 13. What term is used to describe the process of monitoring operating results and comparing actual results with the expected results? a. improving b. controlling c. directing d. planning 14. Accounting designed to meet the needs of decision makers inside the business is a. general accounting b. financial accounting c. managerial accounting d. external accounting 15. What term is used to describe the process of developing the organization's objectives and translating those into courses of action? a. supervising b. planning c. improving d. decision making Indieate whether the following statements are True or False on the Answer Sheet provided. A staff department or unit is one that provides services, assistance, and advice to the departments with line or other staff responsibilities. a. True b. False On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead are categorized as either materials inventory, work in process inventory, or finished goods inventory. a. True b. False 3. The statement of cost of goods manufactured is an extension of the income statement for a manufacturing company. a. True b. False Managers use managerial information to evaluate performance of a company's operation. a. True b. False 5. Managerial information is for external as well as internal stakeholders. a. True b. False 6. Cost accounting systems measure, record, and report product costs. a. True b. False 7. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. a. True b. False 8. Materials are transferred from the storeroom to the factory in response to materials requisitions. a. True b. False 9. ory accounts generally maintained by a manufacturing firm are only finished goods and The inventory accounts generally maintained by a materials a. True b. False 10. Job order cost accounting systems may be used to evaluate a company's emiciency. a True b. False Multiple Choice Read each statement/question carefully and indicate the BEST answer by writing the corresponding 'letter' on the Answer Sheet provided. 11. Managerial accounting reports are a. prepared according to GAAP b. prepared according to management needs c. prepared periodically only d. related to the entire business entity only 12. Who are the individuals charged with the responsibility for directing the day-to-day operations of a business? a. investors b. managers c. shareholders d. customers 13. What term is used to describe the process of monitoring operating results and comparing actual results with the expected results? a. improving b. controlling c. directing d. planning 14. Accounting designed to meet the needs of decision makers inside the business is a. general accounting b. financial accounting c. managerial accounting d. external accounting 15. What term is used to describe the process of developing the organization's objectives and translating those into courses of action? a. supervising b. planning c. improving d. decision making
