Horngren's Cost Accounting: A Managerial Emphasis 16th Edition Test Bank

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Cost Accounting: A Managerial Emphasis, 16e(Horngren)Chapter 1The Manager and Management Accounting1.1Objective 1.11) Management accounting ________.A) focuses on estimating future revenues, costs, and other measures to forecast activities and their resultsB) provides information about the company as a wholeC) reports information that has occurred in the past that is verifiable and reliableD) provides information that is generally available only on a quarterly or annual basisAnswer: AExplanation: Management accounting has a forward-looking orientation as opposed to financialaccounting which has a historical perspective.Diff: 1Objective: 1AACSB: Analytical thinking2) Managers use management accounting information to ________.A)helpexternal users such as investors, banks, regulators, and suppliersB) communicate, develop, and implement strategiesC) communicate a firm's financial position to investors, banks, regulators, and other outside partiesD) ensure that financial statements are consistent with the SEC rulesAnswer: BDiff: 1Objective: 1AACSB: Analytical thinking3) Financial accounting ________.A) focuses on the future and includes activities such as preparing next year's operating budgetB) must comply with GAAP (generally accepted accounting principles)C) is the process of measuring, analyzing, and reporting financial and nonfinancial information related tothe costs of acquiring or using resources in an organizationD) is prepared for the use of department heads and other employeesAnswer: BDiff: 1Objective: 1AACSB: Analytical thinking4) Which of the following would most likely be the user of financial accounting information?A) factory shift supervisorB) distribution managerC) current shareholderD) department managerAnswer: CDiff: 1Objective: 1AACSB: Analytical thinking5) The primary user of management accounting information is a(n) ________.

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Horngren's Cost Accounting: A Manag...

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