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Acct 2302 Chapter 1 Questions

Acct 2302 Chapter 1 Questions - CHAPTER 1 Question...

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CHAPTER 1 Question TRUE/FALSE: 1. The primary purpose of accounting information is to help managers make decisions. T 2. The same information may serve the attention-getting function and the problem-solving function. T 3. Scorekeeping enables internal and external parties to evaluate organizational performance. T 4. Generally accepted accounting principles play an important part in management accounting. F 5. Of primary consideration in management accounting are economic and behavioral considerations. T 6. Financial accounting reporting is usually for a time period of a year or less. T 7. Most scorecard and attention-directing information are produced on a nonroutine basis. F 8. Financial accounting reporting is focused on future evaluation. F 9. A manager using information to decide whether to add or drop a product is an example of problem solving. T 10. A whistleblower is a supervisor that reports wrongdoings to the people he or she supervises. F 11. Some service organizations make tangible goods. F 12. The cost-benefit balance is the primary consideration in choosing among accounting systems and methods. T 13. The behavioral implications of an accounting system include the effects on the firm’s customers. F 14. When the benefits of a potential decision are greater than the costs, the decision should usually be made. T 15. Decisions within an organization are often divided into two types: (1) planning decisions and (2) control decisions. T 24. The value chain is the sum of all costs added to products as the products pass from manufacturers to wholesalers to retailers. F
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25. Most products have short development stages and long market lives. F 29. Accountants provide cost data for customer service activities, such as warranty costs. T 30. Staff authority is authority to advise but not command. T 31. Line departments are directly responsible for producing a company’s goods and services. T 32. In English-speaking countries outside of the United States, management accountants are known as chartered accountants. F 33. Specialization by individuals is giving way to decision making by cross-functional teams. T 34. The Chief Financial Officer deals with finance and accounting issues. T 35. Certified Management Accountant (CMA) pertains to independent auditors.
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Acct 2302 Chapter 1 Questions - CHAPTER 1 Question...

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