1) Evaluating operations by comparing actual results to budgeted results is a part of the
controlling responsibility of management.
Answer: TRUE
Diff:
... [Show More] 1
LO: 1-1
EOC: QC1-1
AACSB: Reflective Thinking
Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of
changes
in costs and volume on a company's profits
2) Controlling means overseeing the company's day-to-day operations.
Answer: FALSE
Diff: 1
LO: 1-1
EOC: QC1-1
AACSB: Reflective Thinking
Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of
changes
in costs and volume on a company's profits
3) The purpose of managerial accounting is to gather, summarize, and report the cost and
revenue data relevant to each decision that is made.
Answer: TRUE
Diff: 1
LO: 1-1
EOC: QC1-3
AACSB: Reflective Thinking
Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of
changes
in costs and volume on a company's profits
4) Budgeting is the process of evaluating the results of business operations against a plan
and then making adjustments to that plan.
Answer: FALSE
Diff: 1
LO: 1-1
EOC: QC1-1
AACSB: Reflective Thinking
Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of
changes
in costs and volume on a company's profits
You can buy the complete file from http://testbankexpress.com
ACCT2302 Managerial Accounting 3rd Edition Braun, Test Bank
With Updated Correct Answers Latest Version 2023-2024
5) Planning, directing, and controlling are a manager's three primary responsibilities.
Answer: TRUE
Diff: 1
LO: 1-1
EOC: QC1-1
AACSB: Reflective Thinking
Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of
changes
in costs and volume on a company's profits
6) Managerial accounting develops reports that help internal parties effectively and
efficiently run the company.
Answer: TRUE
Diff: 1
LO: 1-1
EOC: E1-8
AACSB: Reflective Thinking
Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of
changes
in costs and volume on a company's profits
7) Directing means setting goals and objectives for the company and determining how to
achieve them.
Answer: FALSE
Diff: 1
LO: 1-1
EOC: E1-8
AACSB: Reflective Thinking
Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of
changes
in costs and volume on a company's profits
8) Budgets are the quantitative expression of management's plans.
Answer: TRUE
Diff: 1
LO: 1-1
EOC: E1-8
AACSB: Reflective Thinking
Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of
changes
in costs and volume on a company's profits
You can buy the complete file from http://testbankexpress.com
ACCT2302 Managerial Accounting 3rd Edition Braun, Test Bank
With Updated Correct Answers Latest Version 2023-2024
9) gathers, summarizes, and reports on the financial impact of changes to business
operations.
A) Managerial accounting
B) Planning
C) Directing
D) Controlling
Answer: A
Diff: 2
LO: 1-1
EOC: E1-8
AACSB: Reflective Thinking
Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of
changes
in costs and volume on a company's profits
10) Creating budgets are part of which primary management responsibility?
A) Controlling
B) Planning
C) Managerial accounting
D) Directing
Answer: B
Diff: 2
LO: 1-1
EOC: E1-8
AACSB: Reflective Thinking
Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of
changes
in costs and volume on a company's profits
11) Which of the following is not one of the primary responsibilities of management?
A) Adhering to GAAP
B) Planning
C) Directing
D) Controlling
Answer: A
Diff: 2
LO: 1-1
EOC: E1-8
AACSB: Reflective Thinking
Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of
changes
in costs and volume on a company's profits
You can buy the complete file from http://testbankexpress.com
ACCT2302 Managerial Accounting 3rd Edition Braun, Test Bank
With Updated Correct Answers Latest Version 2023-2024
12) Planning involves which of the following activities?
A) Evaluating the results of operations
B) Overseeing the company's day-to-day operations
C) Setting goals and objectives for the company
D) None of the above
Answer: C
Diff: 1
LO: 1-1
EOC: E1-8
AACSB: Reflective Thinking
Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of
changes
in costs and volume on a company [Show Less]