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decide to decentralize because it is difficult for one owner or manager to manage an entire large business Answer TRUE Diff 1 LO 24 1 EOC Ref S24 1 AACSB Content Knowledge AICPA Business Critical Thinking AICPA Functional Decision Modeling 2 Small companies tend to use centralized decision making because of the smaller scope of their operations Answer TRUE Diff 1 LO 24 1 EOC Ref S24 1 AACSB Reflective Thinking AICPA Business Critical Thinking AICPA Functional Decision Modeling 3 Companies that are centralized split their operations into different divisions or operating units and top management delegates decision making to
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Costs Learning Objective 23 1 1 A static budget is prepared for one level of sales volume Answer TRUE Diff 1 LO 23 1 EOC Ref S23 1 AACSB Content Knowledge AICPA Business Critical Thinking AICPA Functional Measurement 2 A favorable variance reflects an increase in operating income Answer TRUE Diff 1 LO 23 1 EOC Ref S23 3 AACSB Analytic Skills AICPA Business Critical Thinking AICPA Functional Measurement 3 A variance is the difference between an actual amount and a budgeted amount Answer TRUE Diff 1 LO 23 1 EOC Ref S23 1 AACSB Content Knowledge AICPA Business Critical
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1 Budgeting is a technique that is used to plan for future cash inflows and outflows Answer TRUE Diff 1 LO 22 1 EOC Ref E22 12 AACSB Content Knowledge AICPA Business Critical Thinking AICPA Functional Reporting 2 A goal of the budgeting process is to assist managers with coordinating and implementing the business plan Answer TRUE Diff 1 LO 22 1 EOC Ref E33 12 AACSB Content Knowledge AICPA Business Critical Thinking AICPA Functional Reporting 3 Budgets provide benchmarks that help managers evaluate performance Answer TRUE Diff 1 LO 22 1 EOC Ref E22 12 AACSB Content Knowledge AICPA
Uploaded by: NoteHero, Date: 12/7/2016, Keywords: accounting, global edition, 9e, test bank, tests, solution manual
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Introduction to Management Accounting Learning Objective 16 1 1 Managerial accounting s focus is to provide information for internal planning and control Answer TRUE Diff 1 LO 16 1 EOC Ref E16 14 AACSB Content Knowledge AICPA Business Critical Thinking AICPA Functional Reporting 2 Management accounting often requires forward looking data because of the futuristic nature of many business decisions Answer TRUE Diff 1 LO 16 1 EOC Ref E16 14 AACSB Content Knowledge AICPA Business Critical Thinking AICPA Functional Reporting 3 Management accounting is influenced significantly by rules of GAAP and guidelines of the Securities Exchange Commission Answer FALSE
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accurate estimates of product costs to set prices and to identify the most profitable products Answer TRUE Diff 1 LO 18 1 EOC Ref E18 15 AACSB Content Knowledge AICPA Business Critical Thinking AICPA Functional Measurement 2 Activity based costing focuses on a single predetermined overhead rate for cost analysis Answer FALSE Diff 1 LO 18 1 EOC Ref E18 15 AACSB Analytic Skills AICPA Business Critical Thinking AICPA Functional Measurement 3 The main difference between activity based costing and traditional costing systems is that activity based costing uses a separate allocation rate for each activity Answer TRUE Diff 1
Uploaded by: NoteHero, Date: 12/7/2016, Keywords: accounting, global edition, 9e, test bank, tests, solution manual
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Volume Profit Analysis Learning Objective 19 1 1 Peterson Company has both fixed and variable costs If the volume doubles the total fixed costs will double Answer FALSE Diff 1 LO 19 1 EOC Ref E19 13 AACSB Analytic Skills AICPA Business Critical Thinking AICPA Functional Measurement 2 Total variable costs change in response to changes in the volume of production Answer TRUE Diff 1 LO 19 1 EOC Ref E19 13 AACSB Content Knowledge AICPA Business Critical Thinking AICPA Functional Measurement 3 The mixed cost per unit is constant throughout the relevant range of activity Answer FALSE Diff 1
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If a business is considering buying a new vehicle the cost of insurance on the new vehicle is information that is relevant to the business decision Answer TRUE Diff 1 LO 20 1 EOC Ref S20 1 AACSB Analytic Skills AICPA Business Critical Thinking AICPA Functional Measurement 2 When considering whether to have a new roof installed on a building the money spent previously on roof repairs to the old roof is information that is relevant to the business decision Answer FALSE Diff 1 LO 20 1 EOC Ref S20 1 AACSB Analytic Skills AICPA Business Critical Thinking AICPA Functional
Uploaded by: NoteHero, Date: 12/7/2016, Keywords: accounting, global edition, 9e, test bank, tests, solution manual
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Managerial accounting s focus is to provide information for internal planning and control Answer TRUE Diff 1 LO 16 1 EOC Ref E16 14 AACSB Content Knowledge AICPA Business Critical Thinking AICPA Functional Reporting 2 Management accounting often requires forward looking data because of the futuristic nature of many business decisions Answer TRUE Diff 1 LO 16 1 EOC Ref E16 14 AACSB Content Knowledge AICPA Business Critical Thinking AICPA Functional Reporting 3 Management accounting is influenced significantly by rules of GAAP and guidelines of the Securities Exchange Commission Answer FALSE Diff 1 LO 16 1 EOC Ref E16 14
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1 A post audit is an analysis of an investment that is made after the investment is underway or completed Answer TRUE Diff 1 LO 21 1 EOC Ref Accounting Vocabulary AACSB Content Knowledge AICPA Business Critical Thinking AICPA Functional Measurement 2 Capital rationing is when a company has limited resources and it must find ways to reduce operating expenses in all of its divisions and units Answer FALSE Diff 1 LO 21 1 EOC Ref Accounting Vocabulary AACSB Content Knowledge AICPA Business Critical Thinking AICPA Functional Measurement 3 All else being equal investments with longer payback periods are more
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Edition Horngren Chapter 17 Job Order and Process Costing Learning Objective 17 1 1 Accounting firms building contractors and healthcare providers are companies that use job order costing Answer TRUE Diff 1 LO 17 1 EOC Ref E17 14 AACSB Content Knowledge AICPA Business Critical Thinking AICPA Functional Reporting 2 Process costing is used by companies that produce large numbers of identical units in a continuous fashion Answer TRUE Diff 1 LO 17 1 EOC Ref E17 14 AACSB Content Knowledge AICPA Business Critical Thinking AICPA Functional Reporting 3 Which of the following companies would NOT use job order costing
Uploaded by: NoteHero, Date: 12/7/2016, Keywords: accounting, global edition, 9e, test bank, tests, solution manual
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