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Managerial Accounting The Cornerstone of Business Decisions International Edition 4th Edition by Maryanne M. Mowen – Test Bank

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  • ISBN-10 ‏ : ‎ 0538473479
  • ISBN-13 ‏ : ‎ 978-0538473477

Original price was: $70.00.Current price is: $30.00.

SKU:tb1002442

Managerial Accounting The Cornerstone of Business Decisions International Edition 4th Edition by Maryanne M. Mowen – Test Bank

Chapter 9—Profit Planning

TRUE/FALSE

1. A strategic plan identifies strategies for future activities and operations, generally covering at least five years.

ANS: T PTS: 1 DIF: Easy OBJ: 9-1
NAT: AACSB Analytic | AICPA FN-Decision Modeling | IMA-Budget Preparation | ACBSP-APC-36-Budgeting and Responsibility

2. Budgets are financial plans for the future.

ANS: T PTS: 1 DIF: Easy OBJ: 9-1
NAT: AACSB Analytic | AICPA FN-Decision Modeling | IMA-Budget Preparation | ACBSP-APC-36-Budgeting and Responsibility

3. The master budget is composed of operating budgets and financial budgets.

ANS: T PTS: 1 DIF: Easy OBJ: 9-1
NAT: AACSB Analytic | AICPA FN-Decision Modeling | IMA-Budget Preparation | ACBSP-APC-36-Budgeting and Responsibility

4. Control is achieved by comparing actual results with budgeted results on a periodic basis.

ANS: T PTS: 1 DIF: Easy OBJ: 9-1
NAT: AACSB Analytic | AICPA FN-Decision Modeling | IMA-Budget Preparation | ACBSP-APC-36-Budgeting and Responsibility

5. Planning is looking ahead to see what actions should be taken to realize particular goals.

ANS: T PTS: 1 DIF: Easy OBJ: 9-1
NAT: AACSB Analytic | AICPA FN-Decision Modeling | IMA-Budget Preparation | ACBSP-APC-36-Budgeting and Responsibility

6. Budgets identify objectives and the actions needed to achieve them because they are foresighted financial plans.

ANS: T PTS: 1 DIF: Easy OBJ: 9-1
NAT: AACSB Analytic | AICPA FN-Decision Modeling | IMA-Budget Preparation | ACBSP-APC-36-Budgeting and Responsibility

7. A firm should develop a strategic plan before preparing a budget.

ANS: T PTS: 1 DIF: Easy OBJ: 9-1
NAT: AACSB Analytic | AICPA FN-Decision Modeling | IMA-Budget Preparation | ACBSP-APC-36-Budgeting and Responsibility

8. A firm acquires information that can be used to improve decision making from a budgetary system.

ANS: T PTS: 1 DIF: Easy OBJ: 9-1
NAT: AACSB Analytic | AICPA FN-Decision Modeling | IMA-Budget Preparation | ACBSP-APC-36-Budgeting and Responsibility

9. Comparing actual results with budgeted results on a periodic basis provides control in a budgetary system.

ANS: T PTS: 1 DIF: Easy OBJ: 9-1
NAT: AACSB Analytic | AICPA FN-Decision Modeling | IMA-Budget Preparation | ACBSP-APC-36-Budgeting and Responsibility

10. A large difference between actual and planned results is feedback that the system is providing adequate control.

ANS: F PTS: 1 DIF: Easy OBJ: 9-1
NAT: AACSB Analytic | AICPA FN-Decision Modeling | IMA-Budget Preparation | ACBSP-APC-36-Budgeting and Responsibility

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