RECOMMENDED!!Managerial accounting is important because

  

1.Managerial accounting is important because it helps facilitate and guide/influence the decision making process of the organization.TrueFalse2.Based on the lecture, which of the following individuals or groups is NOT mentioned as being interested in the financial statement information of an organization?Regulatory agenciesInvestors and potential investorsAcademicsTax authorities3.The purpose of managerial accounting is to report the financial information of the organization to investors and creditors.TrueFalse4.What are the industry rules and regulations that need to be followed for managerial accounting?There are no industry rules or regulations for managerial accountingGenerally accepted accounting principlesGuided managerial accounting rulesOffice of standards and boards5.Which of the following organizations benefit from using managerial accounting?Multinational corporationsNot for profit groupsSmall convenience shopsAll of the above6.According to the lecture, which of the following is NOT a contemporary issue in managerial accounting?Global organizationsEthicsCompetitorsSocial considerations7.According to the lecture, the term “cost” in managerial accounting refers to the usage of resources.TrueFalse8.Direct costs refer to the cost of any materials and labor that cannot easily be traced back to the cost object.TrueFalse9.All of the following are examples of questions or decisions that benefit from cost behavior information EXCEPT:Managing the ratio of direct to indirect costsDetermining product profitabilityProduct price change decisionsProduct line elimination decisions10.Total variable cost does NOT increase with an increase in production levels.TrueFalse11.Total variable costs __________ while unit variable costs __________ with an increase in production volumes.Increase, decreaseDecrease, stay constantIncrease, increaseIncrease, stay constant12.Total fixed costs ___________ while unit fixed costs __________ with an increase in production volumes.Decrease, decreaseStay constant, stay constantStay constant, decreaseIncrease, increase