16 Free Test Bank for Management Accounting Information for Decision-Making and Strategy Execution 6th Edition by Atkinson 

In management accounting, managers use the provisions of accounting information in order to better inform themselves before they decide matters within their organizations, which allows them to better manage and perform control functions. That is why accounting students should begin free test bank forManagement Accounting Information For Decision- Making And Strategy Execution 6th Edition by Atkinson with online free comprehensive questions bank for managerial accounting and full answers to help learners understand about the content of management accounting in each lesson.

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The regulatory authority responsible for formulating rules of United States GAAP is:

•  A) the Financial Accounting Standards Board.
•  B) the Cost Accounting Standards Board.
•  C) the Federal Accounting Standards Advisory Board.
•  D) the International Accounting Standards Board.

Which of the following descriptors refer to management accounting information?

•  A) It is only retrospective, reporting and summarizing in financial terms the results of past decisions and transactions.
•  B) It is driven by rules.
•  C) It is prepared for shareholders.
•  D) It is oriented to meeting the decision making needs of employees and managers inside the organization.

Which of the following types of information are used in management accounting?

•  A) financial information
•  B) nonfinancial information
•  C) information focused on the long term
•  D) All of the above are correct.

The person MOST likely to use management accounting information is a(n):

•  A) banker evaluating a credit application.
•  B) shareholder evaluating a stock investment.
•  C) governmental taxing authority.
•  D) assembly department supervisor.

Management accounting reports might include information about:

•  A) customer complaints.
•  B) net income for the year on budgeted income statement.
•  C) total assets on budgeted balance sheet.
•  D) All of the above are correct.

Financial accounting:

•  A) focuses on the future and includes activities such as preparing next year's operating budget.
•  B) does not need to comply with GAAP (generally accepted accounting principles).
•  C) is primarily oriented to external stakeholders, such as investors, creditors, regulators and tax authorities.
•  D) is prepared for the use of department heads and other employees.

Management accounting information includes all of the following EXCEPT:

•  A) tabulated results of customer satisfaction surveys.
•  B) the cost of producing a product.
•  C) the percentage of units produced that is defective.
•  D) market price of the stock.

Which of the following is NOT a function of a management accounting system?

•  A) strategic development
•  B) financial reporting
•  C) control
•  D) product costing

Management accounting information can be used for all of the following EXCEPT:

•  A) calculate the cost of a product or service.
•  B) evaluate the performance of a company.
•  C) project materials needs.
•  D) evaluate the market price of the stock.

Which of the following would be considered management accounting information?

•  A) Budgeted production for the year 2011.
•  B) Budgeted Balance Sheet.
•  C) Analysis of trend in stock prices.
•  D) Both budgeted production for the year of 2011, and the budgeted balance sheet.

The person MOST likely to use ONLY financial accounting information is a:

•  A) factory shift supervisor.
•  B) vice president of operations.
•  C) current shareholder.
•  D) department manager.

Management accounting information is BEST described as:

•  A) providing a signal that something is wrong.
•  B) identifying and helping to explain what is wrong.
•  C) simply summarizing information, but giving no indication that anything is wrong.
•  D) measuring overall organizational performance.

In general, it was not until the 1970s that management accounting systems:

•  A) were improved because of demands by the FASB and the SEC.
•  B) stagnated and proved inadequate.
•  C) started to develop innovations in costing and performance-measurement systems due to intense pressure from overseas competitors.
•  D) started to address the decision-making needs of managers.

Management accounting:

•  A) is both retrospective, providing feedback about past operations, and also prospective, incorporating forecasts and estimates about future events.
•  B) is primarily oriented to external stakeholders.
•  C) must be consistent with rules formulated by the Financial Accounting Standards Board (FASB).
•  D) provides information that is generally available only on a quarterly or annual basis.

Financial accounting information:

•  A) provides a signal that something is wrong.
•  B) identifies what is wrong.
•  C) explains what is wrong.
•  D) simply summarizes information but gives no indication that anything is wrong.