42 Free Test Bank for Management Accounting Information for Managing and Creating Value 6th Edition by Langfield Smith 

Management accounting information which is so-called managerial accounting information is used in business decision-making for better management. With the purpose of assisting performance management, free test bank for Management Accounting Information for Creating and Managing Value 6th Edition by Langfield Smith provide all concise questions with full response applying accounting concepts into real business situations. there are 42 mutiple choice questions below that you can practice now to be checked in test bank. Especially, you don’t pay anyfee for this online practice because it is Free!

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The ‘vision' of an organisation:

•  A. refers to the desired future state of an organisation
•  B. refers to a statement that defines the purpose of the organisation
•  C. refers to specific statements of objective, upon which goals can be set
•  D. is only useful for non profit organisations

Which of the following statement/s is/are false? Management accountants should: i. help in the provision of physical data to managers; ii. be included in the management of information systems; iii. present their information in monetary terms only; iv. help to ensure effective interdepartmental communications

•  A. i and ii
•  B. iii and iv
•  C. iii
•  D. iv

Which of the following statements is correct?

•  A. Management accounting is a subset of cost accounting.
•  B. Cost accounting is a subset of management accounting.
•  C. Cost accounting is no longer required in today's competitive environment.
•  D. Management accounting in today's environment is the same as it was many years ago.

Which of the following statement/s about management accounting is/are true? i. It is a part of an organisation's management information system; ii. It is relied on by managers to plan and control an organisation's operations; iii. It is relied on by external users to make investment decisions.

•  A. i and ii
•  B. i, ii and iii
•  C. iii
•  D. ii

The largest professional organisation for management accountants in Australia is the:

•  A. CPA Australia
•  B. Australian Accounting Association
•  C. Institute of Chartered Accountants in Australia
•  D. Certified Institute of Management Accountants

Part of the planning process involves:

•  A. formulating details of operations and finances for the next financial year
•  B. comparing actual performance against targets
•  C. making a choice between available alternatives
•  D. measuring the performance of managers against preset targets

What type of accounting system is part of an organisation's management information system for internal use only?

•  A. Financial accounting
•  B. Management accounting
•  C. Governmental accounting
•  D. All of the given answers

Planning is:

•  A. comparing actual performance against targets
•  B. setting objectives and formulating plans for future operations
•  C. measuring the performance of managers against preset targets
•  D. motivating managers towards achieving organisational goals

Which of the following statements regarding management accounting information is false?

•  A.The cost of providing the information must be considered in the light of the benefits received from the information.
•  B. All information derived is necessary despite the cost.
•  C. The information entails both costs and benefits.
•  D.The cost of the information includes the time spent by the user to read, understand and use the information.

Which of the following is not an objective of management accounting?

•  A. Providing information for making decisions
•  B. Providing information for planning
•  C. Providing information for control
•  D. Providing information for profit and loss statements

Strategies are:

•  A. directions that a firm intend to take in the long term
•  B. describes the way the firm competes
•  C. the same as objectives and goals
•  D. independent of the firm's mission statement

Which of the following statements is correct?

•  A. A financial controller is only responsible for financial accounting
•  B.The primary role of the finance function of an organisation is to liaise with banks and financial intuitions to obtain finance to fund operations
•  C. In some organisations, management accountants are located in factories.
•  D.Management accountants are responsible for external reporting as well as providing information to internal managers

Animus Ltd is a mining company. Which of the following is an example of ‘planning'?

•  A. Awarding bonuses to Aimus Ltd's top performing executives
•  B.Setting production targets for the company's new mines
•  C.Developing correction actions to respond to lower-than-expected production levels in the existing mines
•  D. Pursuing legal actions against environmental activists who stole mining equipment

Which of the following are key influences on management accounting systems? i. Increased globalisation; ii. Computerised production systems; iii. The number of employees; iv. Supply chain management

•  A. i, ii and iv
•  B. ii,iiiandiv
•  C. i, iii and iv
•  D. i, ii, iii and iv

‘Control' involves:

•  A. formulating details of operations and finances for the next financial year
•  B. comparing actual performance against targets
•  C. deciding whether to expand activities
•  D. All of the given answers

Eddy Gunn is a management accountant. Which of following is most likely to be Eddy's responsibility?

•  A. Providing an environmental assurance report for his company's shareholders
•  B. Compiling the company tax return
•  C.Ensuring that the internal accounting system is compliant with generally accepted accounting standards
•  D. Developing a production cost report for each of the company's three production lines

Which of the following does not represent the ethics of professional accountants?

•  A. Competence and confidentiality
•  B. Integrity and objectivity
•  C. Professional scepticism and efficiency
•  D. Objectivity and confidentiality

Animus Ltd is a mining company. Which of the following is an example of a decision relating to formulating Animus Ltd's corporate strategy?

•  A.Should Animus Ltd operate in the mining industry only, or to expand to heavy machinery manufacturing and distribution?
•  B. Should Animus Ltd compete based on price or product differentiation?
•  C. Should Animus Ltd hire a new financial controller?
•  D. Should Animus Ltd develop a new management accounting system?

Choose the statement that best completes this sentence: ‘Conventional management accounting focuses on …'

•  A. budgets, financial performance measures and cost control
•  B. financial performance measures, external reporting and cost elimination
•  C. non-financial performance measures, external reporting and cost control
•  D. external reporting, labour-related activity measures and cost elimination

Which of the following are management accounting responses to the changing business environment?

•  A. Activity-based costing.
•  B. E-commerce.
•  C. Supplier cost analysis.
•  D. A and C.