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CHAPTER 1
INTRODUCTION TO COST AND MANAGEMENT
ACCOUNTING IN A GLOBAL BUSINESS ENVIRONMENT

MULTIPLE CHOICE

1. In comparing financial and management accounting, which of the following more accurately describes management accounting information?

a. historical, precise, useful b. required, estimated, internal c. budgeted, informative, adaptable d. comparable, verifiable, monetary

ANSWER: c EASY

2. Management and financial accounting are used for which of the following purposes?

Management accounting Financial accounting a. internal external b. external internal c. internal internal d. external external

ANSWER: a EASY

3. One major difference between financial and management accounting is that

a. financial accounting reports are prepared primarily for users external to the company. b. management accounting is not under the jurisdiction of the Securities and Exchange Commission. c. government regulations do not apply to management accounting. d. all of the above are true.

ANSWER: d EASY

4. Which of the following statements about management or financial accounting is false?

a. Financial accounting must follow GAAP. b. Management accounting is not subject to regulatory reporting standards. c. Both management and financial accounting are subject to mandatory recordkeeping requirements. d. Management accounting should be flexible.

ANSWER: c EASY

5. Management accounting

a. is more concerned with the future than is financial accounting. b. is less concerned with segments of a company than is financial accounting. c....

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