Chapter 1 - The Changing Role of Managerial Accounting in a Dynamic Business Environment
Chapter 1
The Changing Role of Managerial Accounting in a Dynamic Business
Environment
Answer Key
True / False Questions
1. Two things that all organizations have in common are a set of goals and information needed
by managers.
TRUE
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA FN: Decision Making
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-01
Feedback True: Correct! All organizations have a set of goals and managers need information to accomplish these goals.
Feedback False: It is true that all organizations have a set of goals and managers need information to accomplish these goals.
2. The role of managerial accounting in organizations is the same as it has been over many
years.
FALSE
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA FN: Decision Making
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-01
Feedback True: The role of managerial accounting has been changing in recent years.
Feedback False: Correct! The role of managerial accounting has been changing in recent years.
1-1
Chapter 1 - The Changing Role of Managerial Accounting in a Dynamic Business Environment
3. Controlling involves the coordination of daily business functions within an organization.
FALSE
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA FN: Decision Making
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-02
Feedback True: This is actually the definition for directing operational activities, which is a managerial activity.
Feedback False: Correct! This is actually the definition for directing operational activities, which is a managerial activity.
4. Decision making requires managers to choose among the available alternatives.
TRUE
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA FN: Decision Making
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-02
Feedback True: Correct! This is the correct definition for decision making.
Feedback False: This is the correct definition for decision making.
5. The balanced scorecard is an important managerial accounting tool for short-run
competitiveness.
FALSE
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
AICPA FN: Decision Making
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-03
Feedback True: The balanced scorecard is an important managerial accounting tool for long-run competitiveness.
Feedback False: Correct! The balanced scorecard is an important managerial accounting tool for long-run competitiveness
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