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Chapter 1-Introduction To Cost Accounting: True/False

This document is a quiz for a cost accounting course. It contains 20 true/false questions about topics covered in Chapter 1 on the introduction to cost accounting, including the differences between financial and managerial accounting, how they meet different user needs, and concepts like the balanced scorecard and organizational strategy. The student's name and score are listed at the top to be filled in after completing the quiz.

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Janelle
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332 views1 page

Chapter 1-Introduction To Cost Accounting: True/False

This document is a quiz for a cost accounting course. It contains 20 true/false questions about topics covered in Chapter 1 on the introduction to cost accounting, including the differences between financial and managerial accounting, how they meet different user needs, and concepts like the balanced scorecard and organizational strategy. The student's name and score are listed at the top to be filled in after completing the quiz.

Uploaded by

Janelle
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Name____________________________________ Score__________________

Cost Accounting and Control Quiz no. 1

Chapter 1—Introduction to Cost Accounting


TRUE/FALSE

1. Return on investment was used in the 1900’s to evaluate business operations.

2. Financial accounting is most concerned with meeting the needs of internal users.

3. Financial accounting is most concerned with meeting the needs of external users.

4. Managerial accounting is most concerned with meeting the needs of internal users.

5. Managerial accounting is most concerned with meeting the needs of external users.

6. Financial accounting is highly regulated by rules and regulations.

7. Managerial accounting is highly regulated by rules and regulations.

8. Financial accounting is most concerned with addressing the needs of the firm as a whole.

9. Managerial accounting is most concerned with addressing the needs of the firm as a whole.

10. Financial accounting is most concerned with addressing the needs of individual departments of the firm.

11. Managerial accounting is most concerned with addressing the needs of individual departments of the firm.

12. Cost accounting serves as a bridge between financial and managerial accounting.

13. Mission statements typically remain unchanged throughout the life of an organization.

14. An organization’s strategy should reflect the organization’s core competencies.

15. An organization’s strategy is the guiding force for its mission.

16. Line managers are directly responsible for achieving organizational goals.

17. Line personnel give assistance to staff employees.

18. The learning and growth perspective of the balanced scorecard focuses on using an organization’s
intellectual capital to adapt to or influence customer needs and expectations.

19. The internal business perspective of the balanced scorecard focuses on using an organization’s intellectual
capital to adapt to or influence customer needs and expectations.

20. The learning and growth perspective of the balanced scorecard focuses on using an organization’s
intellectual capital to adapt to or influence customer needs and expectations.

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