Cost Accounting A Managerial Emphasis 7th Canadian Edition - Test Bank.

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1.1 Explain how management accounting data are essential to the process of rational operating and strategic decision making. 1) Management accounting is guided by generally accepted accounting prin... ciples. Answer: FALSE Diff: 1 Type: TF Skill: Remember Objective: LO 1-1 2) Managerial accounting and cost accounting both measure and report financial and non-financial information relating to the cost of acquiring or utilizing resources. Answer: TRUE Diff: 1 Type: TF Skill: Remember Objective: LO 1-1 3) Cost accounting provides information for both management and financial accounting. Answer: TRUE Diff: 1 Type: TF Skill: Remember Objective: LO 1-1 4) Management accountants are required to follow the generally accepted accounting principles that are used for external financial reporting when preparing reports for internal users. Answer: FALSE Diff: 2 Type: TF Skill: Remember Objective: LO 1-1 [Show More]

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