Question

1) Since there are few rules to restrict how an organization chooses to arrange its own internal data for decision-making, managerial accounting provides ample opportunity for creativity and change.

A. True

B. False

2) In most business organizations, the chief management accountant is called the controller.

A. True

B. False

3) A staff department or unit is one that provides services, assistance, and advice to the departments with line or other staff responsibilities.

A. True

B. False

rint Item

Report Content Error

4) Job order cost accounting systems may be used for planning and controlling a service business.

A. True

B. False

5) The job order costing system is not used by service organizations.

A. True

B. False

lator

6) The closer a company moves toward lean manufacturing processing, the more differences in unit costs between average costing and FIFO will be reduced.

A. True

B. False

7) If a company uses average costing instead of FIFO, it will still get the same unit costs.

A. True

B. False

Answer 1

Answer 1.

statement is true

Management accounting creates the option of creativity so the statment is true

Answer 2.

statement is true

He is known as the controller, as he deals with goals and decisions.

Answer 3.

statement is true

staff department provides advice and assistance to others in line.

Answer 4.

statement is true

job costing is the one that helps in planning

Answer 5.

statement is false

job costing is used by both service and product companies.

Answer 6

statement is true

the differnece of cost will be reduced because there is minimisation of cost

Answer 7.

statement is false

both are different methods and so unit cost will be different