Chapter 8 Quiz Review

Question 1

The most common means of making entries in the general ledger is via the journal voucher.

T or F

Answer 1

True

Question 2

Individuals with access authority to general ledger accounts should not prepare journal vouchers.

T or F

Answer 2

True

Question 3

The journal voucher is the document that authorizes entries to be made to the general ledger.

T or F

Answer 3

True

Question 4

Each account in the chart of accounts has a separate record in the general ledger master file.

T or F

Answer 4

True

Question 5

The responsibility center file is primarily used by the Financial Reporting System.

T or F

Answer 5

False

Question 6

Management reporting is often called discretionary reporting because it is not mandated as is financial

T or F

Answer 6

True

Question 7

Primary recipients of financial statement information are internal management.

T or F

Answer 7

False

Question 8

The Management Reporting System is a non-discretionary system.

T or F

Answer 8

False

Question 9

When evaluating decision alternatives, one option is to take no action.

T or F

Answer 9

True

Question 10

In most cases intangible decision criteria can be quantified.

T or F

Answer 10

False

Question 11

One benefit of the Management Reporting System is that it can alert management to delays in project implementation.

T or F

Answer 11

True

Question 12

Responsibility refers to an individual’s obligation to achieve desired results.

T or F

Answer 12

True