Question 1

A profit sharing plan is an example of a motivational element.

Accepted Answer

A) True 
 B)False

Question 2

____ refers to avoiding competition in making a product distinct from that of competitors by adding value or features for which consumers are willing to pay more.

Accepted Answer

A) Kaizen 
B) Differentiation 
C) Confrontation 
D) Cost leadership 
A) Kaizen 
B) Differentiation 
C) Confrontation 
D) Cost leadership

Question 3

A long-run challenge for a business is achieving profitability.

Accepted Answer

A) True 
 B)False

Question 4

Information provided by financial reporting systems provides the most useful information to cost managers.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following would be considered a detector?

Accepted Answer

A) computer program 
B) source document 
C) variance report 
D) all of the above 
A) computer program 
B) source document 
C) variance report 
D) all of the above

Question 6

A measuring device that identifies what is happening in a process being controlled is referred to as a(n)____________________.
or

Accepted Answer

The answer of A measuring device that identifies what is...

Question 7

Distinguishing a product by adding additional features or value is part of which of the following competitive strategies?

Accepted Answer

A) yes no yes 
B) yes yes yes 
C) yes no no 
D) no yes yes 
A) yes no yes 
B) yes yes yes 
C) yes no no 
D) no yes yes

Question 8

Most smaller businesses are organized as corporations.

Accepted Answer

A) True 
 B)False

Question 9

Performance measurements and a reward system are part of which cost management element?

Accepted Answer

A) motivational 
B) informational 
C) reporting 
D) all of the above 
A) motivational 
B) informational 
C) reporting 
D) all of the above

Question 10

A management information system should emphasize satisfying

Accepted Answer

A) external demands for information. 
B) external and internal demands for information. 
C) internal demands for information. 
D) the Accounting Department's demands for information. 
A) external demands for information. 
B) external and internal demands for information. 
C) internal demands for information. 
D) the Accounting Department's demands for information.

Question 11

Three groups of elements affecting the design of a cost management system are ____________________,____________________,and ____________________.

Accepted Answer

motivation

Question 12

A device that alters behavior if the control system indicates a need to do so is referred to as ____________________.

Accepted Answer

The answer of A device that alters behavior if the...

Question 13

As an organization moves to decentralize its operations,an effective reporting system will have ____ when the organization was centralized.

Accepted Answer

A) about the same importance as 
B) less importance than 
C) more importance than 
D) a level of importance that depends on organizational size as compared to 
A) about the same importance as 
B) less importance than 
C) more importance than 
D) a level of importance that depends on organizational size as compared to

Question 14

In a decentralized organization,

Accepted Answer

A) all functions are delegated to subunit managers who are closest to the information. 
B) subunits under the control of a single manager are normally grouped by organizational structure. 
C) it would be difficult to group geographically related subunits pursuing different missions under the same manager. 
D) functions such as financing and product/service pricing are typically retained by top management. 
A) all functions are delegated to subunit managers who are closest to the information. 
B) subunits under the control of a single manager are normally grouped by organizational structure. 
C) it would be difficult to group geographically related subunits pursuing different missions under the same manager. 
D) functions such as financing and product/service pricing are typically retained by top management.

Question 15

A responsibility accounting system provides information to top management about the

Accepted Answer

A) organizational responsibilities of each subunit manager. 
B) performance of each organizational subunit and its manager. 
C) ability of each subunit manager to ensure a satisfactory cost to revenue relationship. 
D) all of the above. 
A) organizational responsibilities of each subunit manager. 
B) performance of each organizational subunit and its manager. 
C) ability of each subunit manager to ensure a satisfactory cost to revenue relationship. 
D) all of the above.

Question 16

Which of the following should be considered in a cost management system design?

Accepted Answer

A) yes yes yes 
B) no yes yes 
C) no no no 
D) yes no yes 
A) yes yes yes 
B) no yes yes 
C) no no no 
D) yes no yes

Question 17

A short-run challenge for a business is maintaining a competitive position.

Accepted Answer

A) True 
 B)False

Question 18

A cost leadership strategy emphasizes

Accepted Answer

A) product features. 
B) low prices. 
C) just-in-time production capabilities. 
D) short-run opportunities for cost minimization. 
A) product features. 
B) low prices. 
C) just-in-time production capabilities. 
D) short-run opportunities for cost minimization.

Question 19

Gap analysis is a beneficial tool in implementing a cost management system.

Accepted Answer

A) True 
 B)False

Question 20

A short-run challenge for a business is achieving profitability.

Accepted Answer

A) True 
 B)False

A profit sharing plan is an example of a motivational element.

____ refers to avoiding competition in making a product distinct from that of competitors by adding value or features for which consumers are willing to pay more.

A long-run challenge for a business is achieving profitability.

Information provided by financial reporting systems provides the most useful information to cost managers.

Which of the following would be considered a detector?

A measuring device that identifies what is happening in a process being controlled is referred to as a(n)____________________. or

Distinguishing a product by adding additional features or value is part of which of the following competitive strategies?

Most smaller businesses are organized as corporations.

Performance measurements and a reward system are part of which cost management element?

A management information system should emphasize satisfying

Three groups of elements affecting the design of a cost management system are ,,and .

A device that alters behavior if the control system indicates a need to do so is referred to as ____________________.

As an organization moves to decentralize its operations,an effective reporting system will have ____ when the organization was centralized.

In a decentralized organization,

A responsibility accounting system provides information to top management about the

Which of the following should be considered in a cost management system design?

A short-run challenge for a business is maintaining a competitive position.

A cost leadership strategy emphasizes

Gap analysis is a beneficial tool in implementing a cost management system.

A short-run challenge for a business is achieving profitability.

Introduction to Cost Accounting

Cost Terminology and Cost Behaviors

Predetermined Overhead Rates, flexible Budgets, and Absorptionvariable Costing

Activity-Based Management and Activity-Based Costing

Job Order Costing

Process Costing

Standard Costing and Variance Analysis

The Master Budget

Break-Even Point and Cost-Volume-Profit Analysis

Relevant Information for Decision Making

Allocation of Joint Costs and Accounting for By-Products

Responsibility Accounting, support Department Allocations, and Transfer Pricing

Performance Measurement, balanced Scorecards, and Performance Rewards

Capital Budgeting

Managing Costs and Uncertainty

Implementing Quality Concepts

Inventory and Production Management

Emerging Management Practices

Filters

Exam 12: Introduction to Cost Management Systems

A profit sharing plan is an example of a motivational element.

____ refers to avoiding competition in making a product distinct from that of competitors by adding value or features for which consumers are willing to pay more.

A long-run challenge for a business is achieving profitability.

Information provided by financial reporting systems provides the most useful information to cost managers.

Which of the following would be considered a detector?

A measuring device that identifies what is happening in a process being controlled is referred to as a(n)____________________. or

Distinguishing a product by adding additional features or value is part of which of the following competitive strategies?

Most smaller businesses are organized as corporations.

Performance measurements and a reward system are part of which cost management element?

A management information system should emphasize satisfying

Three groups of elements affecting the design of a cost management system are ____________________,____________________,and ____________________.

A device that alters behavior if the control system indicates a need to do so is referred to as ____________________.

As an organization moves to decentralize its operations,an effective reporting system will have ____ when the organization was centralized.

In a decentralized organization,

A responsibility accounting system provides information to top management about the

Which of the following should be considered in a cost management system design?

A short-run challenge for a business is maintaining a competitive position.

A cost leadership strategy emphasizes

Gap analysis is a beneficial tool in implementing a cost management system.

A short-run challenge for a business is achieving profitability.

Introduction to Cost Accounting

Cost Terminology and Cost Behaviors

Predetermined Overhead Rates, flexible Budgets, and Absorptionvariable Costing

Activity-Based Management and Activity-Based Costing

Job Order Costing

Process Costing

Standard Costing and Variance Analysis

The Master Budget

Break-Even Point and Cost-Volume-Profit Analysis

Relevant Information for Decision Making

Allocation of Joint Costs and Accounting for By-Products

Responsibility Accounting, support Department Allocations, and Transfer Pricing

Performance Measurement, balanced Scorecards, and Performance Rewards

Capital Budgeting

Managing Costs and Uncertainty

Implementing Quality Concepts

Inventory and Production Management

Emerging Management Practices

Filters

Three groups of elements affecting the design of a cost management system are ,,and .