Question 1

Which of the following have been found to be TRUE?

Accepted Answer

A) Firms that emphasize ethics outperform firms that don't emphasize ethics. 
B) Those corporations that mention ethics in their management reports have lower than average performance. 
C) Companies with a strong code of ethics and sense of integrity and honor will have trouble competing over the long run. 
D) All of these. 
A) Firms that emphasize ethics outperform firms that don't emphasize ethics. 
B) Those corporations that mention ethics in their management reports have lower than average performance. 
C) Companies with a strong code of ethics and sense of integrity and honor will have trouble competing over the long run. 
D) All of these.

Question 2

The role of _________ accountants is to assist and support those responsible for carrying out an organization's basic objectives.

Accepted Answer

The answer of The role of _________ accountants is to...

Question 3

In an accounting information system, the inputs are usually

Accepted Answer

A) financial statements. 
B) analyzing data. 
C) performance reports. 
D) economic events. 
A) financial statements. 
B) analyzing data. 
C) performance reports. 
D) economic events.

Question 4

Which of the following is an example of a staff position in an organization?

Accepted Answer

A) Plant manager 
B) Accountant 
C) Marketing manager 
D) Sales officer 
A) Plant manager 
B) Accountant 
C) Marketing manager 
D) Sales officer

Question 5

In a performance report, the

Accepted Answer

A) differences between actual costs and allowed costs are always undesirable. 
B) expenditures of less than allowed amounts are undesirable. 
C) expenditures of more than allowed amounts are not permitted to occur. 
D) expenditures of less than allowed amounts are desirable. 
A) differences between actual costs and allowed costs are always undesirable. 
B) expenditures of less than allowed amounts are undesirable. 
C) expenditures of more than allowed amounts are not permitted to occur. 
D) expenditures of less than allowed amounts are desirable.

Question 6

The type of management which broadens the focus of accounting because it is concerned with factors that drive costs, such as cycle time and process productivity is called:.

Accepted Answer

A) Cost accounting 
B) Cost management 
C) Financial management 
D) Financial accounting 
A) Cost accounting 
B) Cost management 
C) Financial management 
D) Financial accounting

Question 7

Staff positions are positions that are:

Accepted Answer

A) directly involved in both financial and nonfinancial measures of efficiency of an organization. 
B) supportive in nature and have only indirect responsibility for an organization's basic objectives. 
C) supportive in nature and indirectly assess the overall cost impact of product designs over a product's life cycle. 
D) directly responsible for carrying out the basic objectives of an organization. 
A) directly involved in both financial and nonfinancial measures of efficiency of an organization. 
B) supportive in nature and have only indirect responsibility for an organization's basic objectives. 
C) supportive in nature and indirectly assess the overall cost impact of product designs over a product's life cycle. 
D) directly responsible for carrying out the basic objectives of an organization.

Question 8

Which of the following cost management tools supports the firm's concentration on the delivery of value to the customer?

Accepted Answer

A) service industry growth 
B) global competition 
C) preparing an earnings report for the SEC 
D) value-chain analysis 
A) service industry growth 
B) global competition 
C) preparing an earnings report for the SEC 
D) value-chain analysis

Question 9

Briefly discuss the relationship between cost accounting, management accounting, and cost management.

Accepted Answer

Management accounting is concerned with

Question 10

Managers are considering outsourcing sub-components of production. Data is collected about the costs of making the sub-component. Different bids are sought about the purchase of the sub-components. Which managerial activity is applicable in this situation?

Accepted Answer

A) control 
B) continuous improvement 
C) planning 
D) decision making 
A) control 
B) continuous improvement 
C) planning 
D) decision making

Question 11

Positions in a company that have direct responsibility for its basic objectives are called _________ positions, and the positions indirectly responsible for the company's objectives are called _________ positions.

Accepted Answer

The answer of Positions in a company that have direct...

Question 12

The _________ information system is primarily concerned with producing outputs for internal users using inputs and processes needed to satisfy management objectives.

Accepted Answer

The answer of The _________ information system is primarily concerned...

Question 13

In JIT manufacturing, each operation produces

Accepted Answer

A) only what is necessary for the succeeding operations. 
B) all that it can to offset fixed costs. 
C) a fixed percentage in excess of orders to ensure adequate quality stock. 
D) all that it can in order to build inventories. 
A) only what is necessary for the succeeding operations. 
B) all that it can to offset fixed costs. 
C) a fixed percentage in excess of orders to ensure adequate quality stock. 
D) all that it can in order to build inventories.

Question 14

The process of choosing among competing alternatives is called decision making.

Accepted Answer

A) True 
 B)False

Question 15

The three broad objectives of financial accounting information systems are to provide information for costing out services and products, planning and control, and decision making.

Accepted Answer

A) True 
 B)False

Question 16

The cost management information system is concerned with

Accepted Answer

A) reporting financial information according to GAAP. 
B) providing cost information that is used in planning, control, and decision-making. 
C) reporting to external users. 
D) providing financial information to investors. 
A) reporting financial information according to GAAP. 
B) providing cost information that is used in planning, control, and decision-making. 
C) reporting to external users. 
D) providing financial information to investors.

Question 17

Positions that have direct responsibility for basic objectives are referred to as staff positions, and those indirectly responsible are called line positions.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following positions would most likely be a line manager?

Accepted Answer

A) personnel department manager 
B) production supervisor 
C) treasurer 
D) purchasing department manager 
A) personnel department manager 
B) production supervisor 
C) treasurer 
D) purchasing department manager

Question 19

Cost management information systems provide information:

Accepted Answer

A) for preparing the planning and controlling measures of an organization. 
B) to prepare statements of cash flows and balance sheets for external users. 
C) that can be used for regulatory measures. 
D) for stewardship evaluation. 
A) for preparing the planning and controlling measures of an organization. 
B) to prepare statements of cash flows and balance sheets for external users. 
C) that can be used for regulatory measures. 
D) for stewardship evaluation.

Question 20

The chief accounting officer of an organization is the

Accepted Answer

A) vice president of finance. 
B) internal auditor. 
C) treasurer. 
D) controller. 
A) vice president of finance. 
B) internal auditor. 
C) treasurer. 
D) controller.

Which of the following have been found to be TRUE?

The role of _________ accountants is to assist and support those responsible for carrying out an organization's basic objectives.

In an accounting information system, the inputs are usually

Which of the following is an example of a staff position in an organization?

In a performance report, the

The type of management which broadens the focus of accounting because it is concerned with factors that drive costs, such as cycle time and process productivity is called:.

Staff positions are positions that are:

Which of the following cost management tools supports the firm's concentration on the delivery of value to the customer?

Briefly discuss the relationship between cost accounting, management accounting, and cost management.

Managers are considering outsourcing sub-components of production. Data is collected about the costs of making the sub-component. Different bids are sought about the purchase of the sub-components. Which managerial activity is applicable in this situation?

Positions in a company that have direct responsibility for its basic objectives are called _ positions, and the positions indirectly responsible for the company's objectives are called _ positions.

The _________ information system is primarily concerned with producing outputs for internal users using inputs and processes needed to satisfy management objectives.

In JIT manufacturing, each operation produces

The process of choosing among competing alternatives is called decision making.

The three broad objectives of financial accounting information systems are to provide information for costing out services and products, planning and control, and decision making.

The cost management information system is concerned with

Positions that have direct responsibility for basic objectives are referred to as staff positions, and those indirectly responsible are called line positions.

Which of the following positions would most likely be a line manager?

Cost management information systems provide information:

The chief accounting officer of an organization is the

Basic Cost Management Concepts

Cost Behavior

Activity-Based Costing

Product and Service Costing: Job-Order System

Process Costing

Allocating Costs of Support Departments and Joint Products

Budgeting for Planning and Control

Standard Costing: a Functional-Based Control Approach

Decentralization: Responsibility Accounting, Performance

Strategic Cost Management

Activity-Based Management

The Balanced Scorecard: Strategic-Based Control

Quality and Environmental Cost Management

Lean Accounting and Productivity Measurement

Cost-Volume-Profit Analysis

Activity Resource Usage Model and Tactical Decision Making

Pricing and Profitability Analysis

Capital Investment

Inventory Management: Economic Order Quantity, Jit, and the Theory of Constraints

Filters

Exam 1: Introduction to Cost Management

Which of the following have been found to be TRUE?

The role of _________ accountants is to assist and support those responsible for carrying out an organization's basic objectives.

In an accounting information system, the inputs are usually

Which of the following is an example of a staff position in an organization?

In a performance report, the

The type of management which broadens the focus of accounting because it is concerned with factors that drive costs, such as cycle time and process productivity is called:.

Staff positions are positions that are:

Which of the following cost management tools supports the firm's concentration on the delivery of value to the customer?

Briefly discuss the relationship between cost accounting, management accounting, and cost management.

Managers are considering outsourcing sub-components of production. Data is collected about the costs of making the sub-component. Different bids are sought about the purchase of the sub-components. Which managerial activity is applicable in this situation?

Positions in a company that have direct responsibility for its basic objectives are called _________ positions, and the positions indirectly responsible for the company's objectives are called _________ positions.

The _________ information system is primarily concerned with producing outputs for internal users using inputs and processes needed to satisfy management objectives.

In JIT manufacturing, each operation produces

The process of choosing among competing alternatives is called decision making.

The three broad objectives of financial accounting information systems are to provide information for costing out services and products, planning and control, and decision making.

The cost management information system is concerned with

Positions that have direct responsibility for basic objectives are referred to as staff positions, and those indirectly responsible are called line positions.

Which of the following positions would most likely be a line manager?

Cost management information systems provide information:

The chief accounting officer of an organization is the

Basic Cost Management Concepts

Cost Behavior

Activity-Based Costing

Product and Service Costing: Job-Order System

Process Costing

Allocating Costs of Support Departments and Joint Products

Budgeting for Planning and Control

Standard Costing: a Functional-Based Control Approach

Decentralization: Responsibility Accounting, Performance

Strategic Cost Management

Activity-Based Management

The Balanced Scorecard: Strategic-Based Control

Quality and Environmental Cost Management

Lean Accounting and Productivity Measurement

Cost-Volume-Profit Analysis

Activity Resource Usage Model and Tactical Decision Making

Pricing and Profitability Analysis

Capital Investment

Inventory Management: Economic Order Quantity, Jit, and the Theory of Constraints

Filters

Positions in a company that have direct responsibility for its basic objectives are called _ positions, and the positions indirectly responsible for the company's objectives are called _ positions.