Question 1

Identify the trends impacting management accounting and discuss the implications for management accounting.

Accepted Answer

Changes in the manufacturing environment

Question 2

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

Question 3

Comparing actual quality costs with planned quality costs is an example of

Accepted Answer

A)  planning. 
B)  controlling. 
C)  performance evaluation. 
D)  both b and c 
A)  planning. 
B)  controlling. 
C)  performance evaluation. 
D)  both b and c

Question 4

Investigating production variances and adjusting the production process is an example of

Accepted Answer

A)  planning. 
B)  control. 
C)  internal auditing. 
D)  both a and c 
A)  planning. 
B)  control. 
C)  internal auditing. 
D)  both a and c

Question 5

To compete on the basis if price, the seller must carefully manage:

Accepted Answer

A)  cost 
B)  service 
C)  quality 
D)  none of the above 
A)  cost 
B)  service 
C)  quality 
D)  none of the above

Question 6

Evaluating the performance of a segment of the company is an example of

Accepted Answer

A)  planning. 
B)  control. 
C)  internal auditing. 
D)  both a and c 
A)  planning. 
B)  control. 
C)  internal auditing. 
D)  both a and c

Question 7

Which of the following characteristics does NOT pertain to management accounting?

Accepted Answer

A)  provides information and estimates about future activity 
B)  generates specific-purpose financial statements and reports 
C)  provides financial and operating data multidisciplinary in scope 
D)  has externally imposed standards 
A)  provides information and estimates about future activity 
B)  generates specific-purpose financial statements and reports 
C)  provides financial and operating data multidisciplinary in scope 
D)  has externally imposed standards

Question 8

The value chain includes which of the following activities?

Accepted Answer

A)  designing and developing products and services 
B)  producing products and services 
C)  marketing and delivering products and services 
D)  all of the above 
A)  designing and developing products and services 
B)  producing products and services 
C)  marketing and delivering products and services 
D)  all of the above

Question 9

Personal computers significantly increase a manager's capabilities to process and use accounting information.Do you agree? Explain.

Accepted Answer

Yes.Personal computers allow m

Question 10

Which of the following costing activities is associated with the financial accounting system?

Accepted Answer

A)  determining the cost of a department 
B)  determining the cost of goods sold for financial statements 
C)  preparing budgets 
D)  determining the cost of a customer 
A)  determining the cost of a department 
B)  determining the cost of goods sold for financial statements 
C)  preparing budgets 
D)  determining the cost of a customer

Question 11

World-class companies must continuously struggle to improve performance in the dimensions of:

Accepted Answer

A)  price/cost 
B)  service 
C)  quality 
D)  all of the above 
A)  price/cost 
B)  service 
C)  quality 
D)  all of the above

Question 12

Competitive advantage is established by

Accepted Answer

A)  providing more customer products than competitors. 
B)  providing better quality than competitors. 
C)  providing greater customer value for less cost than competitors. 
D)  providing greater efficiencies than competitors. 
A)  providing more customer products than competitors. 
B)  providing better quality than competitors. 
C)  providing greater customer value for less cost than competitors. 
D)  providing greater efficiencies than competitors.

Question 13

Which of the following activities is NOT associated with the financial accounting information system?

Accepted Answer

A)  reporting on the cost of quality 
B)  reporting to the shareholders 
C)  preparing reports for the tax authorities 
D)  preparing a statement of cash flows 
A)  reporting on the cost of quality 
B)  reporting to the shareholders 
C)  preparing reports for the tax authorities 
D)  preparing a statement of cash flows

Question 14

What is the role of management accounting information in strategic cost management?

Accepted Answer

Firms generally choose a strategy of cos

Question 15

The planning process includes

Accepted Answer

A)  setting objectives. 
B)  identifying means of achieving the objectives. 
C)  making decisions. 
D)  all of the above. 
A)  setting objectives. 
B)  identifying means of achieving the objectives. 
C)  making decisions. 
D)  all of the above.

Question 16

Briefly discuss the differences between financial and management accounting.

Accepted Answer

Management accounting differs from finan

Question 17

Management accounting is primarily concerned with:

Accepted Answer

A)  providing investors with useful information for valuing securities. 
B)  providing creditors information on the status of their loans. 
C)  providing managers with relevant information to help achieve organisational goals. 
D)  providing the relevant taxation authorities with information to determine the amount of taxes owed. 
A)  providing investors with useful information for valuing securities. 
B)  providing creditors information on the status of their loans. 
C)  providing managers with relevant information to help achieve organisational goals. 
D)  providing the relevant taxation authorities with information to determine the amount of taxes owed.

Question 18

Continuous improvement is NOT

Accepted Answer

A)  critical in a dynamic environment. 
B)  important to finding and maintaining a competitive advantage. 
C)  an effort to find ways to increase overall efficiency, improve quality, and reduce costs. 
D)  a responsibility of managers in world-class organisations. 
A)  critical in a dynamic environment. 
B)  important to finding and maintaining a competitive advantage. 
C)  an effort to find ways to increase overall efficiency, improve quality, and reduce costs. 
D)  a responsibility of managers in world-class organisations.

Identify the trends impacting management accounting and discuss the implications for management accounting.

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

Comparing actual quality costs with planned quality costs is an example of

Investigating production variances and adjusting the production process is an example of

To compete on the basis if price, the seller must carefully manage:

Evaluating the performance of a segment of the company is an example of

Which of the following characteristics does NOT pertain to management accounting?

The value chain includes which of the following activities?

Personal computers significantly increase a manager's capabilities to process and use accounting information.Do you agree? Explain.

Which of the following costing activities is associated with the financial accounting system?

World-class companies must continuously struggle to improve performance in the dimensions of:

Competitive advantage is established by

Which of the following activities is NOT associated with the financial accounting information system?

What is the role of management accounting information in strategic cost management?

The planning process includes

Briefly discuss the differences between financial and management accounting.

Management accounting is primarily concerned with:

Continuous improvement is NOT

Introduction to Business

Responsible Business

Global Business

Types of Business Ownership

Small Business, Entrepreneurship, and Franchises

Leadership and Managing a Business

Flexibility Within the Organisation

Products and Services

Recruitment and Retaining the Best Employees

Employee Motivation and Team Building

The Marketing Concept

Aproduct Development and Pricing Strategies

Marketing Channels

Marketing Communications

Social Media and E-Business

Money and the Banking System

Financial Management

Personal Finances and Investments

Filters

Exam 16: Introduction to Management Accounting

Identify the trends impacting management accounting and discuss the implications for management accounting.

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

Comparing actual quality costs with planned quality costs is an example of

Investigating production variances and adjusting the production process is an example of

To compete on the basis if price, the seller must carefully manage:

Evaluating the performance of a segment of the company is an example of

Which of the following characteristics does NOT pertain to management accounting?

The value chain includes which of the following activities?

Personal computers significantly increase a manager's capabilities to process and use accounting information.Do you agree? Explain.

Which of the following costing activities is associated with the financial accounting system?

World-class companies must continuously struggle to improve performance in the dimensions of:

Competitive advantage is established by

Which of the following activities is NOT associated with the financial accounting information system?

What is the role of management accounting information in strategic cost management?

The planning process includes

Briefly discuss the differences between financial and management accounting.

Management accounting is primarily concerned with:

Continuous improvement is NOT

Introduction to Business

Responsible Business

Global Business

Types of Business Ownership

Small Business, Entrepreneurship, and Franchises

Leadership and Managing a Business

Flexibility Within the Organisation

Products and Services

Recruitment and Retaining the Best Employees

Employee Motivation and Team Building

The Marketing Concept

Aproduct Development and Pricing Strategies

Marketing Channels

Marketing Communications

Social Media and E-Business

Money and the Banking System

Financial Management

Personal Finances and Investments

Filters