Question 1

Modern cost accounting plays a role in:

Accepted Answer

A) planning new products. 
B) controlling costs. 
C) evaluating operational processes. 
D) All of these answers are correct. 
A) planning new products. 
B) controlling costs. 
C) evaluating operational processes. 
D) All of these answers are correct.

Question 2

Companies gain (in terms of cost,quality and the speed with which new products are developed)if ________ of the individual business functions of the value chain work concurrently as a team.

Accepted Answer

A) two or more 
B) one or more 
C) three or more 
D) four or more 
A) two or more 
B) one or more 
C) three or more 
D) four or more

Question 3

The management accountant helps managers evaluate investment and R&D decisions.

Accepted Answer

A) True 
 B)False

Question 4

The first step in the five-step decision-making process is 'gather relevant information'.

Accepted Answer

A) True 
 B)False

Question 5

Product differentiation is an organisation's ability to offer products or services that its customers perceive to be superior and unique relative to the products or services of its competitors,and to earn a premium based on that differentiation.

Accepted Answer

A) True 
 B)False

Question 6

Customer relationship management initiatives use technology to coordinate all:

Accepted Answer

A) inventory management activities. 
B) production activities. 
C) customer-facing activities. 
D) research activities. 
A) inventory management activities. 
B) production activities. 
C) customer-facing activities. 
D) research activities.

Question 7

Cost accounting systems provide information only for management accounting purposes.

Accepted Answer

A) True 
 B)False

Question 8

________ focus on internal activities,practices and functions.

Accepted Answer

A) Core competencies 
B) Key success factors 
C) Strategies 
D) Values 
A) Core competencies 
B) Key success factors 
C) Strategies 
D) Values

Question 9

New product development time is the time it takes for ________ products to be created and brought to market.

Accepted Answer

A) old 
B) obsolete 
C) all 
D) new 
A) old 
B) obsolete 
C) all 
D) new

Question 10

Cost management is narrowly focused on a continuous reduction of costs.

Accepted Answer

A) True 
 B)False

Question 11

There are several approaches that assist in forming strategy,one of which is a(n)________ analysis.

Accepted Answer

A) internal 
B) external 
C) SWOT 
D) organisational 
A) internal 
B) external 
C) SWOT 
D) organisational

Question 12

The act of simply measuring and reporting information:

Accepted Answer

A) has no effect on employee behaviour. 
B) focuses the attention of employees on those processes. 
C) disproves the saying 'What gets measured gets managed'. 
D) diverts employee's attention to other activities. 
A) has no effect on employee behaviour. 
B) focuses the attention of employees on those processes. 
C) disproves the saying 'What gets measured gets managed'. 
D) diverts employee's attention to other activities.

Question 13

External stakeholders include:

Accepted Answer

A) managers. 
B) shareholders. 
C) employees. 
D) board of directors. 
A) managers. 
B) shareholders. 
C) employees. 
D) board of directors.

Question 14

Place the five steps in the decision-making process in the correct order:
A = Gather relevant information
B = Make and implement a decision
C = Identify the problem
D = Evaluate performance and learn
E = Identify and evaluate potential courses of action

Accepted Answer

A) C A E B D 
B) D B E A C 
C) E D A B C 
D) A E B D C 
A) C A E B D 
B) D B E A C 
C) E D A B C 
D) A E B D C

Question 15

Management accountants have important ethical responsibilities that are related to competence,confidentiality,integrity,and credibility.

Accepted Answer

A) True 
 B)False

Question 16

The supply chain always occurs within a single organisation.

Accepted Answer

A) True 
 B)False

Question 17

Generally,companies follow one of two broad strategies: offering a quality product at a low price,or offering a unique product or service priced higher than the competition.Assume you are opening a small food outlet across the street from your campus.How might that business be operated under each of the two broad strategies? Consider the following specific operational areas:
a.target customers
b.products offered
c.product pricing
d.location choice
e.advertising content
f.advertising media
_____________________________________________________________________________________________
_____________________________________________________________________________________________

Accepted Answer

The purpose of this question is to explo

Question 18

In designing strategy,what must a company match the opportunities and threats in the marketplace with?

Accepted Answer

A) Branding opportunities 
B) Capabilities of current suppliers 
C) Those of the CFO (Chief Financial Officer) 
D) Its resources and capabilities 
A) Branding opportunities 
B) Capabilities of current suppliers 
C) Those of the CFO (Chief Financial Officer) 
D) Its resources and capabilities

Question 19

What doe control include?

Accepted Answer

A) Implementing planning decisions 
B) Providing feedback to help with future decision making 
C) Evaluating performance 
D) All of these answers are correct. 
A) Implementing planning decisions 
B) Providing feedback to help with future decision making 
C) Evaluating performance 
D) All of these answers are correct.

Question 20

Which of the following involves the generation of,and experimentation with,ideas related to new products,services,or processes?

Accepted Answer

A) Design of products,services,or processes 
B) Marketing 
C) Research and development 
D) Production 
A) Design of products,services,or processes 
B) Marketing 
C) Research and development 
D) Production

Modern cost accounting plays a role in:

Companies gain (in terms of cost,quality and the speed with which new products are developed)if ________ of the individual business functions of the value chain work concurrently as a team.

The management accountant helps managers evaluate investment and R&D decisions.

The first step in the five-step decision-making process is 'gather relevant information'.

Product differentiation is an organisation's ability to offer products or services that its customers perceive to be superior and unique relative to the products or services of its competitors,and to earn a premium based on that differentiation.

Customer relationship management initiatives use technology to coordinate all:

Cost accounting systems provide information only for management accounting purposes.

________ focus on internal activities,practices and functions.

New product development time is the time it takes for ________ products to be created and brought to market.

Cost management is narrowly focused on a continuous reduction of costs.

There are several approaches that assist in forming strategy,one of which is a(n)________ analysis.

The act of simply measuring and reporting information:

External stakeholders include:

Place the five steps in the decision-making process in the correct order: A = Gather relevant information B = Make and implement a decision C = Identify the problem D = Evaluate performance and learn E = Identify and evaluate potential courses of action

Management accountants have important ethical responsibilities that are related to competence,confidentiality,integrity,and credibility.

The supply chain always occurs within a single organisation.

In designing strategy,what must a company match the opportunities and threats in the marketplace with?

What doe control include?

Which of the following involves the generation of,and experimentation with,ideas related to new products,services,or processes?

Different Costs for Different Purposes

Determining How Costs Behave

Costvolumeprofit Analysis

Estimating the Cost of Producing Services

Estimating the Costs of Products and Inventory

Target Costing, Managing Activities and Managing Capacity

Activity-Based Management and Activity-Based Costing

Pricing and Customer Profitability

Decision Making and Relevant Information

Budgeting, Management Control and Responsibility Accounting

Flexible Budgets, Direct Cost Variances and Management Control

Flexible Budgets, Overhead Cost Variances and Management Control

Allocation of Support-Department Costs, Common Costs and Revenues

Strategy Formation, Strategic Control and the Balanced Scorecard

Quality, Time and the Balanced Scorecard

Inventory Management, Just-In-Time and Simplified Costing Methods

Capital Budgeting and Cost Analysis

Management Control Systems, Transfer Pricing and Multinational Considerations

Performance Measurement, Compensation and Multinational Considerations

Measuring and Reporting Sustainability

Filters

Exam 1: Management Accounting in Context

Modern cost accounting plays a role in:

Companies gain (in terms of cost,quality and the speed with which new products are developed)if ________ of the individual business functions of the value chain work concurrently as a team.

The management accountant helps managers evaluate investment and R&D decisions.

The first step in the five-step decision-making process is 'gather relevant information'.

Product differentiation is an organisation's ability to offer products or services that its customers perceive to be superior and unique relative to the products or services of its competitors,and to earn a premium based on that differentiation.

Customer relationship management initiatives use technology to coordinate all:

Cost accounting systems provide information only for management accounting purposes.

________ focus on internal activities,practices and functions.

New product development time is the time it takes for ________ products to be created and brought to market.

Cost management is narrowly focused on a continuous reduction of costs.

There are several approaches that assist in forming strategy,one of which is a(n)________ analysis.

The act of simply measuring and reporting information:

External stakeholders include:

Place the five steps in the decision-making process in the correct order: A = Gather relevant information B = Make and implement a decision C = Identify the problem D = Evaluate performance and learn E = Identify and evaluate potential courses of action

Management accountants have important ethical responsibilities that are related to competence,confidentiality,integrity,and credibility.

The supply chain always occurs within a single organisation.

In designing strategy,what must a company match the opportunities and threats in the marketplace with?

What doe control include?

Which of the following involves the generation of,and experimentation with,ideas related to new products,services,or processes?

Different Costs for Different Purposes

Determining How Costs Behave

Costvolumeprofit Analysis

Estimating the Cost of Producing Services

Estimating the Costs of Products and Inventory

Target Costing, Managing Activities and Managing Capacity

Activity-Based Management and Activity-Based Costing

Pricing and Customer Profitability

Decision Making and Relevant Information

Budgeting, Management Control and Responsibility Accounting

Flexible Budgets, Direct Cost Variances and Management Control

Flexible Budgets, Overhead Cost Variances and Management Control

Allocation of Support-Department Costs, Common Costs and Revenues

Strategy Formation, Strategic Control and the Balanced Scorecard

Quality, Time and the Balanced Scorecard

Inventory Management, Just-In-Time and Simplified Costing Methods

Capital Budgeting and Cost Analysis

Management Control Systems, Transfer Pricing and Multinational Considerations

Performance Measurement, Compensation and Multinational Considerations

Measuring and Reporting Sustainability

Filters