Question 1

What is the PRIMARY criterion when faced with a resource allocation decision?

Accepted Answer

A) Cost minimisation 
B) How well the alternative options help achieve organisational goals in relation to the costs incurred for these systems 
C) Reduction in the amount of time required to perform a particular job 
D) Achievement of organisational goals 
A) Cost minimisation 
B) How well the alternative options help achieve organisational goals in relation to the costs incurred for these systems 
C) Reduction in the amount of time required to perform a particular job 
D) Achievement of organisational goals

Question 2

Management accounting information focuses on external reporting.

Accepted Answer

A) True 
 B)False

Question 3

A budget may be used as a planning tool,but not as a control tool.

Accepted Answer

A) True 
 B)False

Question 4

Increased global competition is placing pressure on companies to reduce costs.

Accepted Answer

A) True 
 B)False

Question 5

When ________ are aligned with key success factors,the value of the business relationship blossoms and grows for the benefit of both the company and the customer.

Accepted Answer

A) strategies 
B) values 
C) cores competencies 
D) ethics 
A) strategies 
B) values 
C) cores competencies 
D) ethics

Question 6

Most professional accounting organisations around the world do NOT issue statements about professional ethics.

Accepted Answer

A) True 
 B)False

Question 7

Although a budget is an important planning tool,it is arguably more powerful as a ________ tool.

Accepted Answer

A) strategic 
B) tactical 
C) operational 
D) control 
A) strategic 
B) tactical 
C) operational 
D) control

Question 8

For best results,cost management emphasises independently coordinating supply chain activities within your company and not interfering with other companies.

Accepted Answer

A) True 
 B)False

Question 9

Globalisation has accelerated as countries enter into trade agreements that reduce barriers and encourage the provision of products and services across national boundaries.

Accepted Answer

A) True 
 B)False

Question 10

Key success factors are geared to improving customer satisfaction.

Accepted Answer

A) True 
 B)False

Question 11

Discuss the cost-benefit approach guideline management accountants use to provide value in strategic decision making.

Accepted Answer

Management accountants continually face

Question 12

Management accountants evaluate the costs and revenue benefits of ________ initiatives.

Accepted Answer

A) strategic 
B) tactical 
C) operational 
D) TQM 
A) strategic 
B) tactical 
C) operational 
D) TQM

Question 13

For each type of report listed below,identify one planning decision and one controlling decision for which the information would be helpful.Assume you are a Harvey Norman store.
Item:
a.annual financial statements for the past three years
b.report detailing sales by department by each hour of the day for the past week
c.special study regarding increased road traffic due to the construction of a new shopping mall at a nearby intersection
_____________________________________________________________________________________________
_____________________________________________________________________________________________

Accepted Answer

Please note that answers will vary,but m

Question 14

In forming strategy,senior management must first thoroughly understand the organisation and its environment.

Accepted Answer

A) True 
 B)False

Question 15

The function in the value chain concerned with promoting and selling products or services to customers is:

Accepted Answer

A) marketing. 
B) customer service. 
C) production. 
D) distribution. 
A) marketing. 
B) customer service. 
C) production. 
D) distribution.

Question 16

Management accounting:

Accepted Answer

A) focuses on estimating future revenues,costs,and other measures to forecast activities and their results. 
B) reports information in accordance with relevant accounting standards. 
C) provides information to external parties. 
D) provides information that is generally available only on a quarterly or annual basis. 
A) focuses on estimating future revenues,costs,and other measures to forecast activities and their results. 
B) reports information in accordance with relevant accounting standards. 
C) provides information to external parties. 
D) provides information that is generally available only on a quarterly or annual basis.

Question 17

A budget:

Accepted Answer

A) aids in the coordination and communication among various business functions. 
B) is a quantitative expression of a proposed management plan. 
C) helps translate strategy into actions. 
D) All of these answers are correct. 
A) aids in the coordination and communication among various business functions. 
B) is a quantitative expression of a proposed management plan. 
C) helps translate strategy into actions. 
D) All of these answers are correct.

Question 18

The person(s)directly responsible for attaining organisational objectives is/are:

Accepted Answer

A) line management. 
B) the chief financial officer. 
C) the controller. 
D) the treasurer. 
A) line management. 
B) the chief financial officer. 
C) the controller. 
D) the treasurer.

Question 19

Beyond the value chain,managers can work with other parties in the supply chain to add value and reduce costs.

Accepted Answer

A) True 
 B)False

Question 20

The key to a company's success is always to be the low cost producer in a particular industry.

Accepted Answer

A) True 
 B)False

What is the PRIMARY criterion when faced with a resource allocation decision?

Management accounting information focuses on external reporting.

A budget may be used as a planning tool,but not as a control tool.

Increased global competition is placing pressure on companies to reduce costs.

When ________ are aligned with key success factors,the value of the business relationship blossoms and grows for the benefit of both the company and the customer.

Most professional accounting organisations around the world do NOT issue statements about professional ethics.

Although a budget is an important planning tool,it is arguably more powerful as a ________ tool.

For best results,cost management emphasises independently coordinating supply chain activities within your company and not interfering with other companies.

Globalisation has accelerated as countries enter into trade agreements that reduce barriers and encourage the provision of products and services across national boundaries.

Key success factors are geared to improving customer satisfaction.

Discuss the cost-benefit approach guideline management accountants use to provide value in strategic decision making.

Management accountants evaluate the costs and revenue benefits of ________ initiatives.

In forming strategy,senior management must first thoroughly understand the organisation and its environment.

The function in the value chain concerned with promoting and selling products or services to customers is:

Management accounting:

A budget:

The person(s)directly responsible for attaining organisational objectives is/are:

Beyond the value chain,managers can work with other parties in the supply chain to add value and reduce costs.

The key to a company's success is always to be the low cost producer in a particular industry.

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

What is the PRIMARY criterion when faced with a resource allocation decision?

Management accounting information focuses on external reporting.

A budget may be used as a planning tool,but not as a control tool.

Increased global competition is placing pressure on companies to reduce costs.

When ________ are aligned with key success factors,the value of the business relationship blossoms and grows for the benefit of both the company and the customer.

Most professional accounting organisations around the world do NOT issue statements about professional ethics.

Although a budget is an important planning tool,it is arguably more powerful as a ________ tool.

For best results,cost management emphasises independently coordinating supply chain activities within your company and not interfering with other companies.

Globalisation has accelerated as countries enter into trade agreements that reduce barriers and encourage the provision of products and services across national boundaries.

Key success factors are geared to improving customer satisfaction.

Discuss the cost-benefit approach guideline management accountants use to provide value in strategic decision making.

Management accountants evaluate the costs and revenue benefits of ________ initiatives.

In forming strategy,senior management must first thoroughly understand the organisation and its environment.

The function in the value chain concerned with promoting and selling products or services to customers is:

Management accounting:

A budget:

The person(s)directly responsible for attaining organisational objectives is/are:

Beyond the value chain,managers can work with other parties in the supply chain to add value and reduce costs.

The key to a company's success is always to be the low cost producer in a particular industry.

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