Question 1

Value chain refers to value to the employee.

Accepted Answer

A) True 
 B)False

Question 2

The value chain describes the flow of goods,services,and information from the initial sources of materials and services to the delivery of products to consumers.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following descriptors refers best to management accounting information?

Accepted Answer

A) It is verifiable and reliable. 
B) It is prepared for shareholders. 
C) It is driven by rules. 
D) It provides reasonable and timely estimates. 
A) It is verifiable and reliable. 
B) It is prepared for shareholders. 
C) It is driven by rules. 
D) It provides reasonable and timely estimates.

Question 4

Which statement concerning an organisation's strategy is NOT true?

Accepted Answer

A) Strategy specifies how an organisation matches its own capabilities with the opportunities in the marketplace to accomplish its objectives. 
B) A good strategy will always overcome poor implementation. 
C) Management accountants provide input to help managers formulate strategy. 
D) Businesses usually 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. 
A) Strategy specifies how an organisation matches its own capabilities with the opportunities in the marketplace to accomplish its objectives. 
B) A good strategy will always overcome poor implementation. 
C) Management accountants provide input to help managers formulate strategy. 
D) Businesses usually 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.

Question 5

What competitive advantage could a company obtain from a successful cost management program?

Accepted Answer

There are three broad outcomes from a su

Question 6

The use of teams to achieve corporate objectives is increasing.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following statements about the cost-benefit approach is TRUE?

Accepted Answer

A) Resources should be spent if the costs of a decision outweigh the benefits of the decision. 
B) In a cost-benefit analysis,both costs and benefits are easy to obtain. 
C) Resources should be spent if they are expected to better attain company goals in relation to the expected costs of these resources. 
D) A cost-benefit approach would not be appropriate for a decision to install a budget system or not. 
A) Resources should be spent if the costs of a decision outweigh the benefits of the decision. 
B) In a cost-benefit analysis,both costs and benefits are easy to obtain. 
C) Resources should be spent if they are expected to better attain company goals in relation to the expected costs of these resources. 
D) A cost-benefit approach would not be appropriate for a decision to install a budget system or not.

Question 8

Accountants have special ethical obligations,given that they are responsible for the integrity of the financial information provided to internal and external parties.

Accepted Answer

A) True 
 B)False

Question 9

The increasing pace of technological innovation has resulted in longer product life cycles.

Accepted Answer

A) True 
 B)False

Question 10

Management accounting is playing an increasingly important role by helping managers develop and implement strategy.

Accepted Answer

A) True 
 B)False

Question 11

Companies around the world are cutting costs by outsourcing some of their business functions.

Accepted Answer

A) True 
 B)False

Question 12

Which statement refers best to management accounting information?

Accepted Answer

A) It primarily measures and records business transactions. 
B) The audience tends to be shareholders,creditors,and tax authorities. 
C) There are no regulations governing the reports. 
D) The reports are generally delayed and historical. 
A) It primarily measures and records business transactions. 
B) The audience tends to be shareholders,creditors,and tax authorities. 
C) There are no regulations governing the reports. 
D) The reports are generally delayed and historical.

Question 13

________ is a philosophy in which management improves operations throughout the value chain to deliver products and services that exceed customer expectations.

Accepted Answer

A) Total quality management 
B) Customer focus 
C) Customer relationship management 
D) Cost-benefit approach 
A) Total quality management 
B) Customer focus 
C) Customer relationship management 
D) Cost-benefit approach

Question 14

If a management accountant suspected his or her immediate superior of wrongdoing,the management accountant should request an immediate meeting with the Board of Directors.

Accepted Answer

A) True 
 B)False

Question 15

The purpose of a budget is strictly technical.It does NOT influence behaviour.

Accepted Answer

A) True 
 B)False

Question 16

What does line management include?

Accepted Answer

A) Information-technology managers 
B) Management-accounting managers 
C) Human resource managers 
D) Manufacturing managers 
A) Information-technology managers 
B) Management-accounting managers 
C) Human resource managers 
D) Manufacturing managers

Question 17

In most organisations,customer satisfaction is one of the top priorities.As such,attention to customers is necessary for success.Briefly describe the four types of demands customers are currently placing on organisational performance.
_____________________________________________________________________________________________
_____________________________________________________________________________________________

Accepted Answer

Cost:Organisations are under continuous

Question 18

Employees pay little attention to how their performance is measured.

Accepted Answer

A) True 
 B)False

Question 19

Customer response time involves:

Accepted Answer

A) the time it takes an organisation to develop a Total Quality Management (TQM)program. 
B) the time it takes to develop a new product. 
C) the speed at which an organisation responds to customer requests. 
D) the time it takes a customer to respond to an advertisement and place an order. 
A) the time it takes an organisation to develop a Total Quality Management (TQM)program. 
B) the time it takes to develop a new product. 
C) the speed at which an organisation responds to customer requests. 
D) the time it takes a customer to respond to an advertisement and place an order.

Question 20

Managers can assess the potential of a strategy and their ability to achieve their goal by identifying and analysing the strengths and weaknesses inherent in the organisation's capacity and capabilities (internal analysis)and the opportunities and threats prevailing in its environment (external analysis).

Accepted Answer

A) True 
 B)False

Value chain refers to value to the employee.

The value chain describes the flow of goods,services,and information from the initial sources of materials and services to the delivery of products to consumers.

Which of the following descriptors refers best to management accounting information?

Which statement concerning an organisation's strategy is NOT true?

What competitive advantage could a company obtain from a successful cost management program?

The use of teams to achieve corporate objectives is increasing.

Which of the following statements about the cost-benefit approach is TRUE?

Accountants have special ethical obligations,given that they are responsible for the integrity of the financial information provided to internal and external parties.

The increasing pace of technological innovation has resulted in longer product life cycles.

Management accounting is playing an increasingly important role by helping managers develop and implement strategy.

Companies around the world are cutting costs by outsourcing some of their business functions.

Which statement refers best to management accounting information?

________ is a philosophy in which management improves operations throughout the value chain to deliver products and services that exceed customer expectations.

If a management accountant suspected his or her immediate superior of wrongdoing,the management accountant should request an immediate meeting with the Board of Directors.

The purpose of a budget is strictly technical.It does NOT influence behaviour.

What does line management include?

In most organisations,customer satisfaction is one of the top priorities.As such,attention to customers is necessary for success.Briefly describe the four types of demands customers are currently placing on organisational performance. _ _

Employees pay little attention to how their performance is measured.

Customer response time involves:

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

Value chain refers to value to the employee.

The value chain describes the flow of goods,services,and information from the initial sources of materials and services to the delivery of products to consumers.

Which of the following descriptors refers best to management accounting information?

Which statement concerning an organisation's strategy is NOT true?

What competitive advantage could a company obtain from a successful cost management program?

The use of teams to achieve corporate objectives is increasing.

Which of the following statements about the cost-benefit approach is TRUE?

Accountants have special ethical obligations,given that they are responsible for the integrity of the financial information provided to internal and external parties.

The increasing pace of technological innovation has resulted in longer product life cycles.

Management accounting is playing an increasingly important role by helping managers develop and implement strategy.

Companies around the world are cutting costs by outsourcing some of their business functions.

Which statement refers best to management accounting information?

________ is a philosophy in which management improves operations throughout the value chain to deliver products and services that exceed customer expectations.

If a management accountant suspected his or her immediate superior of wrongdoing,the management accountant should request an immediate meeting with the Board of Directors.

The purpose of a budget is strictly technical.It does NOT influence behaviour.

What does line management include?

Employees pay little attention to how their performance is measured.

Customer response time involves:

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