89 free test bank for cost accounting 14th edition

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89 Free Test Bank for Cost Accounting 14th Edition

by Horngren

Multiple Choice Questions

is the acquisition, coordination, and assembly of

resources to produce a product or deliver a service

1 A Research and development

2 B Customer service

3 C Production

4 D Marketing

Which of the following statements about customer value is NOT true?

1 A Customer value is shown in a corporation's balance sheet

2 B Creating value for customers is an important part of planning and

implementing strategy

3 C How our product delivers customer value should be determined as part

of a company's strategy formulation

4 D It is possible to simultaneously lower cost and increase customer value

Strategy is formulated by answering all of the following EXCEPT:

1 A Who are our most important customers?

2 B Is industry demand growing or shrinking?

3 C Will our external auditors certify our strategy?

4 D How sensitive are purchasers to price, quality, and service?

Financial accounting:

1 A focuses on the future and includes activities such as preparing next year's operating budget

2 B must comply with GAAP (generally accepted accounting principles

3 C reports include detailed information on the various operating segments

of the business such as product lines or departments

4 D is prepared for the use of department heads and other employees

A data warehouse or infobarn:

1 A is reserved for exclusive use by the CFO

2 B is primarily used for financial reporting purposes

3 C stores information used by different managers for multiple purposes

4 D gathers only nonfinancial information

R&D, production, and customer service are business functions that are all included as part of:

1 A the value chain

2 B benchmarking

3 C marketing

4 D the supply chain

aims to improve operations throughout the value chain and to deliver products and services that exceed customer

expectations

1 A Total Quality Management

2 B Innovation

3 C Customer response time

4 D Cost and efficiency

Management accounting includes all of the following EXCEPT

1 A implementing strategies

2 B developing budgets

3 C preparing special studies and forecasts

4 D preparing the statement of cash flows

The approaches and activities of managers in short-run and long-run planning and control decisions that increase value for

customers and lower costs of products and services are known as:

1 A value chain management

2 B enterprise resource planning

3 C cost management

4 D customer value management

Customers are demanding improved performance related to:

1 A reduced costs

2 B both reduced costs and increased quality

3 C lower costs, improved quality, and improved customer service

4 D All of these answers are correct

Management accounting information includes:

1 A tabulated results of customer satisfaction surveys

2 B the cost of producing a product

3 C the percentage of units produced that are defective

4 D All of these answers are correct

Which of the following is NOT one of the questions management accountants might attempt to help answer in the formulation of strategy?

1 A Who are our most important customers?

2 B What substitute products exist in the marketplace?

3 C Does the strategy comply with GAAP (Generally Accepted Accounting Principles.?

4 D Will adequate cash be available to implement the strategy?

Which of the following statements refers to management

accounting information?

1 A There are no regulations governing the reports

2 B The reports are generally delayed and historical

3 C The audience tends to be stockholders, creditors, and tax authorities

4 D It primarily measures and records business transactions

Cost accounting provides all of the following EXCEPT:

1 A information for management accounting and financial accounting

2 B pricing information from marketing studies

3 C financial information regarding the cost of acquiring resources

4 D nonfinancial information regarding the cost of operational efficiencies

Cost accounting:

1 A provides information on the efficiency of factory labor

2 B provides information on the cost of servicing commercial customers

3 C provides information on the performance of an operating division

4 D All of these answers are correct

Modern cost accounting plays a role in:

1 A planning new products

2 B evaluating operational processes

3 C controlling costs

4 D All of these answers are correct

describes the flow of goods, services, and information from the initial sources of materials and services to the delivery of products to consumers, regardless of whether those activities occur in the same organization or in other organizations

1 A The value chain

2 B The supply chain

3 C Product differentiation

4 D Distribution

is a philosophy in which management improves

operations throughout the value chain to deliver products and services that exceed customer expectations

1 A Cost-benefit approach

2 B Customer focus

3 C Customer relationship management

4 D Total quality management

Processing orders and shipping products or services to

customers (also called outbound logistics is also known as

1 A customer focus

2 B distribution

3 C marketing

4 D supply chain

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

1 A those of the CFO (Chief Financial Officer

2 B its resources and capabilities

3 C branding opportunities

4 D capabilities of current suppliers

Which of the following statements concerning an organization's strategy is NOT true?

1 A Strategy specifies how an organization matches its own capabilities with the opportunities in the marketplace to accomplish its objectives

2 B Management accountants provide input to help managers formulate strategy

3 C A good strategy will always overcome poor implementation

4 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

Whose perceptions of the company's products or services are the most important to the manager?

1 A board of directors' perception

2 B customers' perception

3 C president's perception

4 D stockholders' perception

is the generation of, and experimentation with, ideas related to new products, services, or processes

1 A Research and development

2 B Design of products, services, or processes

3 C Production

4 D Marketing

Management accounting:

1 A focuses on estimating future revenues, costs, and other measures to forecast activities and their results

2 B provides information about the company as a whole

3 C reports information that has occurred in the past that is verifiable and reliable

4 D provides information that is generally available only on a quarterly or annual basis

Which of the following people is LEAST likely to use management accounting information?

1 A the controller

2 B a shareholder evaluating a stock investment

3 C the treasurer

4 D an assembly department supervisor

is the detailed planning and engineering of products, services, or processes

1 A Distribution

2 B Design of products, services, or processes

3 C Production

4 D Marketing

The person most likely to use ONLY financial accounting

information is a:

1 A factory shift supervisor

2 B vice president of operations

3 C current shareholder

4 D department manager

Which of the following descriptors refers to management

accounting information?

1 A It is verifiable and reliable

2 B It is driven by rules

3 C It is prepared for shareholders

4 D It provides reasonable and timely estimates

describe(s the flow of goods, services, and information from the purchase of materials to the delivery of products to

consumers, regardless of whether those activities occur in the same organization or with other organizations

1 A Supply chain

2 B Key success factors

3 C Continuous improvement

4 D Customer focus

Which of the following groups would be LEAST likely to receive detailed management accounting reports?

1 A stockholders

2 B sales representatives

3 C production supervisors

4 D managers

is the manner by which companies promote and sell their products or services to customers or perspective customers

1 A Distribution

2 B Customer service

3 C Research and development

4 D Marketing

is the after-sale support provided to customers

1 A Distribution

2 B Customer service

3 C Production

4 D Marketing

Strategy specifies:

1 A how an organization matches its own capabilities with the opportunities

in the marketplace

2 B standard procedures to ensure quality products

3 C incremental changes for improved performance

4 D the demand created for products and services

Customer response time involves:

1 A the speed it takes a customer to respond to an advertisement and place

an order

2 B the speed at which an organization responds to customer requests

3 C the speed it takes to develop a new product

4 D the speed it takes an organization to develop a Total Quality

Management (TQM program

An Enterprise Resource Planning System can best be described as:

1 A a collection of programs that use a variety of unconnected databases

2 B a single database that collects data and feeds it into applications that support each of the company's business activities, such as purchases, production, distribution, and sales

3 C a database that is primarily used by a purchasing department to

determine the correct amount of a particular supply item to purchase

4 D a sophisticated means of linking two or more companies to facilitate their planning processes

Which of the following statements about a company's supply chain is true?

1 A A company's supply chain is always internal to a firm

2 B A company's supply chain is always external to a firm

3 C A company's supply chain is the same thing as a company's value chain

4 D Management accountants provide information to enhance a company's supply chain

is a strategy that integrates people and technology in all business functions to enhance relationships with customers, partners, and distributors

1 A Supply-chain analysis

2 B Customer relationship management

3 C Value-chain analysis

4 D Continuous quality improvement

Customer relationship management initiatives use technology to coordinate all:

1 A production activities

2 B research activities

3 C customer-facing activities

4 D inventory management activities

Financial accounting provides the primary source of information for:

1 A decision making in the finishing department

2 B improving customer service

3 C preparing the income statement for shareholders

4 D planning next year's operating budget

Which item is NOT an area that customers want to see improved levels of performance in?

1 A innovation

2 B quality

3 C cost and efficiency

4 D profit

Place the four business functions in the order they appear along the value chain: Customer service; Design; Marketing;

Production

1 A Customer Service, Design, Production, Marketing

2 B Customer Service, Marketing, Production, Design

3 C Design, Production, Marketing, Customer Service

4 D Design, Customer Service, Production, Marketing

Which of the following types of information are used in

management accounting?

1 A financial information

2 B nonfinancial information

3 C information focused on the long term

4 D All of these answers are correct.

Financial accounting is concerned primarily with:

1 A external reporting to investors, creditors, and government authorities

2 B cost planning and cost controls

3 C profitability analysis

4 D providing information for strategic and tactical decisions

Financial accounting provides a historical perspective, whereas management accounting emphasizes:

1 A the future

2 B past transactions

3 C a current perspective

4 D reports to shareholders

is the delivery of products or services to customers

1 A Distribution

2 B Customer service

3 C Production

4 D Design of products, services, or processes

Managers use management accounting information to strategy

1 A choose

2 B communicate

3 C implement

4 D All of these answers are correct

The value chain is the sequence of business functions in which:

1 A value is deducted from the products or services of an organization

2 B value is proportionately added to the products or services of an

organization

3 C products and services are evaluated with respect to their value to the supply chain

4 D usefulness is added to the products or services of an organization

Which of the following is NOT a way for a company to improve customer response time?

1 A Increase capacity of bottleneck operations

2 B Purchase material in larger quantities

3 C Use faster delivery procedures

4 D Produce the product more quickly

89 Free Test Bank for Cost Accounting 14th Edition by Horngren Multiple Choice Questions-Page 2

Responsibilities of a CFO include all of the following EXCEPT:

1 A providing financial reports to shareholders

2 B managing short-term and long-term financing

3 C investing in new equipment

4 D preparing federal, state, and international tax returns

The process of preparing a budget:

1 A forces coordination and communication across business functions

2 B increases accounting efficiencies

3 C reduces overcapacity

4 D promotes production automation

Employees how their performance is measured

1 A pay close attention to

2 B pay no attention to

3 C rarely know

4 D None of the above are correct

Staff management includes:

1 A manufacturing managers

2 B human-resource managers

3 C purchasing managers

4 D distribution managers

Which of the following issues is NOT addressed by the Sarbanes-Oxley legislation?

1 A improving internal control

2 B corporate governance

3 C disclosure practices of public corporations

4 D disclosure practices of private companies

A well-conceived plan allows managers the ability to:

1 A not make decisions again until the next planning session

2 B keep lower-level managers from implementing change

3 C underestimate costs so that actual operating results will be favorable when comparisons are made

4 D take advantage of unforeseen opportunities

Which item is NOT an indication of competence under the

Standards of Ethical Conduct?

1 A Maintain an appropriate level of professional expertise by continually developing knowledge and skills

2 B Keep information confidential except when disclosure is authorized or legally required

3 C Perform professional duties in accordance with relevant laws,

regulations, and technical standards

4 D Provide decision support information and recommendations that are accurate, clear, concise, and timely

Which item is NOT a guideline used by management accountants

to assist in strategic and operational decision making?

1 A cost-benefit approach

2 B behavioral and technical considerations

3 C different costs for different purposes

4 D balanced scorecard

The person(s directly responsible for attaining of organizational objectives is/are:

1 A the treasurer