92 test bank for cost accounting a managerial emphasis 5th

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92 Test Bank for Cost Accounting A Managerial Emphasis

Cost accounting provides information for both management

and financial accounting

1 True

2 False

A profession is distinguished by certain characteristics "An

outlook that is essentially objective" is not one of these characteristics

Managers typically receive reports on cost planning and

controls that should be considered for internal use only

2 False

Key success factors directly affect customer satisfaction, such

as quality, time, and innovative products and services

Management accountants are not required to follow the

generally accepted accounting principles that are used for external financial reporting when preparing reports for internal users

1 True

2 False

Scorekeeping, attention directing, and problem solving abilities

are three of the most important functions of management accountants

As users of the information produced by management

accounting systems, managers are forced to revaluate the design and operation of these systems

1 True

2 False

Planning is choosing goals, predicting results under various

alternative ways of achieving those goals, and then

deciding how to attain the desired goals

1 True

2 False

The cost-benefit approach is the primary consideration for

choosing amongst alternatives

1 True

2 False

Value chain and supply chain are two (2 terms describing the

same set of business functions

1 True

2 False

CMA's are required to follow the formal codes of ethical

conduct provided by the Accounting Standards Board

1 True

2 False

An accountant, as a member of a professional organization,

must follow only those ethical requirements as are

prescribed by the organization they belong to, such as the Society of Management Accountants of Canada

1 True

2 False

There are three (3 basic business strategies; low cost, premium

products, and customer satisfaction

1 True

2 False

Managerial accounting and cost accounting both measure and

report financial and non-financial information relating to the cost of acquiring or utilizing resources

1 True

2 False

In the value chain, Research and Development is the detailed

planning and engineering of products, services, or

The value chain includes the following functions: research and

development; design of products, services, or processes; production; marketing; distribution; customer service; and management satisfaction

Customers are expecting higher levels of quality and are less

tolerant of low quality than in the past

1 True

2 False

Management by exception concentrates on improving areas

that are operating as expected

1 True

2 False

In the value chain, Research and Development generates and

experiments with new ideas related to new products

1 True

2 False

The problem-solving function is the accumulation of data and

reporting reliable results to all levels of management

Companies with a strategy of low prices compete on their ability

to offer unique new products or services that are priced higher than their competition

1 True

2 False

Multiple Choice Questions

Management accountants' responsibilities concentrate on

1 A comparing the financial advantages of alternatives

2 B financing the purchase of fixed assets

3 C external reporting

4 D internal auditing of multi-divisional units

5 E scorekeeping, attention-directing or the problem-solving function

Do you agree that prior management decisions affect cost

management?

1 A Yes Managers should always follow prior management decisions, for example, in the determination of the EOQ

2 B No Managers should ignore prior management decisions

3 C Yes Prior management decisions can affect any area of the business operations, and commit the organization to the subsequent or continued incurrence of costs in such areas as material handling, and plant construction, for example

4 D Yes The only prior management decisions that can affect cost management going forward, are concerned with employee wages All other decisions can be changed

5 E Yes Managers should always strive to lower the costs incurred last year, as their number 1 priority

An example of a Staff management function would be

1 A determining that new equipment is required

2 B ensuring that environmental standards are met

3 C developing quality standards for production

4 D being responsible for attaining a set level of plant income

5 E preparing operating cost estimates for proposed new equipment

means reporting and interpreting information that

helps managers to focus on operating problems,

imperfections, inefficiencies, and opportunities

1 A Problem-solving

2 B Scorekeeping

3 C Budgeting

4 D Attention-directing

5 E Planning

The value chain is the sequence of business functions in which

1 A value is proportionately added to the products or services of an organization

2 B usefulness is added to the products or services of an organization

3 C value is deducted from the products or services of an organization

4 D rational experimentation is performed to enhance product compatibility

5 E products and services are evaluated with respect to their value to the supply chain

Which of the following lists a scorekeeping activity first,

followed by an attention-directing activity, followed by a problem-solving activity?

1 A recording sales, comparing the financial advantages of leasing a fleet of vehicles, and highlighting rapidly growing markets where the company may be under funding its investment

2 B recording purchases from vendors, purchase returns and accounts payable

3 C recording sales, highlighting rapidly growing markets where the company may be under-funding its investment, and comparing the financial advantages of leasing a fleet

of vehicles

4 D recording sales to customers, explaining ways to avoid cost overruns, and recording purchases from vendors

5 E recording sales to customers, customer returns, and accounts receivable

The is also called the chief financial officer

Once a plan is implemented, the control process

1 A ensures that managers follow the pre-existing plan

2 B should allow the originating manager(s to keep lower-level managers from making changes.

3 C requires top management permission to change

4 D should be followed rigidly

5 E should be flexible

"Cost management" describes

1 A actions by managers to satisfy customers while maintaining current cost levels

2 B the satisfaction of customers' needs

3 C the actions by managers to increase value for customers while continuously reducing and controlling costs

4 D the identification of excessive costs in the production process

5 E ensuring all costs remains constant

What aspect of business analysis focuses on the sequence of

5 E "driven" by the board of directors

There is many aspects of a company that managers should

focus on Which of the following is not a key success factor for managers in terms of today's customer

satisfaction?

1 A ensuring that cost and quality don't change

2 B more reliable delivery dates

3 C increased quality

4 D innovative products and services

5 E reduced costs

Customer response time describes

1 A the speed at which we respond to our customers' requests

2 B the speed at which our competitors respond to our customers' requests

3 C the speed at which our customers respond to our competitors' requests

4 D the speed at which our customers respond to our requests

5 E None of the above

The method recommended for a management accountant in

dealing with a resource-allocation decision is

1 A management by exception

2 B cost-benefit approach

3 C analysis based on feedback

4 D total value chain analysis

5 E variance analysis approach

Which of the following is not something management

accountants should do to satisfy their users?

1 A consider financial as well as non-financial measures

2 B continuously strives to provide better quality information faster, and at a lower cost

3 C provide specialized information that given users can use

4 D provides relevant information efficiently and on a timely basis

5 E focus exclusively on internal users

Which of the following is the financial executive primarily

responsible for both management and financial

2 B improving information flow.

3 C achievement of organizational goals

4 D reduction in the amount of time required to perform a particular job

5 E how well they help achieve organizational goals in relation to the costs incurred for these systems

When a company works with its supplier to reduce

material-handling costs, this is an example of

1 A a key success factor

2 B total value-chain or supply chain analysis

3 C the customer-driven approach

4 D a conflict of interest

5 E a strategic marketing focus

Which of the following is a major benefit of utilizing a budgeting

system?

1 A Once a successful budget is developed, it can be re-used year after year

2 B It forces coordination and communication

3 C It always results in more profitable decisions

4 D It is easier for managers than traditional decision-making models

5 E It saves costs by utilizing historical data to make projections

Determining the number of components to put into a computer

monitor is an example of which of the following value chain functions?

1 A distribution

2 B production

3 C marketing

4 D research and development

5 E design of products, services, and processes

R&D, production, and customer service are business functions

that are all included as part of

1 A the company strategy

2 B benchmarking

3 C the supply chain

4 D marketing

5 E the value chain

The Code of Professional Ethics for management accountants

includes concepts related to

1 A clarity in reports

2 B responsibilities to disseminate accounting knowledge to the general public

3 C the overriding requirement of loyalty to your employer/client

4 D protecting the image of the association by never divulging apparently unethical conducts by another member

5 E responsibility, fairness, confidentiality, and independence

Which of the following is FALSE concerning the value chain of

Which of the following is not a use of feedback, from a

manager's perspective?

1 A to improve past performances

2 B to predict future events

3 C to search for alternative ways of reaching goals

4 D changes the reward system

5 E to change goals

Which of the following would likely not constitute a breach of

ethics for a management accountant?

1 A to consider disclosing confidential information in order to further your own career

2 B to omit pertinent information from a report because it is unfavourable to you

3 C to report the unethical actions of another party, with the expectation that this will further your own career

4 D to profit personally from confidential information obtained from your client / employer (eg sell shares based on confidential information that the share value will decline soon

5 E to consider disclosing confidential information (ie gained from a third party in order

to assist your employer / client

Changes in the way managers run their departments often force

them to re-evaluate the design and operation of the

1 A financial accounting system

2 B management accounting system

3 C current decision-making process

4 D performance appraisal system

5 E security system

Corporate social responsibility is

1 A the mandatory integration by companies of social and environmental concerns into their business operation

2 B codified in international trade agreements

3 C the voluntary integration by companies of social and environmental concerns into their business operation

4 D legislated by government and enforced by the courts.

5 E the same as code of ethics passed by the board of governors of a company

A budget is defined as

1 A the quantitative expression of a plan and an aid in controlling income

2 B an aid in coordinating and implementing a plan

3 C the qualitative expression of a plan

4 D the quantitative expression of a plan of action by management

5 E an aid in controlling income

Whose perceptions of the company's products or services are

the most important to the manager?

1 A the historical costs will be recaptured

2 B the relative expected benefits of the new system exceed its costs

3 C managers' need for more information for variance analysis

4 D the expected benefits exceed the costs of the old system

5 E managers' need for more information in making better purchasing decisions

The person(s directly responsible for the attainment of

organizational objectives is/are

1 A the chief financial officer

2 B the internal auditor

3 C both staff and line management

4 D staff management

5 E line management

Developing a new website to display and demonstrate the

company's products would be part of which value chain function?

1 A distribution

2 B research and development

3 C design of products, services, and processes

4 D production

5 E marketing

Preparation of a monthly report comparing the actual phone bill

with the expected phone costs would be classified as

In "CIM" plants, give instructions that are

automatically set up

Financial accounting is concerned primarily with

1 A providing analysis to facilitate long term decision making

2 B providing information for strategic and tactical decisions

3 C external reporting to investors, government authorities, etc

4 D cost planning and cost controls

5 E profitability analysis

Understanding the reasons for any difference between actual

results and budgeted amounts is an important aspect of

1 A extended value-chain analysis

1 A must be simple and easily understood

2 B helps creditors evaluate the company's performance

3 C helps managers make decisions

4 D is useful for external and internal users

5 E all of the above

A variance is considered to be

1 A the difference allowed in the current production costs

2 B the difference between the original budget and the final adjusted budget

3 C the difference between the historical cost and the current cost

4 D the difference between budgeted amounts and actual results

5 E the difference between current operating costs and last year's operating costs

Professional ethics for a Certified Management Accountant in

Canada were established by

As teamwork has become more prominent in the last few years,

the traditional distinctions between staff and line

management

1 A has diminished

2 B has become less clear cut in the employee reward system

3 C has become more important relative to promotions

4 D has increased

5 E has only been evident in the employee reward system

The text identifies six ways to classify the major differences

between Management and Financial Accounting The

"managers of the organization" is an example of which of the following classes of differences?

1 A Focus and emphasis

2 B Rules of measurement and reporting

3 C Time span and type of reports

4 D Primary users

5 E Purpose of information

The value chain is the

1 A sequence of functions in which value is added at specific target areas of

4 D process by which products and services are critiqued for their value

5 E sequence of business functions in which value is proportionately added to the products or services of an organization

is responsible for accumulating and reporting reliable

results to all levels of management

1 A Scorekeeping