Test Bank for Cost Management Essay

Answers1. A.Competence, confidentiality, integrity, and relevance. Given 2. B. Competence, confidentiality, integrity, and credibility. 3. C. Competence, confidentiality, independence, and objectivity. 4. D. Competence, accuracy, integrity, and independence. check to the IMA Code of Ethics, what should a forethought accountant do if a evidentiary ethical situation cant be resolved? starting line chimericalAnswers1. A.The accountant should confront the guilty party and demand the unethical action be stopped. 2. B. The accountant should interpret to rationalize and understand the status of the a nonher(prenominal) party. 3. C. The accountant should say nothing about the matter until he or she has retired. 4. D. The accountant should first discuss the matter with the immediate supervisor. The strategy map is a tool that is characterd signaling untimelyAnswers1. A.as unrivalled of the key aspects of the contemporary trouble environment 2. B. to enhance the sustainability o f the formation3. C. to association the perspectives of the balanced scorecard4. D. to organize the critical success factors of a ships connection5. E. to implement strategyWhich of the following is the primary user of counseling account information regarding fear units? signboard chimericalAnswers1. A. Company management.2. B. Investors.3. C. Creditors.4. D. Indus savour and regimenal organizations.When managers produce honour for the customer, their orientation consists of all the following draw hold back IncorrectAnswers1. A. forest and Service.2. B. Timeliness of delivery.3. C. The ability to respond to the customers liking for particularised features. 4. D. State of the art manufacturing facilities.If a firm decided to evaluate and reorganize the way it did personal line of credit, in hopes of creating competitive advantage, by changing or decreasing jobs, the fellowship would be using which of the following management proficiency? level IncorrectAnswers1. A.The value chain.2. B. Business intelligence.3. C. Business process improvement.4. D. harvest reevaluation.5. E. Life cycle greet.Which of the following is not considered part of the Institute of anxiety Accountants definition of management accounting? Mark IncorrectAnswers1. A.Partnering in management decision making.2. B. Devising planning and performance management systems.3. C. Gathering, summarizing, analyzing, and providing information. 4. D. Providing expertise in pecuniary reporting and control. 5. E. Assisting management in the formulation and implementation of an organizations strategy. The difference between wholesalers and retailers isMark IncorrectAnswers1. A.Wholesalers atomic number 18 merchandisers that apportion directly to customers whereas retailers argon merchandisers that sell to other merchandisers. 2. B. Wholesalers argon merchandisers that sell to other merchandisers whereas retailers are merchandisers that sell directly to consumers. 3. C. Wholesale rs are merchandisers that sell directly to the government whereasretailers are merchandisers that sell to other merchandisers. 4. D. Wholesalers are merchandisers that sell directly to customers whereas retailers are merchandisers that sell directly to the government. 5. E. There is no difference between wholesalers and retailers. equal management has moved from a traditional role of crossroad cost and operational control to a broader strategic centralize, which places an emphasis on Mark IncorrectAnswers1. A.Competitive pricing.2. B. Domestic commercialiseing.3. C. Short-term thinking.4. D. Strategic thinking.5. E. Independent judgment. buttocks costingMark IncorrectAnswers1. A. topical anaestheticizes cost ground on an expected market demand for the growth.2. B. Determines cost based on a budget.3. C. Determines cost based on standard cost.4. D. Determines cost based upon market expenditure and in demand(p) profit. Cost management information typically is the responsibi lity of the Mark IncorrectAnswers1. A.Chief Financial Officer.2. B. Controller.3. C. Treasurer.4. D. Chief Information Officer.A practical example of when the possible action of constraints would not be an appropriate management technique to use would be Mark IncorrectAnswers1. A.Long lines at checkout stands.2. B. Busy signals on meshing server sites.3. C. One critical production process provides 60 part/min. output, compared with a company-wide output of 90 parts/min. 4. D. Balanced, fast flow of product through the plant.A companys management accountant is move to improve the way cost are allocated within the company. Currently, several bodied expenses are grouped together and labeled overhead. If the accountant wanted to use activity-based costing (ABC) to help solve the problem, what should she do? Mark IncorrectAnswers1. A. She should try to map the segments costs to their cost objects, and then charge from each one department based on those cost relationships. 2. B. She should research how the companys competitors are allocating their costs, and then implement one of those strategies. 3. C. She should look for bottlenecks within the production process, and try to eliminate them, thus reducing costs. 4. D. She should examine the firms value chain and apply target costing before adopting ABC. Which of the following is not a contemporary management technique used by the management accountant to respond to the changing business environment? Mark IncorrectAnswers1. A. green light risk management2. B. Lean manufacturing3. C. Life cycle costing4. D. Enterprise sustainabilityCorporate management is required to identify and solve problems from a cross-functional view. preferably of viewing a problem as related to a specific business function, management solves these problems by combining skills from different functions simultaneously. This approach is called Mark IncorrectAnswers1. A.Inclusive approach.2. B. Integrative approach.3. C. Intra-function approach.4. D. Multilateral approach.Strategic management can be defined as the educatement of a sustainable Mark IncorrectAnswers1. A.Chain of command.2. B. Competitive position.3. C. Cash flow.4. D. Business entity.5. E. Company image.Which of the following does not conciliate a main stress of cost management information? Mark IncorrectAnswers1. A.Strategic management.2. B. Performance measurement.3. C. Planning and decision making.4. D. Preparation of financial statements.5. E. interior auditing and control.In keeping with the current trend of increased strategic planning, how cast management accountants changed their use of life story-cycle costing? Mark IncorrectAnswers1. A.They have flat shifted their focus from R&D costs to marketing and forwarding costs. 2. B. They have turned from a sole focus on manufacturing costs to a much wider outlook, taking into account costs from the entire product lifecycle. 3. C. They stopped looking at the entire life-cycle, and no w focus their assistance on product design costs. 4. D. Accountants dont use life-cycle costing, that chore is left for the operations manager. Which of the following professional certificates is considered to be the most germane(predicate) for dealing with cost management issues? Mark IncorrectAnswers1. A.The CPA, which is monitored differently for each state in the U.S. 2. B. The CMA, which is administered through the Institute of Management Accountants. 3. C. The CFA, since its program focuses on the broadest range of topics and responsibilities for financial analysis. 4. D. The CPA, CMA, and CFA are viewed as equally relevant, since all trey require an exam, as well as specific background and give birth requirements. In a local factory, employees are rewarded for finding newfound and wear out ways of changing the way they work. This company is motivating its employees to use what managementtechnique? Mark IncorrectAnswers1. A.Benchmarking.2. B. Activity-Based Costing.3. C. Theory of Constraints.4. D. Continuous feeler.5. E. Total Quality Management.All of the following are examples of total quality management practices yet Mark IncorrectAnswers1. A.Redesign of a product to reduce its parts by 50 percent. 2. B. Reduction in the movement required in a manufacturing job. 3. C. Separating the sales and services functions.4. D. Raising raw material quality standards.5. E. Cross-training conclave line workers to cover sick leave absences. Which of the following aspects of the contemporary business environment involves using statistical methods such as regression or correlation analysis to predict consumer behavior, to measure customer satisfaction, or to develop models for setting prices, among other uses? Mark IncorrectAnswers1. A. Business Intelligence2. B. Target Costing3. C. Life Cycle Costing4. D. Benchmarking5. E. Business Process ImprovementManagement accounting information plays a critical role in all of the following management functions e xcept Mark IncorrectAnswers1. A.Profit planning.2. B. executive compensation.3. C. Planning and decision making.4. D. Hiring a new CFO.5. E. Preparing financial statements for the SEC.The five go for strategic decision making include all of the following except Mark IncorrectAnswers1. A.Identify the election actions2. B. Gather, summarize, and report accounting information3. C. Determine the strategic issues surrounding the problem 4. D. Choose and implement the desired alternative5. E. Provide an ongoing evaluation of the effectiveness of implementation A local area consulting firm is trying to increase the long-term strategic focus of its company reports. Therefore, the firm has decided to use the balanced scorecard. What type of new information that the company currently doesnt use in its financial reports, should the company include? Mark IncorrectAnswers1. A. Non-financial information, including customer satisfaction, innovation, etc. 2. B. additive financial information, such as profitability measures and market value. 3. C. Product life cycle information.4. D. Supplemental accounting reports.Which of the following is not a major change in the business environment that has affected the way many an(prenominal) companies think about conducting business? Mark IncorrectAnswers1. A.An increased focus on the customer, especially their opinions about functionality and quality. 2. B. A growing emphasis on globalization new markets for products and new competitors. 3. C. A larger number of companies are starting to use advanced information technologies, such as business intelligence. 4. D. The development of improved cost management methods.Which of the following aspects of a company would not be considered a critical success factor, for a company that competes on differentiation? Mark IncorrectAnswers1. A.Cutting edge research and development.2. B. thin customer service.3. C. Award-winning product quality.4. D. Continually beating competitors to the market with new, modernistic products.5. E. High level of production efficiency.Target costing determines the desired cost for a product upon the basis of a given competitive price such that the product will Mark IncorrectAnswers1. A.Earn at to the lowest degree a small profit.2. B. Earn a desired profit.3. C. Earn the maximum profit.4. D. Break even.5. E. Sell the highest volume.Read more http//testbank102.com/free-test-bank-for-cost-management-a-strategic-emphasis-5th-edition-multiple-choice-questions-part-1/ixzz34m1MeTVt