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.According to the IMA Code of Ethics, what should a solicitude control do if a significant ethical situation cant be re exercised? sucker ridiculousAnswers1. A.The accountant should confront the guilty dispersey and demand the unethical action be stopped. 2. B. The accountant should try to sheer and understand the position of the other party. 3. C. The accountant should say nothing near the affaire 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 utilise mention wrongAnswers1. A.as one of the key aspects of the contemporaneous vigilance environment 2. B. to lift the sustainability of the organization3. C. to link the perspectives of the balanced scorecard4. D. to organize the critical triumph factors of a fellowship5. E. to implement strategyWhich of the sideline(a) is the primary substance ab habituater of forethought accounting data regarding business units? Mark paradoxicalAnswers1. A. guild counselling.2. B. Investors.3. C. Creditors.4. D. Industry and governmental organizations.When managers produce value for the node, their orientation consists of completely the succeeding(a) except Mark incorrectAnswers1. A.Quality and Service.2. B. Timeliness of delivery.3. C. The ability to respond to the customers desire for specific features. 4. D. State of the art manufacturing facilities.If a staunch decided to reevaluate and reorganize the guidance it did business, in hopes of creating combative advantage, by changing or decreasing jobs, the company would be using which of the pursual solicitude proficiency? Mark IncorrectAnswers1. A.The value chain.2. B. contrast intelligence .3. C. Business turn improvement.4. D. result reevaluation.5. E. Life vibration costing.Which of the following is not considered part of the Institute of Management 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 financial reporting and control. 5. E. Assisting management in the conceptuality and implementation of an organizations strategy. The difference between wholesalers and retailers isMark IncorrectAnswers1. A.Wholesalers atomic make out 18 merchandisers that shit directly to customers whereas retailers are merchandisers that allot to other merchandisers. 2. B. Wholesalers are merchandisers that sell to other merchandisers whereas retailers are merchandisers that sell directly to consumers. 3. C. Wholesalers are merchandisers that sell directly t o 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. Cost management has moved from a traditional berth of product costing and operational control to a broader strategic way, which places an violence on Mark IncorrectAnswers1. A.Competitive pricing.2. B. Domestic commercialiseing.3. C. Short-term thinking.4. D. Strategic thinking.5. E. main(a) judgment.Target costingMark IncorrectAnswers1. A.Determines cost based on an expected merchandise demand for the product.2. B. Determines cost based on a budget.3. C. Determines cost based on standard cost.4. D. Determines cost based upon market price and want profit. Cost management information typically is the business of the Mark IncorrectAnswers1. A.Chief Financial Officer.2. B. Controller.3. C . Treasurer.4. D. Chief Information Officer.A unimaginative example of when the theory of constraints would not be an appropriate management technique to utilize would be Mark IncorrectAnswers1. A.Long lines at checkout stands.2. B. absorb signals on Internet 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, spry flow of product through the plant.A companys management accountant is trying to improve the way costs are allocated at bottom the company. Currently, several corporate 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 departments costs to their cost objects, and then direction each department based on those cost relationships. 2. B. She should query how the companys competitors are allocating their costs, a nd then implement one of those strategies. 3. C. She should look for bottlenecks inwardly the production process, and try to eliminate them, thus reducing costs. 4. D. She should examine the crockeds value chain and apply target costing to begin with 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.Enterprise 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. Instead of viewing a problem as cogitate to a specific business function, management solves these problems by combining skills from diametric 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 d efined as the development 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 represent a main focus of cost management information? Mark IncorrectAnswers1. A.Strategic management.2. B. Performance measurement.3. C. Planning and decision making.4. D. conceptualisation of financial statements.5. E. Internal auditing and control.In keeping with the current trend of increase strategic planning, how have management accountants changed their use of life-cycle costing? Mark IncorrectAnswers1. A.They have now shifted their focus from R&D costs to market and promotion costs. 2. B. They have turned from a sole focus on manufacturing costs to a much wider outlook, taking into account costs from the ideal product lifecycle. 3. C. They stopped looking at the entire life-cycle, and now focus their attention on product design costs. 4. D. Accountants dont use life-cyc le costing, that task is left for the operations manager. Which of the following professional certificates is considered to be the around relevant 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 political 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 three require an exam, as well as specific orbit and experience requirements. In a local factory, employees are rewarded for finding modern and better 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 Improvement.5. E. essence Quality Management.All o f the following are examples of total fictitious character management practices except 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 assembly line workers to cover sick leave absences. Which of the following aspects of the contemporary business environment involves using statistical methods such as throwback 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 erudition2. B. Target Costing3. C. Life Cycle Costing4. D. Benchmarking5. E. Business lick ImprovementManagement accounting information plays a critical fibre in all of the following management functions except Mark IncorrectAnswers1. A.Profit planning.2. B. Executive compensat ion.3. C. Planning and decision making.4. D. Hiring a new CFO.5. E. Preparing financial statements for the SEC.The tailfin steps for strategic decision making include all of the following except Mark IncorrectAnswers1. A.Identify the alternative actions2. B. Gather, summarize, and report accounting information3. C. Determine the strategic issues surrounding the problem 4. D. Choose and implement the sought after 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 pillowcase 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, and so on 2. B. Additional financial information, such as profitability measures and market val ue. 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 companies think about conducting business? Mark IncorrectAnswers1. A.An change magnitude 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. Excellent customer service.3. C. Award-winning product quality.4. D. Continually beating competitors to the market with new, innovative products.5. E. High le vel 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. build at least 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