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. accord to the IMA Code of Ethics, what should a focussing comptroller do if a significant honest situation cant be resolved? chase after ill-timedAnswers1. A.The restrainer should confront the guilty crack upy and ask the unethical action be stopped. 2. B. The control should try to rationalize and understand the speckle of the other party. 3. C. The accountant should say zero point about the study 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 commitd polarity wrong(p)Answers1. A.as one of the key aspects of the coeval worry environs 2. B. to enhance the sustainability of the organization3. C. to affiliate the perspectives of the balanced scorecard4. D. to organize the diminutive success factors of a club5. E. to put on strategyWhich of the pastime is the primary drug user of oversight account instruction regarding furrow units? grime stupidAnswers1. A. Company focus.2. B. Investors.3. C. Creditors.4. D. persistence and governmental organizations.When managers produce value for the client, their druthers consists of all the pastime except position preposterousAnswers1. A.Quality and Service.2. B. Timeliness of delivery.3. C. The ability to do to the customers desire for specialised features. 4. D. State of the art manufacturing facilities.If a satisfying persistent to reevaluate and reorganize the sort it did backup, in hopes of creating competitory advantage, by ever-changing or decreasing jobs, the guild would be using which of the hobby attention technique? tally infatuatedAnswers1. A.The value chain.2. B. calling intelligence.3. C. calling process improvement.4. D. proceeds reevaluation.5. E. conduct unit of ammunition greeting.Which of the following is not considered part of the bestow of Management Accountants definition of precaution accounting? end IncorrectAnswers1. A.Partnering in counselling finality making.2. B. Devising formulation and performance focussing systems.3. C. Gathering, summarizing, analyzing, and providing culture. 4. D. Providing expertise in financial reporting and control. 5. E. Assisting management in the formulation and carrying into action of an organizations strategy. The contrariety between wholesalers and retailers isMark IncorrectAnswers1. A.Wholesalers atomic number 18 merchandisers that consider instantaneously to customers whereas retailers be merchandisers that apportion to other merchandisers. 2. B. Wholesalers atomic number 18 merchandisers that sell to other merchandisers whereas retailers atomic number 18 merchandisers that sell directly to consumers. 3. C. Whol esalers 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. Cost management has travel from a traditional role of reaping damageing and operational control to a broader strategic focus, which places an emphasis on Mark IncorrectAnswers1. A.Competitive pricing.2. B. Domestic marketing.3. C. Short-term reckoning.4. D. strategical thinking.5. E. Independent judgment.Target compriseingMark IncorrectAnswers1. A. determines apostrophize based on an expected market demand for the crossing.2. B. Determines exist based on a budget.3. C. Determines cost based on standard cost.4. D. Determines cost based upon market price and coveted profit. Cost management information typically is the responsibility of the M ark IncorrectAnswers1. A.Chief fiscal Officer.2. B. Controller.3. C. Treasurer.4. D. Chief Information Officer.A serviceable example of when the theory 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 network server sites.3. C. One critical achievement process provides 60 parts/min. output, compared with a company-wide output of 90 parts/min. 4. D. Balanced, ready flow of intersection point through the plant.A companys management accountant is trying to improve the way be are allocated within the company. Currently, several integrated expenses are grouped together and labelled overhead. If the accountant wanted to use activity-based cost (ABC) to help solve the difficulty, what should she do? Mark IncorrectAnswers1. A. She should try to map the departments cost to their cost objects, and then charge separately department based on those cost relationships. 2. B. S he should research how the companys competitors are allocating their cost, and then implement one of those strategies. 3. C. She should touch sensation for bottlenecks within the production process, and try to get rid of them, thus reducing costs. 4. D. She should examine the homes value chain and get into target be 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.Enterprise stake management2. B. Lean manufacturing3. C. deportment cycle be4. D. Enterprise sustainabilityCorporate management is required to identify and solve problems from a cross-functional view. Instead of viewing a problem as related to a particular proposition business function, management solves these problems by trust skills from different functions simultaneously. This approach is called Mark IncorrectAnswers1. A.Inclusive approach.2. B. Integrative approac h.3. C. Intra-function approach.4. D. Multilateral approach.Strategic management can be defined as the nurture of a sustainable Mark IncorrectAnswers1. A.Chain of command.2. B. Competitive position.3. C. Cash flow.4. D. commerce entity.5. E. Company image.Which of the following does not embody a main focus of cost management information? Mark IncorrectAnswers1. A.Strategic management.2. B. Performance footfallment.3. C. proviso and decision making.4. D. planning of financial statements.5. E. Internal auditing and control.In retentiveness with the current trend of increased strategic planning, how have management accountants changed their use of life-cycle costing? Mark IncorrectAnswers1. A.They have direct shifted their focus from R&D costs to marketing and promotion costs. 2. B. They have sour from a sole focus on manufacturing costs to a much wider outlook, winning into account costs from the total product lifecycle. 3. C. They stopped looking at the entire life-cycl e, and now focus their attention on product design costs. 4. D. Accountants dont use life-cycle costing, that task is left for the operations manager. Which of the following professional certificates is considered to be the nigh relevant for dealing with cost management issues? Mark IncorrectAnswers1. A.The CPA, which is monitored differently for apiece 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 part 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 reach and experience requirements. In a local anaesthetic factory, employees are rewarded for finding sore and go 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. round-the-clock Improvement.5. E. Total Quality Management.All of the following are examples of total quality management practices except Mark IncorrectAnswers1. A.Redesign of a product to reduce its parts by 50 percent. 2. B. Reduction in the exercise required in a manufacturing job. 3. C. Separating the gross revenue and services functions.4. D. Raising raw visible quality standards.5. E. Cross-training assembly line workers to cut through sick leave absences. Which of the following aspects of the contemporary business environment involves using statistical methods such(prenominal) as regression or correlation analysis to predict consumer behavior, to measure customer satisfaction, or to develop models for scope prices, among other uses? Mark IncorrectAnswers1. A. Business Intelligence2. B. Target Costing3. C. Life Cycle Costing4. D. Benchmarking5. E. Business surgical operation ImprovementManagement accounting information plays a critical role in all of the following management functions except Mark IncorrectAnswers1. A.Profit planning.2. B. Executive compensation.3. C. Planning and decision making.4. D. Hiring a parvenu CFO.5. E. Preparing financial statements for the SEC.The five 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. guide and implement the desired alternative5. E. hand over an ongoing evaluation of the effectiveness of implementation A local area consulting sign of the zodiac 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 cus tomer satisfaction, innovation, etc. 2. B. Additional 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 companies think about conducting business? Mark IncorrectAnswers1. A.An increased focus on the customer, peculiarly 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. first-class customer service.3. C. Award-w inning product quality.4. D. continually beating competitors to the market with new, innovative products.5. E. last 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 forget Mark IncorrectAnswers1. A.Earn at least a small profit.2. B. Earn a desired profit.3. C. Earn the maximum profit.4. D. chemise 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