Cengage CH 1 M-A

Question 1

The sales price for a particular inventory item

Answer 1

Data

Question 2

Dimensions of a company’s manufacturing facility

Answer 2

Data

Question 3

Customer purchasing patterns used to launch a new advertising campaign

Answer 3

Knowledge

Question 4

Summary of cash disbursements by vendor (försäljare)

Answer 4

Information

Question 5

Summary of product sales by product and region

Answer 5

Information

Question 6

Statistical analysis of production defects, resulting in changes to production and inspection processes

Answer 6

Knowledge

Question 7

consists of financial statements, customer lists, inventory records, number and type of products and services sold

Answer 7

Data

Question 8

is data that has been organized, processed, , and summarized

Answer 8

Information

Question 9

is information that is shared and exploited so that it adds value to an organisation

Answer 9

Knowledge

Question 10

Must follow GAAP

Answer 10

Financial accounting

Question 11

Focused on past performance

Answer 11

Financial accounting

Question 12

Timeliness is critical

Answer 12

Managerial accounting

Question 13

Emphasizes reporting on the whole company

Answer 13

Financial accounting

Question 14

Information is often less precise

Answer 14

Managerial accounting

Question 15

Future orientation

Answer 15

Managerial accounting

Question 16

Information is often “old”

Answer 16

Financial accounting

Question 17

Reports results by segments

Answer 17

Managerial accounting

Question 18

Highly customizable

Answer 18

Managerial accounting

Question 19

is concerned primarily with the preparation of financial statements for creditors, investors, and external users of the company

Answer 19

Financial accounting

Question 20

is concerned with generating financial and nonfinancial information for internal use by managers for decision-making purposes within a company. This information is typically not shared outside the company

Answer 20

Managerial accounting

Question 21

key factor to be considered in decisions

Answer 21

cost

Question 22

differ among alternatives, identify those which are avoidable, or those which van be eliminated by choosing one alternative over another, are avoidable costs, if future costs do not differ among alternatives, they are not avoidable and therefore not relevant

Answer 22

relevant costs

Question 23

are costs that have already been incurred/ historical costs

Answer 23

sunk costs

Question 24

are relevant costs for decision-making purposes, these are benefits forgone by choosing one alternative over another

Answer 24

opportunity costs

Question 25

The famed economist, ….. , once argued that the only social responsibility of a corporation is to increase profits

Answer 25

Milton Friedman

Question 26

Common elements of ethics programs include, …….. , ………. , and ………. .

Answer 26

employee hot lines, written codes of conduct, and ethics training

Question 27

Corporate scandals such as that at Enron led to the passage of the ………. ?

Answer 27

Sarbanes-Oxley Act

Question 28

…………… , is the cornerstone of ethical business practices.

Answer 28

Integrity

Question 29

Managers should always consider the views of various ……………. , when evaluating ethical dilemmas.

Answer 29

stakeholders

Question 30

…………….. , consist of all people having an interest in the company, such as employees, stockholders, customers, suppliers and creditors.

Answer 30

Stakeholders

Question 31

……………. , establishes and helps to maintain an ethical business environment

Answer 31

Ethics training