Module 13 Flashcards
Managerial accounting is primarily focused on:
A. Providing creditors information on the status of their loans
B. Providing investors with useful information for valuing securities
C. Providing the Internal Revenue Service with information to determine the amount of taxes owed
D. Providing managers with relevant information to help achieve organizational goals
Providing managers with relevant information to help acheive organizational goals
In order to be useful to managers, management accounting reports:
A. Should be prepared according to the stated Institute of Management Accounting guidelines
B. Should be prepared according to Generally Accepted Accounting Principals
C. Should be prepared to meet the specific needs of decision makers
D. Should not be prepared prior to the end of a fiscal reporting period
should be prepared to meet specific needs of decision makers
Financial accounting information is least useful in providing:
A. Aggregate information about an organization’s assets, obligations and performance
B. Information for stating corporate wide goals
C. Information for internal decision makers
D. Periodic reports for shareholders
Information for internal decision makers
The 3 analyses that comprise strategic cost management include all except: Ratio, Cost Driver, Strategic Position, Value Chain
Ratio
Strategic position analysis is best defined as:
A. The process of making the organization into a well ordered whole
B. Fundamental choices about the size and scope of operations and technologies
C. The formulation of a program for a specific goal
D. An organization’s basic way of competing to sell products and services
An organization’s basic way of competing to sell products and services
Al goal is best defined as: A. The mission of an organization B. The implementation of specific ideas C. The fundamental purpose of an organization D. A definable and measurable objective
a definable and measurable objective
Which of the following is not one of the 3 strategic postitions that Porter views as leading to business success: market niche, cost leadership, all things to all people, product or service differentiation
all things to all people
product or service differentiation involves:
Product or service differentiation involves:
A. Any changes made to a product or service
B. The use of new technologies in manufacturing
C. Shifting sales to growing markets
D. Creating something that is perceived as unique and worth a premium price
creating something that is perceived as unique and worth a premium price
The process of selecting strategies to achieve goals is often referred to as: A. Controlling B. Organizing C. Motivating D. Planning
Planning
the process of making the organization into a well-ordered whole is referred to as: A. Organizing B. Controlling C. Motivating D. Planning
Organizing
the process of ensuring that results agree with plans is referred to as: A. Controlling B. Decision making C. Organizing D. Planning
controlling
the act of delegating authority for implementing plans to other managers and employees can be viewed as an aspect of:
Organizing
World-class companies must continuously struggle to improve performance in the dimension of: price/cost, service, quality, all
All of the above
_______are fundamental choices about the size and scope of operations and about technologies employed in delivering producst or services to customers
Structural cost drivers
This is an organizational cost driver for a discount department store chain:
This is an organizational cost driver for a discount department store chain:
A. The decision to price lower than a key competitor
B. The decision to rearrange merchandise within a store
C. The decision to issue a purchase order for raw materials
D. The decision to sale product globally versus only domestically
decision to rearrange merchandise within a store
A decision to work closely with a limited number of suppliers for the purpose of ensuring that the proper materials are available at the optimal time is an example of: A batch level cost driver B. An activity cost driver C. An organizational cost driver D. A structural cost driver
organizational cost driver
____are specific units of work performed to serve customer needs that consume costly resources
activity cost drivers
examples of activity cost drivers include all of the following except:
A. Inspecting incoming raw materials
B. Machine time spent working on a product
C. Deciding how to arrange raw materials inventory within the warehouse
D. Receiving (loading) raw materials into the warehouse
deciding how to arrange raw materials inventory within the warehouse
Ethical Behavior:
is not guided by well-defined rules and is often subjective
Ethics deal with: propriety of course of action, fitness of course of action, moral quality of a course of action
All of the above
A primary goal of managerial accounting is to provide information to investment managers who analyze a company’s stock for external investors. T or F
False
Managers who prepare and/or have responsibility for managerial accounting information rarely encounter choices that have questionable ethical dimensions or overtones. T or F
False
The best criterion for determining if a given action or choice is ethical is to determine if it is legal, because all legal actions are inherently ethical. T or F
False
