97 test bank for cornerstones of cost management 3rd edition

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97 Test Bank for Cornerstones of Cost Management 3rd Edition by Hansen

Multiple Choice Questions

Which of the following cost management tools supports the firm's concentration on the delivery of value to the customer?

1 a service industry growth

1 a evaluation of segments or products within the firm

2 b emphasis on the future

3 c externally focused

4 d focus on effective use of resources

Which of the following is NOT provided by cost accountants?

1 a cost information in accordance with GAAP

2 b cost information about processes and activities

3 c financial information for external users

4 d cost information about products, customers, and services

Which of the following is NOT part of the financial accounting information system?

1 a filing reports with the SEC

2 b reporting a large contingent liability to current and potential shareholders

3 c determining the future cash flows of a proposed flexible manufacturing system

4 d preparing GAAP financial statements

The cost management information system is concerned with

1 a reporting financial information according to GAAP.

2 b providing cost information that is used in planning, control, and making.

decision-3 c reporting to external users.

4 d providing financial information to investors.

In an accounting information system, the inputs are usually

4 d the Internal Revenue Service with information about taxable income.

In an accounting information system, which of the following is NOT a transformational process?

1 a reporting on the cost of quality

2 b reporting to the SEC

3 c preparing reports for the IRS

4 d preparing a statement of cash flows

Financial accounting information is used for

1 a investment decisions.

2 b regulatory measures.

3 c stewardship evaluation.

4 d all of the above.

Cost management is the branch of accounting concerned with reporting to

1 a internal managers.

2 b stockholders.

3 c the government.

4 d bankers.

Any form of commerce that is executed using information and communications technology is called:

1 a improved transportation and communications systems.

2 b improved telemarketing and communications.

3 c improved telemarketing and transportation systems.

4 d None of these factors have contributed.

Cost accounting

1 a is concerned with assigning costs to various cost objects.

2 b attempts to satisfy the costing objectives of both financial accounting and management accounting.

3 c provides cost information that supports planning, controlling, and

decision making.

4 d all of these.

The increased importance of costing activities in the value chain and determining the cost of different suppliers and customers hasled to the emergence of

2 b EDI and supply chain management.

4 d theory of constraints.

Which of the following statements is TRUE?

1 a The service sector comprises approximately three quarters of the United States' economy and employment.

2 b The service sector comprises approximately 20 percent of the United States' economy and employment.

3 c Traditional smokestack industries have increased in importance in recent years.

4 d The service sector has decreased in importance in recent years.

Software that has integrated system capability using real time data is

1 a enterprise resource planning software.

2 b on-line analytic programs.

3 c computer-assisted engineering software.

4 d none of these.

Which of the following activities is associated with the cost

management information system?

1 a preparing reports for division managers

2 b preparing reports for the IRS

3 c preparing reports for the SEC

4 d preparing financial statements that conform to GAAP

The type of management which broadens the focus of accountingbecause it is concerned with factors that drive costs, such as cycle time and process productivity is called:

1 a Cost accounting

2 b Cost management

3 c Financial management

4 d Financial accounting

Which of the following activities is NOT significant to the

advancement of information technology?

1 a enterprise resource planning software

2 b emergence of electronic commerce

3 c theory of constraints

4 d decision support systems

Which of the following costing activities is associated with the financial accounting system?

1 a determining the cost of a department

2 b determining the cost of goods sold for financial statements

3 c preparing budgets

4 d determining the cost of a customer

Which of the following is a cost management subsystem designed

to assign costs to individual products and services and other objects, as specified by management

1 a financial accounting information system

2 b operational control system

3 c cost accounting information system

4 d all of the above

Manufacturing environment automation is associated with

In JIT manufacturing, each operation produces

1 a only what is necessary for the succeeding operations.

2 b all that it can to offset fixed costs.

3 c a fixed percentage in excess of orders to ensure adequate quality stock.

4 d all that it can in order to build inventories.

Cost management reports are prepared

1 a to meet the needs of decision makers within the firm.

2 b whenever stockholders request them.

3 c according to guidelines prepared by the Securities and Exchange

Commission.

4 d according to financial accounting standards.

A computerized information system that strives to input data onceand make it available to people across the company for different purposes is called a(n):

1 a cost management information system

2 b enterprise resource planning system

3 c internal accounting system

4 d financial accounting system

Which of the following is NOT an advance in information

technology that affects firms?

1 a computer integrated applications

2 b GAAP reporting

3 c emergence of electronic commerce

4 d availability of tools such as OLAP and DSS

Which of the following approaches have led to advancements in the manufacturing environment?

1 a theory of constraints

2 b computer-integrated manufacturing

3 c JIT manufacturing

4 d all of these

Which of the following is NOT a process associated with an

accounting information system?

1 a auditing existing data

2 b collecting and recording data

3 c providing information to users

4 d analyzing and managing data

Which of the following activities is NOT associated with the cost management information system?

1 a preparing a cost of quality report

2 b preparing a performance report that compares actual costs to budgeted costs

3 c determining the cost of a customer

4 d using future expected earnings to estimate the price of a share of common stock

is devoted to providing information for external users

2 b Financial accounting

3 c Internal accounting

4 d Cost accounting

97 Free Test Bank for Cornerstones of Cost

Management 3rd Edition by Hansen Multiple Choice Questions - Page 2

The chief accounting officer of an organization is the

1 a vice president of finance.

1 a foreign currency translation

2 b costing and quality analysis

3 c differentiating between value-added and non-value-added activities

4 d all of the above

Which of the following positions would most likely be a line manager?

1 a personnel department manager

2 b production supervisor

3 c treasurer

4 d purchasing department manager

Accounting activities within an organization are usually under the overall supervision of the

1 a Certified Public Accountant.

1 a advances in information technology

2 b time as a competitive element

3 c global competition

4 d total quality management

Comparing actual quality costs with planned quality costs is an example of

4 d eliminating non-value-added activities.

Currently, the activity found LEAST often within the controller's department is

1 a updating the general ledger.

2 b budget preparation.

3 c maintaining accounts receivable records.

4 d establishing and maintaining a market for the organization's debt and equity securities.

Analyzing cost overruns to determine their cause is an example

Monitoring the number of defects produced is an example of the management function of

1 a receiving, maintaining custody of, and disbursing monies and securities

2 b directing the granting of credit to clients

3 c investing the organization's funds

Which of the following job positions is a line function?

1 a financial vice president

2 b maintenance

3 c public relations

4 d administrative services

A person in a staff position

1 a is directly involved in production.

2 b provides support for the line function.

3 c is not actually an employee of the company.

4 d all of these.

Cost management information systems further competitive

advantage by supporting three fundamental organizational goals Which of the following is NOT one of these fundamental

organizational goals that further competitive advantage?

1 a improved time-based performance

2 b improved quality of products and services

3 c maximizing shareholder value

4 d improved efficiency

Which of the following statements is NOT true about world-class firms?

1 a World-class firms are firms that are poor in customer support.

2 b World-class firms know their market and their products.

3 c World-class firms strive continually to improve product design,

manufacture, and delivery.

4 d World-class firms can compete with the best of the best in a global environment.

Performance reports are accounting reports that compare

1 a planned data with actual data.

2 b audited data with actual data.

3 c managers' bonuses with performance ratings by supervisors.

4 d planned data with industry standards.

JIT is a critical part of a more comprehensive approach referred

Which of the following is the officer responsible for money

management and serves chiefly as the custodian of the

1 a vice president of finance.

2 b vice president of corporate planning.

3 c vice president of marketing.

4 d vice president of research and development.

A critical measure of efficiency is

1 a the cost of activity.

2 b a T-test.

3 c customer satisfaction.

4 d employee job satisfaction.

Total quality management emphasizes

1 a zero defects.

2 b continual improvement.

3 c elimination of waste.

4 d all of these.

Which of the following is a staff position?

1 a vice president of production

2 b vice president of finance

3 c vice president of marketing

4 d plant foreman

Competitive advantage is established by providing

1 a more customer products than competitors.

2 b better quality than competitors.

3 c greater customer value for less cost than competitors.

4 d greater efficiencies than competitors.

Which of the following activities is NOT associated with new product development?

1 a life-cycle costing

2 b target costing

3 c activity-based management

4 d performance reports

Which of the following positions would most likely be a staff manager?

1 a manager of a Sears store

2 b president

3 c manager of a clothing division

4 d controller

97 Free Test Bank for Cornerstones of Cost

Management 3rd Edition by Hansen Multiple Choice Questions - Page 3

Evaluating the performance of a segment of the company is an example of

Which of the following have been found to be TRUE?

1 a Firms that emphasize ethics outperform firms that don't emphasize ethics.

2 b Those corporations that mention ethics in their management reports have lower than average performance.

3 c Companies with a strong code of ethics and sense of integrity and honor will have trouble competing over the long run.

2 b confidentiality

3 c credibility

4 d This action is not in violation of the code of conduct.

Managers are considering outsourcing sub-components of

production Data is collected about the costs of making the component Different bids are sought about the purchase of the sub-components Which managerial activity is applicable in this situation?

sub-1 a control

2 b continuous improvement

3 c planning

4 d decision making

Engaging in or supporting an activity that would discredit the profession would relate to which part of the IMA Code of

1 a Prepare clear and complete reports.

2 b Communicate professional limitations.

3 c Avoid actual or apparent conflicts of interest.

4 d Communicate information fairly and objectively.

Principles of personal ethical behavior include

Determining the bid your company should submit on a

construction contract is an example of

1 a planning.

2 b control.

3 c decision making.

4 d none of the above

The formulation of a program for the accomplishment of a specificpurpose is referred to as

1 a controlling.

2 b motivating.

3 c organizing.

4 d planning.

The IMA has a program to recognize professional competence and educational attainment in the field of management

accounting The program leads to designation as a

1 a Certified Management Accountant.

1 a discussing the matter with the chief executive officer

2 b discussing the matter with an external member of the board of directors

3 c taking the matter to the press where there is no legal requirement

4 d resigning from the position because of a conflict

Developing a company strategy for responding to anticipated newmarkets is an example of

1 a competence and performance.

2 b integrity and respect for others.

3 c confidentiality, confidence, integrity, and observance.

4 d competence, confidentiality, integrity, and credibility.

An accountant certified to possess the minimal professional qualifications for an external auditor is a

When a management accountant ignores data in favor of

unsupported opinion, this action would speak most directly to which part of the IMA Code of Conduct?

1 a competence

2 b confidentiality

4 d credibility

Setting the selling price of a company's product is an example of

1 a critical in a dynamic environment.

2 b important to finding and maintaining a competitive advantage.

3 c an effort to find ways to increase overall efficiency, improve quality, and reduce costs.

4 d all of these.

Extending the close of the fiscal year beyond December 31 so that some sales of next year are included in the current year would be a violation of which standard of ethical conduct for management accountants?

1 a competence

2 b confidentiality

3 c conformance

4 d all of these

Persons in the United States who provide external auditing

services are designated as

1 a Certified Public Accountants.

2 b Certified Financial Accountants.

3 c Chartered Accountants.

4 d Certified Management Accountants.

Disclosing all information, unfavorable as well as favorable, that could influence an intended user’s understanding of reports, would relate to what section of the IMA Code of Conduct?

3 c strategic cost management

4 d integrity

In a performance report, the

1 a differences between actual costs and allowed costs are always

undesirable.

2 b expenditures of less than allowed amounts are undesirable.

3 c expenditures of more than allowed amounts are not permitted to occur.

4 d expenditures of less than allowed amounts are desirable.

Altering dates of shipping documents of next January's sales to record them as sales in the current year would be a violation of which standard of ethical conduct for management accountants?

The certification sponsored by the Institute of Management

Accountants that emphasizes economics, finance, management, financial accounting and reporting, management reporting, and decision analysis is the