ACC 350 Week 2 Quiz 1-Strayer Latest
This pack of ACC 350 Week 2 Quiz 1 - Strayer Latest comprehends:
1) Management accounting ________.
A) focuses on estimating future revenues, costs, and other measures to forecast activities and their results
B) provides information about the company as a whole
C) reports information that has occurred in the past that is verifiable and reliable
D) provides information that is generally available only on a quarterly or annual basis
2) Managers use management accounting information to ________.
A) help external users such as investors, banks, regulators, and suppliers
B) communicate, develop, and implement strategies
C) communicate a firm's financial position to investors, banks, regulators, and other outside parties
D) ensure that financial statements are consistent with the SEC rules
3) Financial accounting ________.
A) focuses on the future and includes activities such as preparing next year's operating budget
B) must comply with GAAP (generally accepted accounting principles)
C) is the process of measuring, analyzing, and reporting financial and nonfinancial information related to the costs of acquiring or using resources in an organization
D) is prepared for the use of department heads and other employees
4) The primary user of financial accounting information is a ________.
A) factory shift supervisor
B) distribution manager
C) current shareholder
D) department manager
5) The primary user of management accounting information is a(n) ________.
A) the controller
B) a shareholder evaluating a stock investment
D) external regulator
6) Financial accounting provides the primary source of information for ________.
A) decision making in the finishing department
B) improving customer service
C) preparing the income statement for shareholders
D) planning next year's operating budget
7) Which of the following is true of management accounting information?
A) It focuses on documenting past business actions of a firm.
B) It is prepared based on SEC rules and FASB accounting principles.
C) It is prepared for shareholders.
D) It co-ordinates product design, production, and marketing decisions.
8) Which of the following statements refers to management accounting information?
A) There are no regulations governing the reports.
B) The reports are generally delayed and historical.
C) The audience tends to be stockholders, creditors, and tax authorities.
D) It primarily measures manager's compensation on reported financial results.
9) Which of the following groups would be least likely to receive detailed management accounting reports?
B) sales managers
C) production supervisors
D) distribution managers
10) Management accounting information typically includes ________.
A) tabulated results of customer satisfaction surveys
B) the cost of producing a product
C) the percentage of units produced that are defective
D) All of these answers are correct.
11) Cost accounting ________.
A) measures the costs of acquiring or using resources in an organization
B) helps managers to develop, communicate, and implement strategies
C) coordinates product design, production, and marketing decisions and evaluate a company's performance
D) communicates information to investors, banks, regulators, and other outside parties
12) Which of the following differentiates cost accounting and financial accounting?
A) The primary users of cost accounting are the investors, whereas the primary users of financial accounting are the managers.
B) Cost accounting deals with product design, production, and marketing strategies, whereas financial accounting deals mainly with pricing of the products.
C) Cost accounting measures only the financial information related to the costs of acquiring fixed assets in an organization, whereas financial accounting measures financial and nonfinancial information of a company's business transactions.
D) Cost accounting measures information related to the costs of acquiring or using resources in an organization, whereas financial accounting measures a financial position of a company to investors, banks, and external parties.
13) Which of the following is true of financial accounting information?
A) It is prepared based on cost-benefit analysis.
B) It is primarily used by managers to make internal business decisions.
C) It focuses on the past-oriented financial performance of a company.
D) It only measures the cash transactions of a company.
14) A data warehouse or infobarn ________.
A) is reserved for exclusive use by the CFO
B) is primarily used for financial reporting purposes
C) stores information used by different managers for multiple purposes
D) gathers only nonfinancial information
15) Which of the following is true of cost accounting?
A) It provides financial information about cash-based transactions only.
B) It accounts only the financial information of business transactions, not the nonfinancial information.
C) It provides financial information regarding the cost of acquiring resources.
D) It must be prepared in accordance with GAAP.
16) Which of the following deals with management accounting?
A) identifying the costs of acquiring the resources of the company
B) developing budgets
C) preparing the income statement
D) preparing the statement of cash flows
17) Financial accounting is concerned primarily with ________.
A) external reporting to investors, creditors, and government authorities
B) cost planning and cost controls
C) product design and marketing strategies
D) providing information for strategic and tactical decisions
18) Financial accounting provides a historical perspective, whereas management accounting emphasizes ________.
A) the future
B) past transactions
C) a current perspective
D) reports to shareholders
19) An Enterprise Resource Planning System can best be described as ________.
A) a collection of programs that use a variety of unconnected databases
B) a single database that collects data and feeds it into applications that support each of the company's business activities, such as purchases, production, distribution, and sales
C) a database that is primarily used by a purchasing department to determine the correct amount of a particular supply item to purchase
D) a sophisticated means of linking two or more companies to facilitate their planning processes
20) The approaches and activities of managers in short-run and long-run planning and control decisions that increase value for customers and lower costs of products and services are known as ________.
A) value chain management
B) enterprise resource planning
C) cost management
D) customer value management
21) Financial accounting information focuses on internal reporting.
22) Cost accounting provides information for both management accounting and financial accounting professionals.
23) Management accounting information and reports do not have to follow set principles or rules such as
24) Management accounting ensures communication of an organization's financial position to investors, banks, and regulators.
25) The balance sheet, income statement, and statement of cash flows are used for financial accounting, and also for management accounting.
26) Financial accounting is broader in scope than management accounting.
27) Cost accounting measures and reports short-term, long-term, financial, and non financial information.
28) Cost accounting is the process of measuring, analyzing, and reporting financial and nonfinancial information related to the costs of acquiring or using resources in an organization.
29) Management accounting has to strictly follow the rules of generally accepted accounting principles for the purposes of measurement and reporting.
30) For management accounting, internal measurement and reporting are based on cost-benefit analysis.
31) An Enterprise Resource Planning (ERP) System is a single database that collects data and feeds into applications that support each of the company's business activities, such as purchases, production, distribution, and sales.
32) Financial accounting provides an organization's past-oriented information such as the previous years' financial statements.
33) Cost management not only helps reducing costs but also improving customer satisfaction and the quality of a firm's products.
34) For each report listed below, identify whether the major purpose of the report is for (1) routine internal reporting, (2) nonroutine internal reporting, or for (3) external reporting to investors and other outside parties.
a. study detailing sale information of the top-ten selling products
b. weekly report of total sales generated by each store in the metropolitan area
c. annual Report sent to shareholders
d. monthly report comparing budgeted sales by store to actual sales
35) Describe management accounting and financial accounting.
36) Cost accounting provides information for both management accounting and financial accounting professionals. Explain.
37) Is it possible to have an active cost management program without an Enterprise Resource Planning (ERP) System?
38) What competitive advantage could a company obtain from a successful cost management program?
1) Which of the following statements concerning an organization's strategy is true?
A) Strategy specifies how an organization matches its own capabilities with the opportunities in the marketplace to accomplish its objectives.
B) Cost accountants formulate strategy in an organization since they have more inputs about costs.
C) A good strategy will always overcome poor implementation.
D) Businesses usually follow one of two broad strategies: offering a quality product at a high price, or offering a unique product or service priced lower than the competition.
2) Strategy specifies ________.
A) how an organization matches its own capabilities with the opportunities in the marketplace
B) standard procedures to ensure quality products
C) incremental changes for improved performance
D) the demand created for products and services
3) Which of the following is not a concern for management accountants in formulating a strategy?
A) identifying the most important warehouse location for the distribution of goods
B) substituting products that exist in the marketplace
C) strategizing compliance with GAAP (Generally Accepted Accounting Principles)
D) maintaining adequate fixed assets available to implement the strategy
4) Strategy is formulated ________.
A) by identifying the most important customers
B) by forecasting the composition of adequate fixed assets
C) based on the qualified opinion of external auditors
D) by eliminating sunk costs
5) In designing strategy, a company must match its opportunities in the marketplace with ________.
A) environment friendly goals
B) its resources and capabilities
C) branding opportunities
D) the requirements of credit rating agencies
6) Which of the following statements about customer value is true?
A) Customer value is shown in a corporation's balance sheet.
B) Creating value for customers is an important part of planning and implementing strategy.
C) Customer value is the only focus that helps managers to formulate strategies.
D) Customer value is lost with increase in costs of the product.
7) A company's strategy specifies how an organization matches its capabilities with the opportunities in the marketplace.
8) The two broad strategies that companies follow are cost leadership strategy and product differentiation strategy.
9) The best-designed strategies are valuable whether or not they are effectively implemented.
10) The key to a company's success is creating value for customers while differentiating itself from its competitors.
11) The key to a company's success is always to be the low cost producer in a particular industry.
12) Management accountants work closely with managers in various departments to formulate strategies by providing information about the sources of competitive advantage.
13) Management accountants should have little or no role in deciding on a company's strategy.
14) Companies can decide on an appropriate strategy based strictly on internally available information.
15) Strategic financial management describes cost management that specifically focuses on strategic issues.
16) Identifying a company's most important customers helps to formulate a strategy.
17) The best-designed strategies and the best-developed capabilities are useless unless they are effectively executed.
18) Describe the major differences between management accounting and financial accounting for the following:
1. Primary users
2. Focus and emphasis
3. Rules of measurement and reporting
19) What is strategy? Briefly describe the two broad types of strategies that companies may choose to pursue.
20) Briefly describe the list of items that managers undertake to formulate strategies.
21) Generally, companies follow one of two broad strategies: offering a quality product at a low price, or offering a unique product or service priced higher than the competition. Assume you are opening a small food outlet across the street from your campus. How might that business be operated under each of the two broad strategies? Consider the following specific operational areas:
a. target customers
b. products offered
c. product pricing
d. location choice
e. advertising content
f. advertising media
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