Test Bank for Cost Management A Strategic Emphasis 5th Edition Multiple Choice Questions

Topics: Management, Strategic management, Management accounting Pages: 8 (1684 words) Published: June 30, 2014
Test Bank for Cost Management A Strategic Emphasis 5th Edition Multiple Choice Questions The Institute of Management Accountants' standards of ethical conduct for management accountants includes the elements of: Mark - incorrect

Answers
1. 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.

According to the IMA Code of Ethics, what should a management accountant do if a significant ethical situation can't be resolved? Mark - Incorrect
Answers
1. A.The accountant should confront the guilty party and demand the unethical action be stopped. 2. B. The accountant should try to rationalize and understand the position of the other party. 3. C. The accountant should say nothing about the matter 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 used

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Answers
1. A.as one of the key aspects of the contemporary management environment 2. B. to enhance the sustainability of the organization
3. C. to link the perspectives of the balanced scorecard
4. D. to organize the critical success factors of a company
5. E. to implement strategy
Which of the following is the primary user of management accounting information regarding business units? Mark - Incorrect
Answers
1. A. Company management.
2. B. Investors.
3. C. Creditors.
4. D. Industry and governmental organizations.
When managers produce value for the customer, their orientation consists of all the following except: Mark - Incorrect
Answers
1. A.Quality and Service.
2. B. Timeliness of delivery.
3. C. The ability to respond to the customer`s desire for specific features. 4. D. State of the art manufacturing facilities.
If a firm decided to reevaluate and reorganize the way it did business, in hopes of creating competitive advantage, by changing or decreasing jobs, the company would be using which of the following management technique? Mark - Incorrect

Answers
1. A.The value chain.
2. B. Business intelligence.
3. C. Business process improvement.
4. D. Product reevaluation.
5. E. Life cycle costing.
Which of the following is not considered part of the Institute of Management Accountants' definition of management accounting? Mark - Incorrect
Answers
1. A.Partnering in management decision making.
2. B. Devising planning and performance management systems.
3. C. Gathering, summarizing, analyzing, and providing information. 4. D. Providing expertise in financial reporting and control. 5. E. Assisting management in the formulation and implementation of an organization`s strategy. The difference between wholesalers and retailers is:

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Answers
1. A.Wholesalers are merchandisers that sell directly to customers whereas retailers are merchandisers that sell to other merchandisers. 2. B. Wholesalers are merchandisers that sell to other merchandisers whereas retailers are merchandisers that sell directly to consumers. 3. C. Wholesalers are merchandisers that sell directly to the government whereas retailers 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 moved from a traditional role of product costing and operational control to a broader strategic focus, which places an emphasis on: Mark - Incorrect

Answers
1. A.Competitive pricing.
2. B. Domestic marketing.
3. C. Short-term thinking.
4. D. Strategic thinking.
5. E. Independent judgment.
Target costing:
Mark - Incorrect
Answers
1. A.Determines cost based on an expected market demand for the product. 2. B. Determines cost based on a budget.
3. C....
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