QUIZ 1 - COC

 is the detailed planning and engineering of products, services or processes. *

distribution
design of products, services or processes
production
marketing

Financial Accounting *
reports include detailed information regarding various operating segments of the business such
as product lines or departments
focuses on the future and includes activities such as preparing next year's operating budget
must comply with GAAP
is prepared for the use of department heads and other employees

__________ is the generation of, and experimentation with, ideas related to new
products, services or processes. *
research and development
design of products, services or processes
production
marketing

Well implemented Just-In-Time production and purchasing techniques *

result in large stockpiles of inventory to keep production running
strengthen a company's ability to compete in the marketplace
increase reliance on long term customer forecasts
reduce a company's competitive edge

R&D, production and customer service are business functions that are all included as
part of *
the value chain
benchmarking
marketing
the supply chain

Financial accounting provides the primary source of information *

for decision making in the finishing department
for improving customer service
for preparing income sta tement for shareholders
for planning next year's operating budget

Management has become aware that a cost incurred in constant amount behaves in a
manner wherein the cost will always be incurred regardless of the production. This
cost is most likely a: *
fixed cost
step cost
variable cost
mixed cost

Cost management reports are prepared *

to meet the needs of decision makers within the firm
whenever stockholders request them
according to guidelines prepared by the Securities and Exchange Commission
financial accounting standards

___________ is the acquisition, coordination, and assembly of resources to produce a

product or deliver a service. *
R&D
customer service
production
marketing

Cost Accounting provides all of the following except *

information for management accounting and financial accounting
pricing information for marketing studies
financial information regarding the cost of acquiring resources
nonfinancial information regarding the cost of operational efficiencies

Management has become aware that a certain cost incurred behaves in a manner
wherein the cost increases according to production, but still exists when the entity
projects a 0 level of activity. This cost is most likely a: *
fixed cost
step cost
variable cost
mixed cost

The Standards of Ethical Conduct for management accountants include concepts

related to *
competence, performance, integrity and reporting
competence, confidentiality, integrity and credibility
experience, integrity, reporting and objectivity
none of the above as ethical issues do not affect management accountants

Direct manufacturing costs are most likely to be considered as a: *

fixed cost
step cost
variable cost
mixed cost
__________ is/are when a firm compares itself with the best practice of competitors or
other comparable organizations. *
value chain
supply chain
key success factors
benchmarking

The person MOST LIKELY to use management accounting information is a/an *

banker evaluating a credit application
shareholder evaluating a stock investment
governmental taxing authority
assembly department supervisor

Cost Accounting is an integral part of of the ____________'s function in the

organization. *
treasurer
controller
internal audit
president

The ___________ performs general accounting work that is not directly related to
cash collection or disbursement. *
CEO
CFO
treasurer
controller

All of the following report to the CFO except: *

controller
tax department manager
production manager
treasurer

The ____________ is responsible for management accounting and financial

accounting. *
Chief Executive Officer (CEO)
Chief Financial Officer (CFO)
treasurer
controller

Which of the following is NOT provided by cost accountants? *

cost information in accordance with GAAP
cost information about processes and activities
financial information for external users
cost information about products, customers and services

Cost Accounting *
provides information on the efficiency of factory labor
provides information on the cost of servicing commercial customers
provides information on the performance of an operating division
all of the above

Computer-Integrated Manufacturing (CIM) plants allow management to do all except *

create brand recognition
diagnose the reason for defect
access timely and accurate information regarding production costs
respond faster to changes in customer preferences

Management has become aware that a certain cost incurred behaves in a manner
wherein the cost is entirely reliant on the amount of units produced. This cost is most
likely a: *
fixed cost
step cost
variable cost
mixed cost

Which of the following activities is NOT associated with the cost management
information system? *
preparing a cost of quality report
preparing a performance report that compares actual costs to budgeted costs
determining the cost of a customer
using future expected earnings to estimate the price of a share of common stock

The person/s directly responsible for the attainment of organizational objectives

is/are *
the treasurer
line management
the controller
the chief financial officer

The person MOST likely to use ONLY financial accounting information is a *
department manager
vice president of operations
factory shift supervisor
current shareholder

The primary criterion when faced with a resource allocation decision is *
cost minimization
reduction in the amount of time required to perform a particular job
achievement of organizational goals
how well the alternative options help achieve organizational goals in relation to the costs incurred
for these systems

Depreciation is most likely to be considered as a: *

fixed cost
step cost
variable cost
mixed cost

_____________ broadens the focus of accounting because it is concerned with

factors that drive costs, such as cycle time and process productivity *
cost accounting
cost management
financial management
financial accounting