Homework Answers
1. Option (d) is correct
All the options are correct.
Planning process includes setting objectives, identifying means of achieving the objectives and making decisions.
2. Option (c) is correct
The primary objective of the cost management system is to provide management with information useful for planning and control of operations. Cost management system is meant for internal management.
Options a, b and d are incorrect as IRS, banks, other creditors, potential investors etc are outside users and cost management system is not meant for them.
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1. The planning process includes: (2 points) a setting objectives. b. identifying means of achieving the...
The primary objective of cost/management accounting is to provide: a) banks and other creditors with financial...
The primary objective of cost/management accounting is to provide: a) banks and other creditors with financial information b) stockholders and potential investors with financial information c) the Internal Revenue Service with information regarding taxable income d) internal management with information for planning & control purposes
QUESTION 17 Financial accounting does not deal with which of the following? Measuring a company's economic...
QUESTION 17 Financial accounting does not deal with which of the following? Measuring a company's economic activity. Providing information to internal users. Preparing financial reports. Communicating financial results to investors. QUESTION 18 Financial accounting objectives do not include providing information: O Useful to investors and creditors in making decisions. To determine market values, assess profit potential, and evaluate management. Helpful to investors in predicting cash flows That tells about a company's economic resources and claims to those resources. QUESTION 19...
6. Whether a business is successful and thrives is determined by a. markets. b. free enterprise....
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Which of the following statements is not true? Comparability means using the same accounting principles from...
Which of the following statements is not true? Comparability means using the same accounting principles from year to year within a company. 2) Faithful representation is the quality of information that gives assurance that it is free of error. 3) Relevant accounting information must be capable of making a difference in the decision. 4) The primary objective of financial reporting is to provide financial information that is useful to investors and creditors for making decisions. Question 8 (1 point) Intangible...
True/False: 1. Efficiency means doing something at the lowest possible cost. 2. Effectiveness means doing the...
True/False: 1. Efficiency means doing something at the lowest possible cost. 2. Effectiveness means doing the right things to create the most value for the company. 3. A process cannot be effective without being efficient. 4. Operations and supply chain management is defined as the design, operation, and process of the systems that create and deliver the firm's primary products and services. 5. The term "value" refers to the relationship between size and the price paid by the consumer. 6....
Instructions: Designate the best answer for each of the following questions. 1. A debit balance in...
Instructions: Designate the best answer for each of the following questions. 1. A debit balance in the Manufacturing Overhead account at the end of an interim month means that a. the balance should be reported as an asset in the monthly balance sheet. b. corrective action by management is necessary. c. overhead has been underapplied d. cost of goods sold should be credited on the monthly income statement. 2. In a job order cost system, which of the following accounts...
The budget committee consists of a. senior managers, including the CEO and CFO. b. representatives from...
The budget committee consists of a. senior managers, including the CEO and CFO. b. representatives from the stockholders and suppliers. c. a company's stockholders. d. all employees interested in providing input to the budgeting process. 1 points Question 2 Which of the following is not typically a part of the master budget? a. Direct material purchases budget b. Performance report budget c. Projected cash receipts and disbursements d. Budgeted balance sheet 1 points Question 3 Managers may be tempted to...
Zara Organizational Structure Structure relates to a skeletal framework of activities and process...
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The choices for the blanks are: 1) separately/like angel investors/like business partners/like prime lenders 2) strategic...
The choices for the blanks
are:
1) separately/like angel investors/like business partners/like
prime lenders
2) strategic priorities/investment needs
Why Do People in Finance Matter? Why do people in finance matter? Finance management is known to involve number crunching, crafting complex models, and creating and reviewing critical financial information. Finance managers are responsible for integrating with the capital markets, raising and allocating capital for new investments or existing projects, profit planning, and establishing economic efficiencies in the firm. But in reality,...
QUESTION 17 Financial accounting does not deal with which of the following? Measuring a company's economic activity. Providing information to internal users. Preparing financial reports. Communicating financial results to investors. QUESTION 18 Financial accounting objectives do not include providing information: O Useful to investors and creditors in making decisions. To determine market values, assess profit potential, and evaluate management. Helpful to investors in predicting cash flows That tells about a company's economic resources and claims to those resources. QUESTION 19...
6. Whether a business is successful and thrives is determined by a. markets. b. free enterprise. c. competition. d. all of these. 7. An effective capital allocation process a. promotes productivity. b. encourages Innovation. S provides an efficient market for buying and selling securities. d all of these. 8. Which of the following is not a major challenge facing the accounting profession? a. Nonfinancial measurements. b. Timeliness. Accounting for hard assets. d. Forward-looking Information. 9. What is the objective of...
Which of the following statements is not true? Comparability means using the same accounting principles from year to year within a company. 2) Faithful representation is the quality of information that gives assurance that it is free of error. 3) Relevant accounting information must be capable of making a difference in the decision. 4) The primary objective of financial reporting is to provide financial information that is useful to investors and creditors for making decisions. Question 8 (1 point) Intangible...
Instructions: Designate the best answer for each of the following questions. 1. A debit balance in the Manufacturing Overhead account at the end of an interim month means that a. the balance should be reported as an asset in the monthly balance sheet. b. corrective action by management is necessary. c. overhead has been underapplied d. cost of goods sold should be credited on the monthly income statement. 2. In a job order cost system, which of the following accounts...
The choices for the blanks
are:
1) separately/like angel investors/like business partners/like
prime lenders
2) strategic priorities/investment needs
Why Do People in Finance Matter? Why do people in finance matter? Finance management is known to involve number crunching, crafting complex models, and creating and reviewing critical financial information. Finance managers are responsible for integrating with the capital markets, raising and allocating capital for new investments or existing projects, profit planning, and establishing economic efficiencies in the firm. But in reality,...
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