Homework Answers
1. Option (d) is correct Answer
Explanation:
All the given options are objectives & functions of cost accounting.
2. Option (c) is Correct answer
Explanation:
Maximizing shareholder value is not the fundamental goal.
However
Time based performance, quality and efficiency are the fundamental
goals.
Add Answer to:
CHAPTER ONE 1) Cost Accounting: a) Is concerned with assigning costs to various cost objects. b)...
1) Cost Accounting: a) Is concerned with assigning costs to various cost objects. b) Attempts to...
1) Cost Accounting: a) Is concerned with assigning costs to various cost objects. b) Attempts to satisfy the costing objectives of both financial and management accounting. c) Provides cost information the supports planning, controlling and decision making. dl All of the above. Answer: _(2 points) 2) Cost management information systems further competitive advantage by supporting three fundamental organizational goals. Which of the following is NOT one of these fundamental goals? a) Improved time based performance. b) Improved quality of products...
Assigning costs to cost objects Select one: a. do all of these. b. can be a...
Assigning costs to cost objects Select one: a. do all of these. b. can be a simple or complex process. C. can be accomplished in a number of ways. d. provides information for decision making.
4. Prices are set by the competitive market when a. the product is specially made for...
4. Prices are set by the competitive market when a. the product is specially made for a customer. b. there are no other producers capable of manufacturing a similar item. c. a company can effectively differentiate its product from others. d. a product is not easily distinguished from competing products. All of the following are factors that can affect pricing decisions except a. cost considerations. b. demand. c environment. d. All of these are factors. Why are budgets useful in...
1. Managers in a cost center are held responsible for both the costs and volumes of...
1. Managers in a cost center are held responsible for both the costs and volumes of inputs used to produce a product or provide a service. True False 2. Properly designed management control systems have both fixed compensation and contingent compensation. True False 3. Properly designed management control systems will eliminate fraudulent behavior by maximizing goal congruence within the organization. True False 4. A master budget consists of a one-year plan linked to (a) organizational goals, (b) strategic long-range profit...
the difference between demand-pull and cost-push Explain inflation. Financial accounting is concerned primarily with Select one:...
the difference between demand-pull and cost-push Explain
inflation.
Financial accounting is concerned primarily with Select one: A. product design and marketing strategies O B. providing information for strategic and tactical decisions C. external reporting to investors, creditors, and government authorities D. cost planning and cost gantrols Which of the following statements is true? Select one: A. There is a cause-and-effect relationship between the cost driver and the amount of cost. B. Fixed costs have cost drivers over the short run....
24) Four steps are necessary in preparing a production cost reports 1. Compute output in terms...
24) Four steps are necessary in preparing a production cost reports 1. Compute output in terms of equivalent units of production 2. Assign costs to units completed and units in process 3. Summarize the flow of physical units 4. Compute the cost per equivalent unit of production Place these steps in the correct order. A) 1,3,2,4 B) 3, 1, 4,2 C) 2, 1, 4,3 D) 4, 2, 1,3 Chapter 22 25) The budget process is a loop that consists of...
1. Cost accounting system provides: a. Detailed cost information for planning b. Relevant information management of...
1. Cost accounting system provides: a. Detailed cost information for planning b. Relevant information management of current operations c. Important Information for reporting to investors d. Only (a) and (b) e. None of the above. 2. Cost Information is very useful to: a. Manufacturing organizations b. Service organizations c. Not-for-profit organization d. All of the above e. None of the above
68 Cyr Mulle mie 1. The strategic approach to management requires integrative thinking, ie, the ability...
68 Cyr Mulle mie 1. The strategic approach to management requires integrative thinking, ie, the ability to identify and solve problems: a from a cross-functional view. c. quickly and decisively without using accounting data. d. under considerable stress. 2. Fims have responded to the recent changes in business in all but which one of the following ways? 2 downsizing the workforce b. developing smaller structures 6. Outsourcing service functions d promoting more effective policies 3. The competitive strategy in which...
1.All of the following would be considered staff functions EXCEPT the a.vice president of corporate planning....
1.All of the following would be considered staff functions EXCEPT the a.vice president of corporate planning. b.vice president of finance. c.vice president of research and development. 2. Which of the following is an example of a staff position in an organization? a.Accountant b.Plant manager c.Sales officer d.Marketing manage d.vice president of marketing. 3. Competitive advantage is established by providing a.better quality than competitors. b.greater customer value for less cost than competitors. c.greater efficiencies than competitors. d.more customer products than competitors....
ngren's Cost Accounting |(16th Edition) is solution in the app Chapter 1, Problem 22E 8 Bookmarks...
ngren's Cost Accounting |(16th Edition) is solution in the app Chapter 1, Problem 22E 8 Bookmarks Show all steps: ON Problem Planning and control decisions. Gregor Company makes and sells brooms and mops. It takes the following actions, not necessarily in the order given. For each action (a-e), state whether it is a planning decision or a control decision. a. Gregor asks its advertising team to develop fresh advertisements to market its newest product. b. Gregor calculates customer satisfaction scores...
1) Cost Accounting: a) Is concerned with assigning costs to various cost objects. b) Attempts to satisfy the costing objectives of both financial and management accounting. c) Provides cost information the supports planning, controlling and decision making. dl All of the above. Answer: _(2 points) 2) Cost management information systems further competitive advantage by supporting three fundamental organizational goals. Which of the following is NOT one of these fundamental goals? a) Improved time based performance. b) Improved quality of products...
Assigning costs to cost objects Select one: a. do all of these. b. can be a simple or complex process. C. can be accomplished in a number of ways. d. provides information for decision making.
4. Prices are set by the competitive market when a. the product is specially made for a customer. b. there are no other producers capable of manufacturing a similar item. c. a company can effectively differentiate its product from others. d. a product is not easily distinguished from competing products. All of the following are factors that can affect pricing decisions except a. cost considerations. b. demand. c environment. d. All of these are factors. Why are budgets useful in...
the difference between demand-pull and cost-push Explain
inflation.
Financial accounting is concerned primarily with Select one: A. product design and marketing strategies O B. providing information for strategic and tactical decisions C. external reporting to investors, creditors, and government authorities D. cost planning and cost gantrols Which of the following statements is true? Select one: A. There is a cause-and-effect relationship between the cost driver and the amount of cost. B. Fixed costs have cost drivers over the short run....
24) Four steps are necessary in preparing a production cost reports 1. Compute output in terms of equivalent units of production 2. Assign costs to units completed and units in process 3. Summarize the flow of physical units 4. Compute the cost per equivalent unit of production Place these steps in the correct order. A) 1,3,2,4 B) 3, 1, 4,2 C) 2, 1, 4,3 D) 4, 2, 1,3 Chapter 22 25) The budget process is a loop that consists of...
1. Cost accounting system provides: a. Detailed cost information for planning b. Relevant information management of current operations c. Important Information for reporting to investors d. Only (a) and (b) e. None of the above. 2. Cost Information is very useful to: a. Manufacturing organizations b. Service organizations c. Not-for-profit organization d. All of the above e. None of the above
68 Cyr Mulle mie 1. The strategic approach to management requires integrative thinking, ie, the ability to identify and solve problems: a from a cross-functional view. c. quickly and decisively without using accounting data. d. under considerable stress. 2. Fims have responded to the recent changes in business in all but which one of the following ways? 2 downsizing the workforce b. developing smaller structures 6. Outsourcing service functions d promoting more effective policies 3. The competitive strategy in which...
ngren's Cost Accounting |(16th Edition) is solution in the app Chapter 1, Problem 22E 8 Bookmarks Show all steps: ON Problem Planning and control decisions. Gregor Company makes and sells brooms and mops. It takes the following actions, not necessarily in the order given. For each action (a-e), state whether it is a planning decision or a control decision. a. Gregor asks its advertising team to develop fresh advertisements to market its newest product. b. Gregor calculates customer satisfaction scores...
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