11) In what way do managers benefit from the use of a database, or “data warehouse”?

A) Data can be entered at numerous input terminals within the organization.

B) The managers would not be completely responsible for the information that is entered into the database system.

C) The managers could combine or adjust these data to answer the questions from particular internal and external users.

D) The managers do not benefit, as the information requires technical expertise to retrieve.

E) Managers can store old documents in hard copy.

 

12) Financial accounting is concerned primarily with

A) cost planning and cost controls.

B) external reporting to investors, government authorities, etc.

C) profitability analysis.

D) providing information for strategic and tactical decisions.

E) providing analysis to facilitate long term decision making.

13) The text identifies six ways to classify the major differences between Management and Financial Accounting. The “managers of the organization” is an example of which of the following classes of differences?

A) Purpose of information

B) Primary users

C) Focus and emphasis

D) Rules of measurement and reporting

E) Time span and type of reports

 

14) The text identifies six ways to classify the major differences between Management and Financial Accounting. The statement “Varies from hourly to 15 to 20 years” is an example of which of the following classes of differences?

A) Purpose of information

B) Primary users

C) Focus and emphasis

D) Rules of measurement and reporting

E) Time span and type of reports

 

15) The text identifies six ways to classify the major differences between Management and Financial Accounting. The statement “Past oriented (reports on 2011 performance prepared in 2012)” is an example of which of the following classes?

A) Purpose of information

B) Primary users

C) Focus and emphasis

D) Rules of measurement and reporting

E) Time span and type of reports

 

16) The text identifies six ways to classify the major differences between Management and Financial Accounting. The statement “Communicate organization’s financial position to external users” is an example of which of the following classes?

A) Purpose of information

B) Primary users

C) Focus and emphasis

D) Rules of measurement and reporting

E) Time span and type of reports

17) Which of the following is something management accountants should do to satisfy their users?

A) provide specialized information that given users can use

B) consider only financial measures

C) focus exclusively on internal users

D) follow generally accepted accounting principles

E) focus on planning more than control

 

18) “Cost management” describes

A) the actions by managers to increase value for customers while continuously reducing and controlling costs.

B) the identification of excessive costs in the production process.

C) the satisfaction of customers’ needs.

D) actions by managers to satisfy customers while maintaining current cost levels.

E) ensuring all costs remains constant.

 

19) Do you agree that prior management decisions affect cost management?

A) Yes. Managers should always follow prior management decisions, for example, in the determination of the EOQ.

B) No. Managers should ignore prior management decisions.

C) Yes. Managers should always strive to lower the costs incurred last year, as their number 1 priority.

D) Yes. The only prior management decisions that can affect cost management going forward, are concerned with employee wages. All other decisions can be changed.

E) Yes. Prior management decisions can affect any area of the business operations, and commit the organization to the subsequent or continued incurrence of costs in such areas as material handling, and plant construction, for example.

 

20) Management accounting

A) helps creditors evaluate the company’s performance.

B) helps managers make decisions.

C) is useful for external and internal users.

D) creates technical reports that require external audit for verification.

E) is the same as cost accounting.

 

 



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