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Strayer ACC 350 WK 2 Quiz 1 Chapter 1




Question;ACC 350 WK 2 Quiz 1 Chapter 1;1) Management accounting information focuses on external reporting. Answer;2) Cost management is narrowly focused on a continuous reduction of costs. Answer;3) Managers always require the information in an accounting system to be presented in the same format. Answer;4) Modern cost accounting plays a significant role in management decision making. Answer;5) The balance sheet, income statement, and statement of;cash flows are used for financial accounting, but not for management;accounting. Answer;6) Financial accounting is broader in scope than management accounting. Answer: 7) Cost accounting measures and reports short-term, long-term, financial, and nonfinancial information. Answer;8) Cost management provides information that helps increase value for customers. Answer;9) Management accounting has to strictly follow the rules;of generally accepted accounting principles for the purposes of;measurement and reporting. Answer;10) An ideal database should consist of data that could be used for a single purpose only. Answer;11) An Enterprise Resource Planning (ERP) System is a;single database that collects data and feeds into applications that;support each of the company's business activities, such as purchases;production, distribution, and sales. Answer;12) Cost accounting provides information only for management accounting purposes. Answer;13) Cost management involves long-term and short-term;decisions that attempt to increase value for customers and lower costs;of products or services. Answer: 14) Strategy does NOT specify how an organization matches its capabilities with the opportunities in the marketplace. Answer;15) All strategies should be evaluated regarding the resources and capabilities of the company. Answer;16) The best-designed strategies are valuable whether or not they are effectively implemented. Answer;17) The key to a company's success is creating value for customers while differentiating itself from its competitors. Answer;18) The key to a company's success is always to be the low cost producer in a particular industry. Answer;19) Companies generally follow one of two basic;strategies: 1) providing a quality product or service at low prices, or;2) offering a unique product or service often priced higher than;competing products. Answer;20) Management accountants should have little or no role in deciding on a company's strategy. Answer: 21) Companies can decide on an appropriate strategy based strictly on internally available information. Answer;22) Strategic cost management describes cost management that specifically focuses on strategic issues. Answer;23) Identifying a company's most important customers does not help formulate strategy. Answer;24) The best-designed strategies and the best-developed capabilities are useless unless they are effectively executed. Answer: 25) The supply chain refers to the sequence of business functions in which customer usefulness is added to products or services. Answer;26) An effective way to cut costs is to eliminate activities that do not improve the product attributes that customers value. Answer: 27) For;optimal planning success it is best if each business function within;the value chain is performed one at a time in sequence. Answer;28) For best results, cost management emphasizes;independently coordinating supply chain activities within your company;and not interfering with other companies. Answer;29) Technological innovation has led to shorter product-life cycles and a need to bring new products to market more rapidly. Answer;30) Key success factors include cost, quality, timeliness, and innovation. Answer;31) Customers are demanding increased levels of performance in all aspects of the value chain and the supply chain. Answer;32) The value chain describes the flow of goods;services, and information from the initial sources of materials and;services to the delivery of products to consumers. Answer;More Questions are Included...


Paper#39241 | Written in 18-Jul-2015

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