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GB519: Unit 1 Quiz

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Question;1. Question;Which of the following is a;contemporary management technique used by the management accountant to identify;and monitor the costs of a product throughout all steps from product design to;the finished product?;Enterprise risk management.;Target costing.;Life cycle costing.;Enterprise sustainability.;Instructor Explanation: Feedback: Learning Objective: 01-03 Explain;the contemporary management techniques and how they are used in cost management;to respond to the contemporary business environment;Question 2. Question;Non-financial measures of;operations include all the following except;Stock price.;Product quality.;Customer satisfaction.;Market share.;Instructor Explanation: Feedback: Learning Objective: 01-03 Explain;the contemporary management techniques and how they are used in cost management;to respond to the contemporary business environment Topic: Strategy;Question 3. Question;Of the following, which aspect;of a contemporary management technique is a framework and process that;organizations use to manage the occurrence of possible events that could;negatively or positively affect the company's competitiveness and success?;Total quality management;Lean accounting;The theory of constraints;Enterprise sustainability;Enterprise risk management;Instructor Explanation: Feedback: Learning Objective: 01-03 Explain;the contemporary management techniques and how they are used in cost management;to respond to the contemporary business environment;Question 4. Question;A firm that has traditionally;succeeded on the basis of its innovative products and excellent customer;service has started to place greater emphasis on reducing waste and providing;its customers with the lowest priced product. Which of the following most;accurately describes this change of competitive strategy?;Cost leadership to differentiation.;A balanced strategy to cost leadership.;Differentiation to a balanced strategy.;Cost leadership to a balanced strategy.;Differentiation to cost leadership.;Instructor Explanation: Feedback: Learning Objective: 01-04 Explain;the different types of competitive strategies Topic: Service Topic: Strategy;Question 5. Question;The declining value of the;U.S. dollar relative to other currencies in recent years means that;U.S. exporters will face a greater challenge;in exporting U.S.-made products.;U.S. firms will be eager to buy foreign;products.;U.S. firms will be less profitable.;U.S. exporters will have a temporary;advantage over other countries in foreign trade.;Instructor Explanation: Feedback: Learning Objective: 02-02 Explain;how to implement a competitive strategy by focusing on the execution of goals;Topic: Global;Question 6. Question;Which of the following;perspectives of a Balanced Scorecard would most likely be the ultimate target;in a strategy map for a public company?;Learning and innovation.;Internal processes.;Financial performance.;Customer service.;Employees and community.;Instructor Explanation: Feedback: Learning Objective: 02-04 Explain;how to implement a competitive strategy using the balanced scorecard and;strategy map;Question 7. Question;In SWOT analysis;opportunities and threats are identified by;Consultation with middle management.;Talking with the rank and file workers.;Looking outside the firm.;Brainstorming techniques.;Reviewing our corporate strategy.;Instructor Explanation: Feedback: Learning Objective: 02-01 Explain;how to implement a competitive strategy by using;Strengths-Weaknesses-Opportunities-Threats (SWOT) Analysis Topic: Strategy;Question 8. Question;Which one of the following is;not usually included as a perspective of the balanced scorecard?;Financial Performance.;Tax Reporting.;Learning and Growth.;Customer Satisfaction.;Instructor Explanation: Feedback: Learning Objective: 02-04 Explain how;to implement a competitive strategy using the balanced scorecard and strategy;map;Question 9. Question;Theoretically, a decision;maker would probably be willing to buy cost management information if;It is accurate.;It is consistent with management objectives.;It is timely.;Its value is equal to or greater than its;cost.;Instructor Explanation: Feedback: Learning Objective: 03-04;Demonstrate how costs flow through the accounts and prepare an income statement;for both a manufacturing and a merchandising company;Question 10. Question;A manufacturer of machinery;currently produces equipment for a single client. The client supplies all;required raw material on a no-cost basis. The manufacturer contracts to;complete the desired units from this raw material. The total production costs;incurred by the manufacturer are correctly identified as;Prime costs.;Conversion costs.;Variable production costs.;Factory overhead.;Instructor Explanation: Feedback: Learning Objective: 03-02 Explain;the cost driver concepts at the activity, volume, structural, and executional;levels;Question 11. Question;Prime cost and conversion cost;share what common element of total cost?;Direct labor.;Direct materials.;Variable overhead.;Fixed overhead.;Instructor Explanation: Feedback: Learning Objective: 03-02 Explain;the cost driver concepts at the activity, volume, structural, and executional;levels;Question 12. Question;The additional cost incurred;as the cost driver increases by one unit is;Average cost.;Controllable cost.;Variable cost.;Unit cost.;Instructor Explanation: Feedback: Learning Objective: 03-02 Explain;the cost driver concepts at the activity, volume, structural, and executional;levels;Question 13. Question;Tierney Construction, Inc.;recently lost a portion of its financial records in an office theft. The;following accounting information remained in the office files;COGS = $80,000;WIP Inventory ? January 1. = $18,500;WIP Inventory ? December 31 = $14,500;Selling & Administrative Expenses = $16,000;Net Income = $30,000;Factory O/H = $20,000;Direct Materials Inventory, January 1= $26,000;Direct Materials Inventory, December 31= $14,000;COGM = $98,000;Finished Goods Inventory, January 1 = 31,000;Direct labor cost incurred during the period amounted to 2.5;times the factory overhead. The CFO of Tierney Construction, Inc. has asked you;to recalculate the following accounts and to report to him by the end of;tomorrow.;What should be the amount in the finished goods inventory at;December 31, 2013?;$55,500.;$35,000.;$43,000.;$49,000.;Instructor Explanation: Feedback: Learning Objective: 03-04;Demonstrate how costs flow through the accounts and prepare an income statement;for both a manufacturing and a merchandising company;Question 14. Question;Direct materials and direct;labor costs total $40,000 and factory overhead costs total $100 per machine;hour. If 200 machine hours were used for Job #202, what is the total;manufacturing cost for Job #202?;$95,000;$75,000;$65,000;$60,000;Instructor Explanation: Feedback: Learning Objective: 03-04;Demonstrate how costs flow through the accounts and prepare an income statement;for both a manufacturing and a merchandising company;Question 15. Question;Factory overhead costs for a;given period were 3 times as much as the direct material costs. Prime costs;totaled $2,000. Conversion costs totaled $3,280. What are the direct labor;costs for the period?;$1,220.;$1,360.;$1,410.;$1,540.

 

Paper#44593 | Written in 18-Jul-2015

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