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Quiz Ch1 Cost Accounting Updated

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35 views2 pages

Quiz Ch1 Cost Accounting Updated

Uploaded by

orkhan4k
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Ch.

1: Cost Accounting Quiz

Name………………… Class………. ID:…………

I. True and false: Write T or F for the following


1- Financial accounting information focuses on internal reporting ( )

2- Management accounting information and reports do not have to follow set principles or
rules such as GAAP but should be useful to its audience and meet the cost/benefit test. ( )
3- Management accounting ensures communication of an organization's financial position
to investors, banks, and regulators. ( )
4- Cost accounting is the process of measuring, analyzing, and reporting financial and
nonfinancial information related to the costs of acquiring or using resources in an
organization. ( )
5- For management accounting, internal measurement and reporting are based on cost-
benefit analysis.
( )
6- Financial accounting provides an organization's past-oriented information such as the
previous years' financial statements. ( )
7- Cost management not only helps reduce costs but also improve customer satisfaction
and the quality of a firm's products. ( ).
8- The best-designed strategies are valuable, whether or not they are effectively
implemented. ( ).
9- Management accountants should have little or no role in deciding on a company's
strategy. ( ).
10- The key to a company's success is creating value for customers while differentiating
itself from its competitors. ( ).

II. Part Two: Macthing.


1- Strategy is formulated ________.
A) by identifying the most important customers
B) by forecasting the composition of adequate fixed assets
C) based on the qualified opinion of external auditors
D) by eliminating sunk costs

2- In designing strategy, a company must match its opportunities in the marketplace with
________.
A) environmental friendly goals
B) its resources and capabilities
C) branding opportunities
D) the requirements of credit rating agencies

3-________ is the generation of, and experimentation with, ideas related to new products,
services, or processes.
A) Research and development
B) Design of products, services, or processes
C) Production
D) Marketing

4- That part of the value chain that includes ordering and shipping the product to retail
outlets is ________.
A) Customer service
B) Production
C) Marketing
D) Distribution

5-) ________ is an after-sale support provided to customers.


A) Distribution
B) Customer service
C) Production
D) Marketing

Good luck.

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