Exam (elaborations)
Test Bank For Fundamentals of Cost Accounting, 7th Edition All Chapters - 9781264100842
- Course
- Institution
Test Bank For Fundamentals of Cost Accounting, 7th Edition All Chapters
[Show more]
1 review
By: rmfmonkey • 3 months ago
Content preview
Test Bank for Fundamentals of Cost Accounting - 7e - Lanen - Chapter 01 Testbank - Algorithmic and Static 1) The value chain comprises activities from research and development through the production process but does not include activities related to the distribution of products or services. ⊚ true ⊚ false 2) Administrative functions are not included as part of the value chain because they are implicitly included in every business function. ⊚ true ⊚ false 3) Under the value chain concept, value -added activities are those that firms perform and that customers perceive as adding utility to the goods they purchase. ⊚ true ⊚ false 4) The value chain is comprised of the activities that take place only during the production process. ⊚ true ⊚ false 5) If a poor facility layout exists and work -in-process inventory must be moved during the production process, the compan y is likely to be performing some nonvalue -added activities. ⊚ true ⊚ false 6) Cost information is a product with its own customers. ⊚ true ⊚ false 7) Financial accounting information is always sufficient for making operational decisions. ⊚ true ⊚ false 8) Cost accounting information is commonly used in developing financial accounting information. ⊚ true ⊚ false 1 Test Bank for Fundamentals of Cost Accounting - 7e - Lanen - Chapter 01 Testbank - Algorithmic and Static 9) Financial accounting information is designed for decision makers who are directly involved in the daily management of the firm. ⊚ true ⊚ false 10) It is more important for fi nancial accounting information to be comparable between firms than to be useful for managerial decision making. ⊚ true ⊚ false 11) Cost accounting information developed for managers to use in making decisions must comply with generally accepted accounting princip les (GAAP) and international financial reporting standards (IFRS). ⊚ true ⊚ false 12) A cost driver is a factor that causes costs. ⊚ true ⊚ false 13) A cost can be considered a differential cost for one particular course of action but not for another course of action. ⊚ true ⊚ false 14) A responsibility center can be a department, division, or segment, but not a subsidiary of the parent company. ⊚ true ⊚ false 15) It is important that the manager assigned to lead a responsibility center be held accountable for its operations. ⊚ true ⊚ false 2 Test Bank for Fundamentals of Cost Accounting - 7e - Lanen - Chapter 01 Testbank - Algorithmic and Static 16) Budgeting is primarily used to determine year -end bonuses based on managerial and organizational performance. ⊚ true ⊚ false 17) Managers are usually responsible for the revenues needed to achieve the targets set during the budgeting process, but not the resources consumed to achieve those targets. ⊚ true ⊚ false 18) In general, if activities that do not add value to the company can be eliminated, then costs associated with them will also be eliminated. ⊚ true ⊚ false 19) Accounting systems are important because they are a primary source of information for managers. ⊚ true ⊚ false 20) Critical thinking is a systematic process used to analyze a business issue or decision. ⊚ true ⊚ false 21) Data visualization is the systematic evaluation of information to address a decision problem. ⊚ true ⊚ false 22) Big data is defined by the amount of data, the speed the data is generated and made available, or the variety of data available. ⊚ true ⊚ false 23) Typical ERP systems integrate information systems that link production, purchasing, human resources, finance, and sales into a single comprehensive information system. ⊚ true ⊚ false 3The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GreenTestBank. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $37.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81531 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
