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Test bank For ACCT 204 Ch1 - Introduction to Cost Management 1st Edition by Farmer
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Test bank For ACCT 204 Ch1 -Introduction to Cost Management 1st
Edition by Farmer
What is an interrelated manual and computer parts, and uses processes such as collecting,
recording, summarizing, analyzing, and managing data to transform inputs into information that
is provided to users? - ANSAccounting information system
What is the major difference in the two accounting information systems? - ANSThe targeted
user
Who is the targeted user for the financial accounting information system? - ANSExternal users
Who is the targeted user for the cost management accounting information system? -
ANSInternal users
What does financial accounting use as inputs? - ANSWell-specified economic events
Which accounting information system follows rules defined by the SEC and FASB? -
ANSFinancial accounting information system
FASB - ANSFinancial Accounting Standards Board
Which accounting information system is used for investment decisions, stewardship evaluations,
activity monitoring, and regulatory measures? - ANSFinancial Accounting information system
Who sets the criteria that governs inputs and processes for the cost management information
system? - ANSThe company itself
What are the 3 objectives of the cost management information system? - ANS1. Costing out
services, products, etc. to management
2. Planning and control
3. Decision making
What do cost management info system information requirements depend on? - ANS- The
nature of the object being costed
- The reason management wants to know the cost
, Why don't we use financial accounting principles to define product costs? - ANSIt may lead to
over and under statements
What is included in product costs? - ANSCost of materials, labor, and overhead
What is the operational control information system? - ANSA cost management subsystem
designed to provide accurate and timely feedback concerning the performance of managers and
others relative to their planning and control of activities
What is the operational control information system concerned with? - ANSWhat activities should
be performed and assessing how well they are performed
How does the operational control information system improve profits? - ANSBy adding and
providing value
What are the factors affecting the use of cost management? - ANS- Worldwide competitive
pressures
- Growth in the service industry
- Expansion of data analytics
- Advances in digital and manufacturing technologies
- Development of innovative and relevant cost management practices
What is enterprise resource planning? - ANSSoftware that has the objective of providing an
integrated system capability and can run all the operations of a company and provide access to
real-time data from the various functional areas of a company
What is activity-based costing? - ANSOnline analytic software that facilitates improved decision
making around areas such as cost estimation, product pricing, and planning and budgeting
What is the theory of constraints? - ANSA method used to continuously improve manufacturing
and non manufacturing idea by recognizing that all resources are finite, and the most critical
constraint should be the center of attention
Just-in-time manufacturing - ANSa demand-pull system that strives to produce a product only
when it is needed and only in the quantities demanded by customers.
lean manufacturing - ANSpersistent pursuit and elimination of waste that simultaneously
embodies respect for people
What is waste in the lean manufacturing context? - ANSAnything that does not add value to the
end user
What is the value chain? - ANSthe set of activities required to design, develop, produce, market,
distribute, and service a product or service
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