Podcast
Questions and Answers
What is the main purpose of a financial accounting system?
What is the main purpose of a financial accounting system?
- To control operational activities
- To provide information to external users like investors and government agencies (correct)
- To provide information useful to managers in costing
- To assign costs to products and services
Which system is concerned with assigning costs to individual products and services as specified by management?
Which system is concerned with assigning costs to individual products and services as specified by management?
- Global competition system
- Operational control system
- Service industry growth system
- Cost Management System (correct)
How has global competition impacted the demand for cost information?
How has global competition impacted the demand for cost information?
- Increased the demand for more accurate information (correct)
- Reduced the need for financial statements
- Decreased the demand for cost information
- Led to the elimination of cost accounting systems
In the growth of the service industry, what factor has increased competition?
In the growth of the service industry, what factor has increased competition?
Which system provides accurate and timely feedback concerning performance?
Which system provides accurate and timely feedback concerning performance?
What is one of the functions of an operational control system?
What is one of the functions of an operational control system?
What is the main concept behind Just-in-Time Manufacturing?
What is the main concept behind Just-in-Time Manufacturing?
In Computer-Integrated Manufacturing, what is typically a response to the increased need for quality and shorter response time?
In Computer-Integrated Manufacturing, what is typically a response to the increased need for quality and shorter response time?
Which concept emphasizes the importance of value chain activities in delivering products and services to customers?
Which concept emphasizes the importance of value chain activities in delivering products and services to customers?
What is an important consideration during New Product Development to control costs?
What is an important consideration during New Product Development to control costs?
How does Theory Of Constraints contribute to improving both manufacturing and nonmanufacturing activities?
How does Theory Of Constraints contribute to improving both manufacturing and nonmanufacturing activities?
What major impact did Advances in Information Technology have on operational control systems?
What major impact did Advances in Information Technology have on operational control systems?
Which cost management system emphasizes tracing over allocation and aims to improve cost information and accuracy?
Which cost management system emphasizes tracing over allocation and aims to improve cost information and accuracy?
What type of costs change in total in direct proportion to changes in an activity driver?
What type of costs change in total in direct proportion to changes in an activity driver?
In the context of cost behavior, what is the relevant range defined as?
In the context of cost behavior, what is the relevant range defined as?
Which cost management system measures performance by comparing actual costs to standard or budgeted costs?
Which cost management system measures performance by comparing actual costs to standard or budgeted costs?
What type of costs are constant within the relevant range as the level of the activity driver varies?
What type of costs are constant within the relevant range as the level of the activity driver varies?
Which type of costs can be represented by a linear equation within the relevant range, where YV = VX?
Which type of costs can be represented by a linear equation within the relevant range, where YV = VX?
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