Strat Cost Review
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Questions and Answers

What is the primary focus of strategic cost management?

  • How an organization matches its own capabilities with the opportunities in the marketplace (correct)
  • Incremental changes for improved performance
  • The demand created for products and services
  • Standard procedures to ensure quality products

    • What is the primary concern of the control area of management?

  • Monitoring and evaluation (correct)
  • Standards and variances
  • Structure and discipline
  • Organization and implementation

    • What are the roles of a management accountant?

  • Assist departments in achieving organization objectives by assigning appropriate costs
  • Responsible for helping management make decisions for production and process
  • All of the above (correct)
  • Providing budgeting information and accounting reports

    • Which of the following is NOT an objective of management accounting?

    <p>Enhancing objectivity in decision-making</p> Signup and view all the answers

    What is NOT an objective of cost accounting?

    <p>Observations</p> Signup and view all the answers

    Which type of users does managerial accounting primarily focus on?

    <p>Company management</p> Signup and view all the answers

    What is the main focus of management accounting?

    <p>Estimating future revenues, costs, and forecasting activities</p> Signup and view all the answers

    Which of the following types of information is NOT typically included in management accounting?

    <p>Audited financial statements</p> Signup and view all the answers

    What is the primary characteristic of modern management accounting?

    <p>Flexibility</p> Signup and view all the answers

    Which term refers only to strategy formulation?

    <p>Strategic planning</p> Signup and view all the answers

    Which of the following is NOT a type of information used in management accounting?

    <p>Audited financial statements from previous years</p> Signup and view all the answers

    What is the primary difference between financial accounting and management accounting?

    <p>Financial accounting focuses on external reporting, while management accounting focuses on internal decision-making</p> Signup and view all the answers

    What is the primary focus of management accounting?

    <p>Measuring, analyzing, and reporting information for business owners</p> Signup and view all the answers

    Which of the following is not a role of management accountants in strategic cost management?

    <p>Organizing</p> Signup and view all the answers

    What type of cost management system are cost managers likely to strive for in the current business environment?

    <p>A system in which strategically relevant cost management information is an integral part</p> Signup and view all the answers

    Which statement best distinguishes management accounting from financial accounting?

    <p>All of the above statements distinguish management accounting from financial accounting</p> Signup and view all the answers

    What is the primary purpose of generally accepted accounting principles (GAAP)?

    <p>To guide the preparation of financial statements for external parties</p> Signup and view all the answers

    Which of the following statements accurately describes the relationship between financial accounting and management accounting?

    <p>Financial accounting provides input data for management accounting analysis and reporting</p> Signup and view all the answers

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