Strat Cost Review

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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?

Enhancing objectivity in decision-making Signup and view all the answers

What is NOT an objective of cost accounting?

Observations Signup and view all the answers

Which type of users does managerial accounting primarily focus on?

Company management Signup and view all the answers

What is the main focus of management accounting?

Estimating future revenues, costs, and forecasting activities Signup and view all the answers

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

Audited financial statements Signup and view all the answers

What is the primary characteristic of modern management accounting?

Flexibility Signup and view all the answers

Which term refers only to strategy formulation?

Strategic planning Signup and view all the answers

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

Audited financial statements from previous years Signup and view all the answers

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

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

What is the primary focus of management accounting?

Measuring, analyzing, and reporting information for business owners Signup and view all the answers

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

Organizing Signup and view all the answers

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

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

Which statement best distinguishes management accounting from financial accounting?

All of the above statements distinguish management accounting from financial accounting Signup and view all the answers

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

To guide the preparation of financial statements for external parties Signup and view all the answers

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

Financial accounting provides input data for management accounting analysis and reporting Signup and view all the answers