Introduction to Cost Management and Financial Accounting

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What system strives to produce a product only when it is needed and in the quantities demanded by customers?

Just-in-Case Manufacturing

Just-in-Time Manufacturing (correct)

Make-to-Stock Manufacturing

Bulk Manufacturing

Which concept emphasizes the speed of delivery and response to deliver value to the customer?

Value Chain Management (correct)

Technology Focus

Production Efficiency Approach

Cost-Based Competition

In the context of new product development, what encourages the use of target costing and activity-based management?

Decreased Market Demand

High Proportion of Production Costs Committed (correct)

Sudden Technological Advances

Increase in Revenue

What is used to continuously monitor and control systemwide operations according to the text?

Computers Signup and view all the answers

Which manufacturing system can provide a competitive advantage for a firm, following Just-in-Time Manufacturing?

Computer-Integrated Manufacturing Signup and view all the answers

In the context of global competition, what are firms not only competing on besides technology and manufacturing according to the text?

Delivery Speed and Response Signup and view all the answers

What is the main purpose of a financial accounting system?

To satisfy financial reporting needs of external users Signup and view all the answers

Which system assigns costs to individual products and services as specified by management?

Cost Accounting system Signup and view all the answers

What has increased the demand for both more cost information and more accurate information in the competitive environment?

Global Competition Signup and view all the answers

Which sector of the economy has increased in importance as manufacturing industries have declined?

Service Industry Signup and view all the answers

What type of feedback does an Operational Control system provide concerning performance?

Timely Feedback Signup and view all the answers

What system is concerned with assessing what activities should be performed?

Operational Control system Signup and view all the answers

What is the crucial element in all phases of the value chain according to the text?

Time Signup and view all the answers

In the context of quality and time improvement, what is highlighted as equally important for financial performance?

Increasing efficiency Signup and view all the answers

Which task is NOT mentioned as a responsibility of Cost and Management Accountant in the text?

Operational control system implementation Signup and view all the answers

What is the primary purpose of Planning according to the text?

Detailed formulation of future actions Signup and view all the answers

Which activity directly involves feedback for evaluation and correction as per the text?

Controlling Signup and view all the answers

What is highlighted as going hand-in-hand with increasing quality according to the text?

Decreasing non-value-added time Signup and view all the answers