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Managerial Accounting Chapter 1

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Questions and Answers

In service firms, what is a major component of costs?

Equipment

Labor (correct)

Materials

Overhead

What is a key characteristic of service organizations?

They produce tangible products

They can store their major inputs and outputs

They cannot store their major inputs and outputs (correct)

Their output is usually easy to measure

Why is it essential for accountants to maintain professional integrity?

To ensure accurate financial reporting

To enhance their professional reputation

Because users cannot evaluate the quality of accounting information (correct)

To increase their salary

What is a key aspect of being a professional accountant?

Adherence to a code of ethics Signup and view all the answers

What is the primary goal of enterprise resource planning (ERP) systems?

To integrate all functional areas of a company Signup and view all the answers

What is a consequence of a poor management accounting system?

Stymied efforts to make the firm truly competitive Signup and view all the answers

What is a key difference between the service sector and the manufacturing sector?

The output is usually difficult to measure Signup and view all the answers

Why are business process changes important to management accounting?

They directly affect costs Signup and view all the answers

What is a benefit of business process reengineering?

Predicted cost savings Signup and view all the answers

What is the role of accountants in business process changes?

To measure actual cost savings Signup and view all the answers