Strategic Management and Decision Making Quiz
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Questions and Answers

What is the primary purpose of a financial accounting system?

  • Satisfy financial reporting needs of external users (correct)
  • Analyze cost data for operational control
  • Provide information to managers for decision making
  • Collect and report information useful in planning

    • Which system is concerned with assigning costs to individual products and services as specified by management?

  • Service industry growth system
  • Operational control system
  • Financial accounting system
  • Cost management system (correct)

    • What does the operational control system provide to managers?

  • Feedback on performance (correct)
  • Cost allocation techniques
  • Information for financial reporting
  • Global competition analysis

    • In the context of cost management, what has the growth of the service industry resulted in?

    <p>More demand for cost information</p> Signup and view all the answers

    How does global competition impact the need for cost information in organizations?

    <p>Increases demand for both cost and accurate information</p> Signup and view all the answers

    What differentiates a cost accounting system from an operational control system within cost management?

    <p>Assigning costs to products and services</p> Signup and view all the answers

    What is the main responsibility of a Certified Public Accountant (CPA)?

    <p>Providing assurance concerning the reliability of financial statements</p> Signup and view all the answers

    Which of the following is NOT a standard of ethical conduct for management accountants?

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

    What is the focus of a Certified Internal Auditor (CIA)?

    <p>Recognizing competency in internal auditing</p> Signup and view all the answers

    In the context of decision making, what is the process of choosing among competing alternatives based on provided information?

    <p>Decision Making</p> Signup and view all the answers

    What is the main purpose of the Certified Managerial Accountant (CMA) certification?

    <p>Establishing management accounting as a recognized discipline</p> Signup and view all the answers

    What does the term 'cost' encompass in organizational activities?

    <p>Resources associated with an activity</p> Signup and view all the answers

    What is the focus of an activity-based cost management system?

    <p>Tracing costs over allocation</p> Signup and view all the answers

    Which type of cost is constant within the relevant range as the level of the activity driver varies?

    <p>Fixed costs</p> Signup and view all the answers

    What does the term 'relevant range' refer to in cost behavior analysis?

    <p>The span of activity over which a certain cost behavior holds true</p> Signup and view all the answers

    How are unit fixed costs affected as the level of the activity driver changes?

    <p>They remain constant</p> Signup and view all the answers

    Which type of costs vary in direct proportion to changes in an activity driver?

    <p>Variable costs</p> Signup and view all the answers

    What is the main emphasis of a functional-based cost management system?

    <p>Assigning costs to organizational units as cost objects</p> Signup and view all the answers

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