Podcast
Questions and Answers
What is the primary purpose of a financial accounting system?
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?
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?
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?
In the context of cost management, what has the growth of the service industry resulted in?
How does global competition impact the need for cost information in organizations?
How does global competition impact the need for cost information in organizations?
What differentiates a cost accounting system from an operational control system within cost management?
What differentiates a cost accounting system from an operational control system within cost management?
What is the main responsibility of a Certified Public Accountant (CPA)?
What is the main responsibility of a Certified Public Accountant (CPA)?
Which of the following is NOT a standard of ethical conduct for management accountants?
Which of the following is NOT a standard of ethical conduct for management accountants?
What is the focus of a Certified Internal Auditor (CIA)?
What is the focus of a Certified Internal Auditor (CIA)?
In the context of decision making, what is the process of choosing among competing alternatives based on provided information?
In the context of decision making, what is the process of choosing among competing alternatives based on provided information?
What is the main purpose of the Certified Managerial Accountant (CMA) certification?
What is the main purpose of the Certified Managerial Accountant (CMA) certification?
What does the term 'cost' encompass in organizational activities?
What does the term 'cost' encompass in organizational activities?
What is the focus of an activity-based cost management system?
What is the focus of an activity-based cost management system?
Which type of cost is constant within the relevant range as the level of the activity driver varies?
Which type of cost is constant within the relevant range as the level of the activity driver varies?
What does the term 'relevant range' refer to in cost behavior analysis?
What does the term 'relevant range' refer to in cost behavior analysis?
How are unit fixed costs affected as the level of the activity driver changes?
How are unit fixed costs affected as the level of the activity driver changes?
Which type of costs vary in direct proportion to changes in an activity driver?
Which type of costs vary in direct proportion to changes in an activity driver?
What is the main emphasis of a functional-based cost management system?
What is the main emphasis of a functional-based cost management system?
