G519: Unit 1 Quiz – 100% solved

1. Question : Which of the following is a contemporary management technique used by the management accountant to identify and monitor the costs of a product throughout all steps from product design to the finished product?Enterprise risk management.Target costing.Life cycle costing.Enterprise sustainability.Instructor Explanation: Feedback: Learning Objective: 01-03 Explain the contemporary management techniques and how they are used in cost management to respond to the contemporary business environmentQuestion 2. Question : Non-financial measures of operations include all the following except:Stock price.Product quality.Customer satisfaction.Market share.Instructor Explanation: Feedback: Learning Objective: 01-03 Explain the contemporary management techniques and how they are used in cost management to respond to the contemporary business environment Topic: StrategyQuestion 3. Question : Of the following, which aspect of a contemporary management technique is a framework and process that organizations use to manage the occurrence of possible events that could negatively or positively affect the company’s competitiveness and success?Total quality managementLean accountingThe theory of constraintsEnterprise sustainabilityEnterprise risk managementInstructor Explanation: Feedback: Learning Objective: 01-03 Explain the contemporary management techniques and how they are used in cost management to respond to the contemporary business environmentQuestion 4. Question : A firm that has traditionally succeeded on the basis of its innovative products and excellent customer service has started to place greater emphasis on reducing waste and providing its customers with the lowest priced product. Which of the following most accurately describes this change of competitive strategy?Cost leadership to differentiation.A balanced strategy to cost leadership.Differentiation to a balanced strategy.Cost leadership to a balanced strategy.Differentiation to cost leadership.Instructor Explanation: Feedback: Learning Objective: 01-04 Explain the different types of competitive strategies Topic: Service Topic: StrategyQuestion 5. Question : The declining value of the U.S. dollar relative to other currencies in recent years means that:U.S. exporters will face a greater challenge in exporting U.S.-made products.U.S. firms will be eager to buy foreign products.U.S. firms will be less profitable.U.S. exporters will have a temporary advantage over other countries in foreign trade.Instructor Explanation: Feedback: Learning Objective: 02-02 Explain how to implement a competitive strategy by focusing on the execution of goals Topic: GlobalQuestion 6. Question : Which of the following perspectives of a Balanced Scorecard would most likely be the ultimate target in a strategy map for a public company?Learning and innovation.Internal processes.Financial performance.Customer service.Employees and community.Instructor Explanation: Feedback: Learning Objective: 02-04 Explain how to implement a competitive strategy using the balanced scorecard and strategy mapQuestion 7. Question : In SWOT analysis, opportunities and threats are identified by:Consultation with middle management.Talking with the rank and file workers.Looking outside the firm.Brainstorming techniques.Reviewing our corporate strategy.Instructor Explanation: Feedback: Learning Objective: 02-01 Explain how to implement a competitive strategy by using Strengths-Weaknesses-Opportunities-Threats (SWOT) Analysis Topic: StrategyQuestion 8. Question : Which one of the following is not usually included as a perspective of the balanced scorecard?Financial Performance.Tax Reporting.Learning and Growth.Customer Satisfaction.Instructor Explanation: Feedback: Learning Objective: 02-04 Explain how to implement a competitive strategy using the balanced scorecard and strategy mapQuestion 9. Question : Theoretically, a decision maker would probably be willing to buy cost management information if:It is accurate.It is consistent with management objectives.It is timely.Its value is equal to or greater than its cost.Instructor Explanation: Feedback: Learning Objective: 03-04 Demonstrate how costs flow through the accounts and prepare an income statement for both a manufacturing and a merchandising companyQuestion 10. Question : A manufacturer of machinery currently produces equipment for a single client. The client supplies all required raw material on a no-cost basis. The manufacturer contracts to complete the desired units from this raw material. The total production costs incurred by the manufacturer are correctly identified as:Prime costs.Conversion costs.Variable production costs.Factory overhead.Instructor Explanation: Feedback: Learning Objective: 03-02 Explain the cost driver concepts at the activity; volume; structural; and executional levelsQuestion 11. Question : Prime cost and conversion cost share what common element of total cost?Direct labor.Direct materials.Variable overhead.Fixed overhead.Instructor Explanation: Feedback: Learning Objective: 03-02 Explain the cost driver concepts at the activity; volume; structural; and executional levelsQuestion 12. Question : The additional cost incurred as the cost driver increases by one unit is:Average cost.Controllable cost.Variable cost.Unit cost.Instructor Explanation: Feedback: Learning Objective: 03-02 Explain the cost driver concepts at the activity; volume; structural; and executional levelsQuestion 13. Question : Tierney Construction, Inc. recently lost a portion of its financial records in an office theft. The following accounting information remained in the office files:COGS = $80,000WIP Inventory – January 1. = $18,500WIP Inventory – December 31 = $14,500Selling & Administrative Expenses = $16,000Net Income = $30,000Factory O/H = $20,000Direct Materials Inventory, January 1= $26,000Direct Materials Inventory, December 31= $14,000COGM = $98,000Finished Goods Inventory, January 1 = 31,000Direct labor cost incurred during the period amounted to 2.5 times the factory overhead. The CFO of Tierney Construction, Inc. has asked you to recalculate the following accounts and to report to him by the end of tomorrow.What should be the amount in the finished goods inventory at December 31, 2013?$55,500.$35,000.$43,000.$49,000.Instructor Explanation: Feedback: Learning Objective: 03-04 Demonstrate how costs flow through the accounts and prepare an income statement for both a manufacturing and a merchandising companyQuestion 14. Question : Direct materials and direct labor costs total $40,000 and factory overhead costs total $100 per machine hour. If 200 machine hours were used for Job #202, what is the total manufacturing cost for Job #202?$95,000$75,000$65,000$60,000Instructor Explanation: Feedback: Learning Objective: 03-04 Demonstrate how costs flow through the accounts and prepare an income statement for both a manufacturing and a merchandising companyQuestion 15. Question : Factory overhead costs for a given period were 3 times as much as the direct material costs. Prime costs totaled $2,000. Conversion costs totaled $3,280. What are the direct labor costs for the period?$1,220.$1,360.$1,410.$1,540.

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