Download ACG 3361 Exam Study Set: Management Accounting, Cost Management, and Cost Accounting and more Exams Advanced Education in PDF only on Docsity!
ACG 33 61 EXAM STUD 1 00%Y SET VE WITRIFIEH CDOMPLETE!! SOLUTIONS
The IMA definition of management accounting states thatmanagement accounting involves partnering in management decision making, planning, and performance measurement to assist in the formulation and implementation of anorganization's strategy.
Walmart, Costco, and Dollar General are retailers that probably compete on the basis oflow prices.
Which one of the following types of cost management systems cost managers are likelyto be striving for. A system in which strategically relevant cost management information is an integral part Which of the following is the correct sequence in which cost management information isdeveloped and used? Business events, data, information, knowledge, decisions The management accountants in an organization probably report directly to thecontroller.
A management method in which managers and employees commit to a process ofcontinuous improvement is best described as business process improvement. According to the Institute of Management Accountants Statement of EthicalProfessional Practice, determining whether a particular action is ethical requiresknowing the intent and the business context of the act. SWOT analysis is a useful tool for:identifying the organization's critical success factors.
The balanced scorecard is related to the strategy map in a way similar to how:the organization's key activities are related to the value chain.
Opportunities and threats in strengths-weaknesses-opportunities-threats (SWOT)analysis can be identified most readily by: Multiple Choiceanalyzing the industry and the organization's competitors.
A strategy map is:A cause and effect diagram of the relationships among the balanced scorecard perspectives to show how the achievement of critical success factors in each
What does the upstream phase in the value chain include?Product development and linkage with suppliers.
Sustainability is the balancing of short- and long-term goals in all three dimensions ofthe company's performance. Those three areas are: Economic, social, and environmental. The customer critical success factor of price can be measured by:Sales Volume.
How can a firm develop a competitive advantage?Reduce costs or add value.
All of the following are required resources for differentiation except: Intense supervision of labor. All of the following are required resources for cost leadership except: Strong marketing capability.
Since indirect cost cannot be conveniently or economically traced directly to a cost poolor cost object, the management accountant will: Assign them by means of cost allocation. All indirect manufacturing costs are commonly combined into a single cost pool called:Overhead.
We have an expert-written solution to this problem!Any product, service, or organizational unit to which costs are assigned for some management purpose is a(n):Cost object.
Which one of the following is not a type of cost driver? Differential cost driver. The range of the cost driver in which the actual value of the cost driver is expected tofall is called the: Relevant range. The additional cost incurred as the cost driver increases by one unit is:
There is no convenient or economical way to trace a(n) __________blank from the cost tothe cost pool or from the cost pool to the cost object. Indirect cost Which of the following statements is incorrect regarding manufacturing overhead? Actual overhead costs tend to remain relatively constant over various output levels Which of the following is a period cost for a manufacturing firm? Salary of the receptionist. Period Costscosts that are taken directly to the income statement as expenses in the period in which they are incurred or accrued Prime CostDirect Materials + Direct Labor
Conversion CostDirect Labor + Manufacturing Overhead
The key distinction between job costing and process costing is:The accumulation of costs to assign to cost objects.
Standard costs are:Planned costs the firm should attain.
A normal costing system uses actual costs for direct materials and direct labor, and:Estimated costs for factory overhead.
The three major differences between process and job order costing systems are thoserelating to: Cost object, product or service variety, and timing of unit cost calculation. The two main advantages of using predetermined factory overhead rates are to providemore accurate unit cost information and to: Provide cost information on a timely basis. Volume-based rates are appropriate in situations where the incurrence of factoryoverhead: Is related to a single, common cost driver.
Manufacturing operations whose conversion activities are very similar across severalproduct lines, but whose direct materials used in the various products differsignificantly use: Operation costing.
When completed units are transferred to the warehouse:Finished Goods Inventory account is debited.
When completed units are sold:Finished Goods Inventory account is credited.
The system where the cost of a product or service is obtained by assigning costs tomasses of similar units in each department and then computing unit cost on an averagebasis is called: A process costing system. We have an expert-written solution to this problem!The journal entry to dispose of a small amount of overapplied or underapplied overhead, if overhead is applied based on direct labor hours, would be charged to:Cost of Goods Sold.
In job costing, the job might consist of:a single product, a batch of products, or a single well-defined project.
Total product costs at the end of the accounting period should be based on what?Actual overhead.
