Cost Accounting
1. In an accounting information system, which of the following is NOT a transformational process?
a. collecting data
b. analyzing data
*c. performance reporting
d. summarizing data
2. Which of the following is NOT a process associated with an accounting information system?
*a. auditing existing data
b. collecting and recording data
c. providing information to users
d. analyzing and managing data
3. In an accounting information system, the inputs are usually
a. financial statements.
b. analyzing data.
c. performance reports.
*d. economic events.
4. _______________ is devoted to providing information for external users.
a. Management accounting
*b. Financial accounting
c. Internal accounting
d. Cost accounting
5. Financial accounting information is used for
a. investment decisions.
b. regulatory measures.
c. stewardship evaluation.
*d. all of these.
6. Which of the following is NOT part of the financial accounting information system?
a. filing reports with the SEC
b. reporting a large contingent liability to current and potential shareholders
*c. determining the future cashflows of a proposed flexible manufacturing system
d. preparing GAAP financial statements
7. Which of the following does NOT describe cost management system?
a. evaluation of segments or products within the firm
b. emphasis on the future
*c. externally focused
d. focus on effective use of resources
8. Cost management reports are prepared
*a. to meet the needs of decision makers within the firm.
b. whenever stockholders request them.
c. according to guidelines prepared by the Securities and Exchange Commission.
d. according to financial accounting standards.
9. Which of the following is NOT provided by cost accountants?
a. cost information in accordance with GAAP
b. cost information about processes and activities
*c. financial information for external users
d. cost
a. collecting data
b. analyzing data
*c. performance reporting
d. summarizing data
2. Which of the following is NOT a process associated with an accounting information system?
*a. auditing existing data
b. collecting and recording data
c. providing information to users
d. analyzing and managing data
3. In an accounting information system, the inputs are usually
a. financial statements.
b. analyzing data.
c. performance reports.
*d. economic events.
4. _______________ is devoted to providing information for external users.
a. Management accounting
*b. Financial accounting
c. Internal accounting
d. Cost accounting
5. Financial accounting information is used for
a. investment decisions.
b. regulatory measures.
c. stewardship evaluation.
*d. all of these.
6. Which of the following is NOT part of the financial accounting information system?
a. filing reports with the SEC
b. reporting a large contingent liability to current and potential shareholders
*c. determining the future cashflows of a proposed flexible manufacturing system
d. preparing GAAP financial statements
7. Which of the following does NOT describe cost management system?
a. evaluation of segments or products within the firm
b. emphasis on the future
*c. externally focused
d. focus on effective use of resources
8. Cost management reports are prepared
*a. to meet the needs of decision makers within the firm.
b. whenever stockholders request them.
c. according to guidelines prepared by the Securities and Exchange Commission.
d. according to financial accounting standards.
9. Which of the following is NOT provided by cost accountants?
a. cost information in accordance with GAAP
b. cost information about processes and activities
*c. financial information for external users
d. cost