Test Bank: Cost Accounting

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Chapter 1—Introduction to Cost Management

LEARNING OBJECTIVES

|LO 1 |What are the relationships among financial, management, and cost accounting? | |LO 2 |What are two common organizational strategies? | |LO 3 |What is a value chain, and what are the major value chain functions? | |LO 4 |How is a balanced scorecard used to implement an organization’s strategy? | |LO 5 |Why must accountants understand an organization’s structure to perform effectively in that organization? | |LO 6 |What are the sources of ethical standards for cost accountants? | |LO 7 |What are the sources of authoritative pronouncements for the practice of cost accounting? |

QUESTION GRID

|True/False | | | | | | | | | | | |Difficulty Level |Learning Objectives | |  |Easy |Moderate | |  |Easy |Moderate |Difficult|LO 1 |LO 2 |LO 3 |LO 4 |LO 5 |LO 6 | |  |Difficulty Level |Learning Objectives | | |Easy |Moderate |Difficult|LO 1 |LO 2 |LO 3 |LO 4 |LO 5 | |  |Difficulty Level |Learning Objectives | |  |Easy |Moderate | |  |Easy |Moderate |Difficult|LO 1 |LO 2 |LO 3 |LO 4 |LO 5 |LO 6 | |  |Difficulty Level |Learning Objectives | |  |Easy | |b. |required, estimated, internal | |c. |budgeted, informative, adaptable | |d. |comparable, verifiable, monetary |

ANS:CDIF:EasyOBJ:1-1

2.Management and financial accounting are used for which of the following purposes?

|Management accounting |Financial accounting |

|a. |internal external | |b. |external internal | |c. |internal internal | |d. |external external |

ANS:ADIF:EasyOBJ:1-1

3.One major difference between financial and management accounting is that |a. |financial accounting reports are prepared primarily for users external to the company. | |b. |management accounting is not under the jurisdiction of the Securities and Exchange...
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