Acc 350 Wk 2 Quiz 1 Chapter 1 - All Possible Questions

ACC 350 WK 2 Quiz 1 Chapter 1 - All Possible Questions

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ACC 350 WK 2 Quiz 1 Chapter 1 - All Possible Questions

Chapter 1

1)  

Management accounting information focuses on external reporting.    

2)  

Cost management is narrowly focused on a continuous reduction of costs.    

3)  

Managers always require the information in an accounting system to be presented in the same format.   

4)  

Modern cost accounting plays a significant role in management decision making. 

5)  

The balance sheet, income statement, and statement of cash flows are used for financial accounting, but not for management accounting.    

6)  

Financial accounting is broader in scope than management accounting.    

7)  

Cost accounting measures and reports short-term, long-term, financial, and nonfinancial information.   

8)  

Cost management provides information that helps increase value for customers.    

9)  

Management accounting has to strictly follow the rules of generally accepted accounting principles  for the purposes of measurement and reporting.   

10)  

An ideal database should consist of data that could be used for a single purpose only.    

11)

An Enterprise Resource Planning (ERP) System is a single database that collects data and feeds into applications that support each of the company's business activities, such as purchases, production, distribution, and sales.    

12)  

Cost accounting provides information only for management accounting purposes.    

13)  

Cost management involves long-term and short-term decisions that attempt to increase value for customers and lower costs of products or services.    

14)  

Strategy does NOT specify how an organization matches its capabilities with the opportunities in the marketplace.   

15)  

All strategies should be evaluated regarding the resources and capabilities of the company.    ...