Acc 350 Wk 5 Midterm Exam – Strayer Latest
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ACC 350 WK 5 Midterm Exam – Strayer Latest
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ACC 350 WK 5 Midterm Exam
1)
Management accounting information focuses on external reporting.
Answer:
2)
Cost management is narrowly focused on a continuous reduction of costs.
Answer:
3)
Managers always require the information in an accounting system to be presented in the same format.
Answer:
4)
Modern cost accounting plays a significant role in management decision making.
Answer:
5)
The balance sheet, income statement, and statement of cash flows are used for financial accounting, but not for management accounting.
Answer:
6)
Financial accounting is broader in scope than management accounting.
Answer:
7)
Cost accounting measures and reports short-term, long-term, financial, and nonfinancial information.
Answer:
8)
Cost management provides information that helps increase value for customers.
Answer:
9)
Management accounting has to strictly follow the rules of generally accepted accounting principles for the purposes of measurement and reporting.
Answer:
10)
An ideal database should consist of data that could be used for a single purpose only.
Answer:
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.
Answer:
12)
Cost accounting provides information only for management accounting purposes.
Answer:
13)
Cost management involves long-term and short-term decisions that attempt to increase value for customers and lower costs of products or services.
Answer:
14)
Strategy does NOT specify how an organization matches its capabilities with the opportunities in the marketplace.
Answer:
15)
All strategies...
