Deck 1: Introduction to Cost Management

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سؤال
The Controller of a company supervises all the accounting departments and is often viewed as a member of the top management team.
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سؤال
The cost management information system is primarily concerned with producing outputs for external users.
سؤال
In just-in-time (JIT) manufacturing, each operation produces only what is necessary for the succeeding operations.
سؤال
Changes in the way business is conducted worldwide have broadened the focus of cost management accounting systems.
سؤال
The service sector of the U. S. economy has decreased in importance as traditional industries have declined in importance.
سؤال
Business ethics is learning what is right or wrong in the work environment and choosing what is right.
سؤال
The cost management information system has two major subsystems: the cost accounting information system and the operational control information system.
سؤال
The three broad objectives of financial accounting information systems are to provide information for costing out services and products, planning and control, and decision making.
سؤال
Enterprise resource planning (ERP) software has the objective of providing an integrated system capability and is able to run all the operations of a company.
سؤال
One of the major advances in information technology that affects firms is the emergence of electronic commerce.
سؤال
The two major subsystems of the accounting information system are the financial accounting information system and the cost management accounting information system.
سؤال
JIT is a critical part of a more comprehensive approach referred to as Lean Manufacturing.
سؤال
Positions that have direct responsibility for basic objectives are referred to as staff positions, and those indirectly responsible are called line positions.
سؤال
The focus of Lean Manufacturing is to eliminate waste, which is anything that does not add value to the end user (customer).
سؤال
Preparing reports for division managers is an activity associated with the cost management information system.
سؤال
The role of cost and management accountants is one of support and teamwork and assistance of those who are responsible for achieving a company's basic objectives.
سؤال
Evaluating the performance of a segment of the company is an example of planning.
سؤال
The process of choosing among competing alternatives is called decision making.
سؤال
An accounting information system collects, records, summarizes, analyzes, and manages data to transform inputs into information that is provided to users.
سؤال
The Treasurer of a company is responsible for all taxation activities, including dealing with the IRS.
سؤال
Divulging company information when not legally obligated to do so violates the confidentiality part of the IMA Code of Conduct.
سؤال
Three of the major certifications available to management accountants are Certificates in Management Accounting, Public Accounting, and Internal Auditing.
سؤال
The examination for obtaining the Certificate in Management Accounting consists of two parts: (1) Financial Planning, Performance and Control, and (2) Financial Decision Making.
سؤال
The IMA's program to recognize professional competence in the field of management accounting yields a designation as a __________ Accountant.
سؤال
The __________ information system is primarily concerned with producing outputs for internal users using inputs and processes needed to satisfy management objectives.
سؤال
__________ is the persistent pursuit and elimination of waste which results in the decrease of lead time.
سؤال
Companies with a strong __________ can benefit from strong customer and employee loyalty.
سؤال
The cost management subsystem designed to assign costs to individual products and services is called the __________ information system.
سؤال
The Institute of Management accountants has established ethical standards for management accountants.
سؤال
For each certification, all an applicant has to do is meet specific educational and experience requirements.
سؤال
The standards of ethical conduct for management accountants include competence, confidentiality, integrity, resolution of ethical conflict, and __________ .
سؤال
Employee and customer loyalty are NOT a result of strong codes of ethics.
سؤال
In resolving an ethical conflict, it would be appropriate to take the matter to the press where there's no legal requirement.
سؤال
Positions in a company that have direct responsibility for its basic objectives are called __________ positions, and the positions indirectly responsible for the company's objectives are called __________ positions.
سؤال
The __________ is a method used to continuously improve manufacturing and nonmanufacturing activities.
سؤال
The Certificate of Public Accounting does not include the right to serve as external auditors.
سؤال
Only Certified Public Accountants are permitted by law to serve as __________ .
سؤال
Firms subject to the Sarbanes-Oxley Act of 2002 do not have to disclose whether they have a code of ethics for senior financial officers, nor why.
سؤال
The Certified Internal Auditor must pass a comprehensive examination designed to ensure technical competence and have two years' work experience.
سؤال
The role of __________ accountants is to assist and support those responsible for carrying out an organization's basic objectives.
سؤال
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.
سؤال
Which of the following activities is associated with the cost management information system?

A) preparing reports for division managers
B) preparing reports for the IRS
C) preparing reports for the SEC
D) preparing financial statements that conform to GAAP
سؤال
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
سؤال
The operational control system is concerned with

A) investment decisions.
B) what activities should be performed and assessing how well they are performed.
C) consumption of productive resources by individual products.
D) none of these.
سؤال
Cost accounting

A) is concerned with assigning costs to various cost objects.
B) attempts to satisfy the costing objectives of both financial accounting and management accounting.
C) provides cost information that supports planning, controlling, and decision making.
D) all of these.
سؤال
In an accounting information system, the inputs are usually

A) financial statements.
B) analyzing data.
C) performance reports.
D) economic events.
سؤال
The primary objective of the cost management information system is to provide

A) stockholders and potential investors with useful information for decision making.
B) banks and other creditors with information useful in making credit decisions.
C) management with information useful for planning and control of operations.
D) the Internal Revenue Service with information about taxable income.
سؤال
Which of the following activities is NOT associated with the financial accounting information system?

A) reporting on the cost of quality
B) reporting to the SEC
C) preparing reports for the IRS
D) preparing a statement of cash flows
سؤال
The cost management information system is concerned with

A) reporting financial information according to GAAP.
B) providing cost information that is used in planning, control, and decision-making.
C) reporting to external users.
D) providing financial information to investors.
سؤال
Which of the following costing activities is associated with the financial accounting system?

A) determining the cost of a department
B) determining the cost of goods sold for financial statements
C) preparing budgets
D) determining the cost of a customer
سؤال
_______________ broadens the focus of accounting because it is concerned with factors that drive costs, such as cycle time and process productivity.

A) Cost accounting
B) Cost management
C) Financial management
D) Financial accounting
سؤال
Which of the following activities is NOT associated with the cost management information system?

A) preparing a cost of quality report
B) preparing a performance report that compares actual costs to budgeted costs
C) determining the cost of a customer
D) using future expected earnings to estimate the price of a share of common stock
سؤال
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
سؤال
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 information about products, customers, and services
سؤال
Cost management is the branch of accounting concerned with reporting to

A) internal managers.
B) stockholders.
C) the government.
D) bankers.
سؤال
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 cash flows of a proposed flexible manufacturing system
D) preparing GAAP financial statements
سؤال
Financial accounting information is used for

A) investment decisions.
B) regulatory measures.
C) stewardship evaluation.
D) all of the above.
سؤال
_______________ is devoted to providing information for external users.

A) Management accounting
B) Financial accounting
C) Internal accounting
D) Cost accounting
سؤال
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
سؤال
Which of the following is a cost management subsystem designed to assign costs to individual products and services and other objects, as specified by management

A) financial accounting information system
B) operational control system
C) cost accounting information system
D) all of the above
سؤال
Manufacturing environment automation is associated with increases in

A) inventory.
B) productive capacity.
C) processing time.
D) none of these.
سؤال
In JIT manufacturing, each operation produces

A) only what is necessary for the succeeding operations.
B) all that it can to offset fixed costs.
C) a fixed percentage in excess of orders to ensure adequate quality stock.
D) all that it can in order to build inventories.
سؤال
Which of the following approaches have led to advancements in the manufacturing environment?

A) theory of constraints
B) computer-integrated manufacturing
C) JIT manufacturing
D) all of these
سؤال
The increased importance of costing activities in the value chain and determining the cost of different suppliers and customers has led to the emergence of

A) OLAP.
B) EDI and supply chain management.
C) CAM.
D) theory of constraints.
سؤال
Which of the following cost management tools supports the firm's concentration on the delivery of value to the customer?

A) service industry growth
B) global competition
C) preparing an earnings report for the SEC
D) value-chain analysis
سؤال
Which of the following statements is TRUE?

A) The service sector comprises approximately three quarters of the United States' economy and employment.
B) The service sector comprises approximately 20 percent of the United States' economy and employment.
C) Traditional smokestack industries have increased in importance in recent years.
D) The service sector has decreased in importance in recent years.
سؤال
Cost management information systems further competitive advantage by supporting three fundamental organizational goals. Which of the following is NOT one of these fundamental organizational goals that further competitive advantage?

A) improved time-based performance
B) improved quality of products and services
C) maximizing shareholder value
D) improved efficiency
سؤال
Factors that have led to a global market for manufacturing and service firms are

A) improved transportation and communications systems.
B) improved telemarketing and communications.
C) improved telemarketing and transportation systems.
D) None of these factors have contributed.
سؤال
Which of the following is NOT an advance in information technology that affects firms?

A) computer integrated applications
B) GAAP reporting
C) emergence of electronic commerce
D) availability of tools such as OLAP and DSS
سؤال
A computerized information system that strives to input data once and make it available to people across the company for different purposes is called a(n):

A) cost management information system
B) enterprise resource planning system
C) internal accounting system
D) financial accounting system
سؤال
JIT is a critical part of a more comprehensive approach referred to as:

A) supply chain management
B) lean manufacturing
C) just-in-time manufacturing
D) computer-integrated manufacturing
سؤال
Which of the following emerging trends in cost accounting deals with managers striving to create an environment that will enable workers to manufacture perfect (zero-defect) products?

A) advances in information technology
B) time as a competitive element
C) global competition
D) total quality management
سؤال
Any form of commerce that is executed using information and communications technology is called:

A) ERP
B) OLAP
C) electronic commerce
D) DSS
سؤال
Which of the following statements is NOT true about world-class firms?

A) World-class firms are firms that are poor in customer support.
B) World-class firms know their market and their products.
C) World-class firms strive continually to improve product design, manufacture, and delivery.
D) World-class firms can compete with the best of the best in a global environment.
سؤال
Competitive advantage is established by providing

A) more customer products than competitors.
B) better quality than competitors.
C) greater customer value for less cost than competitors.
D) greater efficiencies than competitors.
سؤال
Which of the following are results of Lean Manufacturing?

A) elimination of waste
B) decreased lead time
C) costs decrease
D) all of the above
سؤال
Software that has integrated system capability using real time data is

A) enterprise resource planning software.
B) on-line analytic programs.
C) computer-assisted engineering software.
D) none of these.
سؤال
Which of the following activities is NOT associated with new product development?

A) life-cycle costing
B) target costing
C) activity-based management
D) performance reports
سؤال
Which of the following activities is NOT significant to the advancement of information technology?

A) enterprise resource planning software
B) emergence of electronic commerce
C) theory of constraints
D) decision support systems
سؤال
Total quality management emphasizes

A) zero defects.
B) continual improvement.
C) elimination of waste.
D) all of these.
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Deck 1: Introduction to Cost Management
1
The Controller of a company supervises all the accounting departments and is often viewed as a member of the top management team.
True
2
The cost management information system is primarily concerned with producing outputs for external users.
False
3
In just-in-time (JIT) manufacturing, each operation produces only what is necessary for the succeeding operations.
True
4
Changes in the way business is conducted worldwide have broadened the focus of cost management accounting systems.
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5
The service sector of the U. S. economy has decreased in importance as traditional industries have declined in importance.
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6
Business ethics is learning what is right or wrong in the work environment and choosing what is right.
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7
The cost management information system has two major subsystems: the cost accounting information system and the operational control information system.
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8
The three broad objectives of financial accounting information systems are to provide information for costing out services and products, planning and control, and decision making.
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9
Enterprise resource planning (ERP) software has the objective of providing an integrated system capability and is able to run all the operations of a company.
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10
One of the major advances in information technology that affects firms is the emergence of electronic commerce.
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11
The two major subsystems of the accounting information system are the financial accounting information system and the cost management accounting information system.
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12
JIT is a critical part of a more comprehensive approach referred to as Lean Manufacturing.
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13
Positions that have direct responsibility for basic objectives are referred to as staff positions, and those indirectly responsible are called line positions.
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14
The focus of Lean Manufacturing is to eliminate waste, which is anything that does not add value to the end user (customer).
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15
Preparing reports for division managers is an activity associated with the cost management information system.
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16
The role of cost and management accountants is one of support and teamwork and assistance of those who are responsible for achieving a company's basic objectives.
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17
Evaluating the performance of a segment of the company is an example of planning.
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18
The process of choosing among competing alternatives is called decision making.
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19
An accounting information system collects, records, summarizes, analyzes, and manages data to transform inputs into information that is provided to users.
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20
The Treasurer of a company is responsible for all taxation activities, including dealing with the IRS.
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21
Divulging company information when not legally obligated to do so violates the confidentiality part of the IMA Code of Conduct.
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22
Three of the major certifications available to management accountants are Certificates in Management Accounting, Public Accounting, and Internal Auditing.
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23
The examination for obtaining the Certificate in Management Accounting consists of two parts: (1) Financial Planning, Performance and Control, and (2) Financial Decision Making.
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24
The IMA's program to recognize professional competence in the field of management accounting yields a designation as a __________ Accountant.
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25
The __________ information system is primarily concerned with producing outputs for internal users using inputs and processes needed to satisfy management objectives.
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26
__________ is the persistent pursuit and elimination of waste which results in the decrease of lead time.
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27
Companies with a strong __________ can benefit from strong customer and employee loyalty.
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28
The cost management subsystem designed to assign costs to individual products and services is called the __________ information system.
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29
The Institute of Management accountants has established ethical standards for management accountants.
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30
For each certification, all an applicant has to do is meet specific educational and experience requirements.
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31
The standards of ethical conduct for management accountants include competence, confidentiality, integrity, resolution of ethical conflict, and __________ .
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32
Employee and customer loyalty are NOT a result of strong codes of ethics.
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33
In resolving an ethical conflict, it would be appropriate to take the matter to the press where there's no legal requirement.
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34
Positions in a company that have direct responsibility for its basic objectives are called __________ positions, and the positions indirectly responsible for the company's objectives are called __________ positions.
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35
The __________ is a method used to continuously improve manufacturing and nonmanufacturing activities.
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36
The Certificate of Public Accounting does not include the right to serve as external auditors.
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37
Only Certified Public Accountants are permitted by law to serve as __________ .
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38
Firms subject to the Sarbanes-Oxley Act of 2002 do not have to disclose whether they have a code of ethics for senior financial officers, nor why.
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39
The Certified Internal Auditor must pass a comprehensive examination designed to ensure technical competence and have two years' work experience.
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40
The role of __________ accountants is to assist and support those responsible for carrying out an organization's basic objectives.
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41
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.
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42
Which of the following activities is associated with the cost management information system?

A) preparing reports for division managers
B) preparing reports for the IRS
C) preparing reports for the SEC
D) preparing financial statements that conform to GAAP
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43
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
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44
The operational control system is concerned with

A) investment decisions.
B) what activities should be performed and assessing how well they are performed.
C) consumption of productive resources by individual products.
D) none of these.
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45
Cost accounting

A) is concerned with assigning costs to various cost objects.
B) attempts to satisfy the costing objectives of both financial accounting and management accounting.
C) provides cost information that supports planning, controlling, and decision making.
D) all of these.
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46
In an accounting information system, the inputs are usually

A) financial statements.
B) analyzing data.
C) performance reports.
D) economic events.
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47
The primary objective of the cost management information system is to provide

A) stockholders and potential investors with useful information for decision making.
B) banks and other creditors with information useful in making credit decisions.
C) management with information useful for planning and control of operations.
D) the Internal Revenue Service with information about taxable income.
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48
Which of the following activities is NOT associated with the financial accounting information system?

A) reporting on the cost of quality
B) reporting to the SEC
C) preparing reports for the IRS
D) preparing a statement of cash flows
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49
The cost management information system is concerned with

A) reporting financial information according to GAAP.
B) providing cost information that is used in planning, control, and decision-making.
C) reporting to external users.
D) providing financial information to investors.
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50
Which of the following costing activities is associated with the financial accounting system?

A) determining the cost of a department
B) determining the cost of goods sold for financial statements
C) preparing budgets
D) determining the cost of a customer
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51
_______________ broadens the focus of accounting because it is concerned with factors that drive costs, such as cycle time and process productivity.

A) Cost accounting
B) Cost management
C) Financial management
D) Financial accounting
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52
Which of the following activities is NOT associated with the cost management information system?

A) preparing a cost of quality report
B) preparing a performance report that compares actual costs to budgeted costs
C) determining the cost of a customer
D) using future expected earnings to estimate the price of a share of common stock
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53
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
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54
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 information about products, customers, and services
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55
Cost management is the branch of accounting concerned with reporting to

A) internal managers.
B) stockholders.
C) the government.
D) bankers.
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56
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 cash flows of a proposed flexible manufacturing system
D) preparing GAAP financial statements
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57
Financial accounting information is used for

A) investment decisions.
B) regulatory measures.
C) stewardship evaluation.
D) all of the above.
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58
_______________ is devoted to providing information for external users.

A) Management accounting
B) Financial accounting
C) Internal accounting
D) Cost accounting
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59
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
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60
Which of the following is a cost management subsystem designed to assign costs to individual products and services and other objects, as specified by management

A) financial accounting information system
B) operational control system
C) cost accounting information system
D) all of the above
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61
Manufacturing environment automation is associated with increases in

A) inventory.
B) productive capacity.
C) processing time.
D) none of these.
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62
In JIT manufacturing, each operation produces

A) only what is necessary for the succeeding operations.
B) all that it can to offset fixed costs.
C) a fixed percentage in excess of orders to ensure adequate quality stock.
D) all that it can in order to build inventories.
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63
Which of the following approaches have led to advancements in the manufacturing environment?

A) theory of constraints
B) computer-integrated manufacturing
C) JIT manufacturing
D) all of these
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64
The increased importance of costing activities in the value chain and determining the cost of different suppliers and customers has led to the emergence of

A) OLAP.
B) EDI and supply chain management.
C) CAM.
D) theory of constraints.
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65
Which of the following cost management tools supports the firm's concentration on the delivery of value to the customer?

A) service industry growth
B) global competition
C) preparing an earnings report for the SEC
D) value-chain analysis
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66
Which of the following statements is TRUE?

A) The service sector comprises approximately three quarters of the United States' economy and employment.
B) The service sector comprises approximately 20 percent of the United States' economy and employment.
C) Traditional smokestack industries have increased in importance in recent years.
D) The service sector has decreased in importance in recent years.
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67
Cost management information systems further competitive advantage by supporting three fundamental organizational goals. Which of the following is NOT one of these fundamental organizational goals that further competitive advantage?

A) improved time-based performance
B) improved quality of products and services
C) maximizing shareholder value
D) improved efficiency
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68
Factors that have led to a global market for manufacturing and service firms are

A) improved transportation and communications systems.
B) improved telemarketing and communications.
C) improved telemarketing and transportation systems.
D) None of these factors have contributed.
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69
Which of the following is NOT an advance in information technology that affects firms?

A) computer integrated applications
B) GAAP reporting
C) emergence of electronic commerce
D) availability of tools such as OLAP and DSS
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70
A computerized information system that strives to input data once and make it available to people across the company for different purposes is called a(n):

A) cost management information system
B) enterprise resource planning system
C) internal accounting system
D) financial accounting system
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71
JIT is a critical part of a more comprehensive approach referred to as:

A) supply chain management
B) lean manufacturing
C) just-in-time manufacturing
D) computer-integrated manufacturing
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72
Which of the following emerging trends in cost accounting deals with managers striving to create an environment that will enable workers to manufacture perfect (zero-defect) products?

A) advances in information technology
B) time as a competitive element
C) global competition
D) total quality management
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73
Any form of commerce that is executed using information and communications technology is called:

A) ERP
B) OLAP
C) electronic commerce
D) DSS
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74
Which of the following statements is NOT true about world-class firms?

A) World-class firms are firms that are poor in customer support.
B) World-class firms know their market and their products.
C) World-class firms strive continually to improve product design, manufacture, and delivery.
D) World-class firms can compete with the best of the best in a global environment.
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75
Competitive advantage is established by providing

A) more customer products than competitors.
B) better quality than competitors.
C) greater customer value for less cost than competitors.
D) greater efficiencies than competitors.
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76
Which of the following are results of Lean Manufacturing?

A) elimination of waste
B) decreased lead time
C) costs decrease
D) all of the above
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77
Software that has integrated system capability using real time data is

A) enterprise resource planning software.
B) on-line analytic programs.
C) computer-assisted engineering software.
D) none of these.
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78
Which of the following activities is NOT associated with new product development?

A) life-cycle costing
B) target costing
C) activity-based management
D) performance reports
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79
Which of the following activities is NOT significant to the advancement of information technology?

A) enterprise resource planning software
B) emergence of electronic commerce
C) theory of constraints
D) decision support systems
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80
Total quality management emphasizes

A) zero defects.
B) continual improvement.
C) elimination of waste.
D) all of these.
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