ACC 350 Week 2 Quiz 1 – TestBank

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ACC 350 Week 2 Quiz 1 (Cost Accounting,15e (Horngren/Datar/Rajan)

Chapter 1 The Manager and Management Accounting  (150 Questions and Answers)

  1. Management accounting ________.
  2. Managers use management accounting information to ________.
  3. Financial accounting ________.
  4. The primary user of financial accounting information is a ________.
  5. The primary user of management accounting information is a(n) ________.
  6. Financial accounting provides the primary source of information for ________.
  7. Which of the following is true of management accounting information?
  8. Which of the following groups would be least likely to receive detailed management accounting reports?
  9. Management accounting information typically includes ________.
  10. Cost accounting ________.
  11. Which of the following differentiates cost accounting and financial accounting?
  12. Which of the following statements refers to management accounting information?
  13. A data warehouse or infobarn ________.
  14. Which of the following is true of cost accounting?
  15. Which of the following deals with management accounting?
  16. Financial accounting is concerned primarily with ________.
  17. Which of the following is true of financial accounting information?
  18. Financial accounting provides a historical perspective, whereas management accounting emphasizes ________.
  19. An Enterprise Resource Planning System can best be described as ________.
  20. The approaches and activities of managers in short-run and long-run planning and control decisions that increase value for customers and lower costs of products and services are known as ________.
  21. Financial accounting information focuses on internal reporting acc 350 week 2 quiz
  22. Cost accounting provides information for both management accounting and financial accounting professionals.
  23. Management accounting information and reports do not have to follow set principles or rules such as
  24. Management accounting ensures communication of an organization’s financial position to investors, banks, and regulators.
  25. The balance sheet, income statement, and statement of cash flows are used for financial accounting, and also for management accounting.
  26. Financial accounting is broader in scope than management accounting acc 350 week 2 quiz
  27. Cost accounting measures and reports short-term, long-term, financial, and non financial information.
  28. Cost accounting is the process of measuring, analyzing, and reporting financial and nonfinancial information related to the costs of acquiring or using resources in an organization.
  29. Management accounting has to strictly follow the rules of generally accepted accounting principles for the purposes of measurement and reporting.
  30. For management accounting, internal measurement and reporting are based on cost-benefit analysis.
  31. 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.
  32. Financial accounting provides an organization’s past-oriented information such as the previous years’ financial statements.
  33. Cost management not only helps reducing costs but also improving customer satisfaction and the quality of a firm’s products.
  34. For each report listed below, identify whether the major purpose of the report is for (1) routine internal reporting, (2) nonroutine internal reporting, or for (3) external reporting to investors and other outside parties.
  35. Describe management accounting and financial accounting acc 350 week 2 quiz
  36. Cost accounting provides information for both management accounting and financial accounting professionals. Explain.
  37. Is it possible to have an active cost management program without an Enterprise Resource Planning (ERP) System?
  38. What competitive advantage could a company obtain from a successful cost management program?…………………………..Continued (43 Pages)acc 350 week 2 quiz