79 Free Test Bank for Cost Management Measuring Monitoring and Motivating Performance 2nd Edition by Eldenburg

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Management decisions require monitoring over time for all of the following reasons except

•  a. The economic environment may change
•  b. New opportunities may become available
•  c. To motivate employees to follow plans exactly, even if the plan results in poor performance
•  d. Unforeseen threats may arise

Which of the following is a type of external report produced by an organization’s information system?

•  a. Cash flow plan
•  b. Analysis of potential acquisition
•  c. News release
•  d. Bonus computations

Biases may be

•  a. Intentional
•  b. Unintentional
•  c. Both intentional and unintentional
•  d. Beneficial to decision making

Managers can make higher-quality decisions by relying on all of the following except

•  a. More complete information
•  b. Better decision-making processes
•  c. Irrelevant information
•  d. Information having less uncertainty

Uncertainties and biases can affect: I. Organizational vision; II. Core competencies; III. Operating plans.

•  a. I only
•  b. II only
•  c. I and III only
•  d. I, II, and III

Marriott Corporation operates hotels all over the world. Which of the following is the best example of a potential bias associated with its operations?

•  a. Managers assume that most travelers are interested in conducting business, rather than vacationing
•  b. Managers learn that guests rarely stay longer than a week
•  c. Managers find that last year’s profits were below the industry average
•  d. Managers are concerned because employee turnover increased during the last year

Financial statements are

•  a. External reports produced from an organization’s information system
•  b. Never used for internal decision making
•  c. Only true when they are audited
•  d. Unimportant reports for most organizations

Which of the following is the best example of an internal report that might come from an organization’s information system?

•  a. Environmental Protection Agency regulatory report
•  b. Operating budget
•  c. Income tax returns
•  d. Medicare cost report

Uncertainties

•  a. Are issues about which managers have doubts
•  b. Do not impact accounting information, which is highly objective and reliable
•  c. Are preconceived notions developed without careful thought
•  d. Are rarely a problem in business decision making

Uncertainty may hinder a manager’s ability to: I. Adequately define a problem; II. Identify all potential solution options; III. Predict the outcome of various solution options.

•  a. I and III only
•  b. II and III only
•  c. I, II, and III
•  d. II only

Biases

•  a. Are issues about which managers have doubts.
•  b. Do not impact accounting information, which is highly objective and reliable
•  c. Are preconceived notions developed without careful thought
•  d. Are rarely a problem in business decision making

Which of the following is not true about information in an organization’s databases?

•  a. Information may be collected formally or informally
•  b. Access to database information is often restricted to specific individuals
•  c. Intellectual capital is usually captured in database information
•  d. The benefits of generating information should exceed the costs

Which of the following is least likely to be an external report?

•  a. Credit report
•  b. Supplier’s inventory report
•  c. Tax return
•  d. Analysis of supplier quality

Which of the following often prevents managers from adequately exploring information before making a decision?

•  a. The existence of many uncertainties
•  b. The need to distinguish between relevant and irrelevant information
•  c. The managers’ biases
•  d. The organization’s values

Higher quality reports are more: I. Relevant; II. Understandable; III. Available.

•  a. I and II only
•  b. I and III only
•  c. II and III only
•  d. I, II, and III

Which of the following statement about biases is true?

•  a. Biases can affect management accounting information, but not financial accounting information
•  b. Managers cannot work toward eliminating their biases
•  c. Biases reduce the quality of decisions
•  d. Biased managers are more likely to explore alternatives before making a decision

Information gathered outside the organization includes

•  a. Customer preferences
•  b. Product design specifications
•  c. Taxable income
•  d. Number of employees hired

Which of the following is an element of an operating plan?

•  a. Developing an organizational mission
•  b. Preparing financial statements
•  c. Defining core values
•  d. Budgeting employee costs

John is creating next year’s budget for PDC Corporation. He estimates that next year’s sales volume will be 5% higher than this year and that the selling price per unit will remain at $75 per unit. He estimates that cost of goods sold will be $40 per unit, based on a purchase agreement the company has signed with its supplier. The company has done business with the supplier for many years. In creating the budget, which of the following tasks is most likely to be open-ended?

•  a. Calculating budgeted sales volume
•  b. Determining that sales volume will grow by 5%
•  c. Calculating budgeted cost of goods sold
•  d. Determining that cost of goods sold per unit will be $75 per unit

How are organizational strategies related to core competencies?

•  a. Competencies are the tactics managers use to take advantage of strategies
•  b. Competencies and strategies are an integral part of organizational vision
•  c. Strategies help managers exploit competencies
•  d. Strategies and competencies are actually two ways of expressing the same idea

Irrelevant information may be: I. Useful in decision making; II. Internally-generated; III. Accurate

•  a. I only
•  b. I and II only
•  c. II and III only
•  d. I, II, and III

Organizational core competencies can include

•  a. A mission statement
•  b. Patents, copyrights and special legal protections
•  c. A code of conduct
•  d. An operating plan

Choosing and implementing a solution to a business problem includes: I. Making trade-offs among alternatives; II. Considering the organization’s strategies; III. Motivating performance within the organization.

•  a. I only
•  b. I and II only
•  c. II and III only
•  d. I, II, and III

Alaska Airlines flies several non-stop flights daily between Los Angeles and Vancouver. Which of the following is an uncertainty associated with this operation?

•  a. The exact number of flights flown the previous day
•  b. The average number of passengers on each flight the previous week
•  c. The average number of empty seats for flights next month
•  d. The number of ticket agents scheduled for each shift for the next day