95 Free Test Bank for Cornerstones of Cost Accounting 1st Edition by Hansen

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Which of the following is NOT part of the financial accounting information system?

•  filing reports with the SEC
•  reporting a large contingent liability to current and potential shareholders
•  determining the future cashflows of a proposed flexible manufacturing system
•  preparing GAAP financial statements

_______________ is devoted to providing information for external users.

•  Management accounting
•  Financial accounting
•  Internal accounting
•  Cost accounting

Which of the following cost management tools supports the firm's concentration on the delivery of value to the customer?

•  service industry growth
•  global competition
•  preparing an earnings report for the SEC
•  value-chain analysis

The primary objective of the cost management information system is to provide

•  stockholders and potential investors with useful information for decision making.
•  banks and other creditors with information useful in making credit decisions.
•  management with information useful for planning and control of operations.
•  the Internal Revenue Service with information about taxable income.

Factors that have led to a global market for manufacturing and service firms are

•  improved transportation and communications systems.
•  improved telemarketing and communications.
•  improved distribution and transportation systems.
•  None of these factors have contributed.

Which of the following is NOT a process associated with an accounting information system?

•  auditing existing data
•  collecting and recording data
•  providing information to users
•  analyzing and managing data

Which of the following costing activities is associated with the financial accounting system?

•  determining the cost of a department
•  determining the cost of goods sold for financial statements
•  preparing budgets
•  determining the cost of a customer

Financial accounting information is used for

•  investment decisions.
•  regulatory measures.
•  stewardship evaluation.
•  all of these.

Which of the following activities is NOT associated with the financial accounting information system?

•  reporting on the cost of quality
•  reporting to the SEC
•  preparing reports for the IRS
•  preparing a statement of cash flows

Which of the following activities is NOT associated with the cost management information system?

•  preparing a cost of quality report
•  preparing a performance report that compares actual costs to budgeted costs
•  determining the cost of a customer
•  using future expected earnings to estimate the price of a share of common stock

_______________ broadens the focus of accounting because it is concerned with factors that drive costs, such as cycle time and process productivity.

•  Cost accounting
•  Cost management
•  Financial management
•  Financial accounting

Which of the following is NOT provided by cost accountants?

•  cost information in accordance with GAAP
•  cost information about processes and activities
•  financial information for external users
•  cost information about products, customers, and services

The cost management information system is concerned with

•  reporting financial information according to GAAP.
•  providing cost information that is used in planning, control, and decision-making.
•  reporting to external users.
•  providing financial information to investors.

Cost accounting

•  is concerned with assigning costs to various cost objects.
•  attempts to satisfy the costing objectives of both financial accounting and management accounting.
•  provides cost information that supports planning, controlling, and decision making.
•  all of these.

A(n) ________________ is a computerized information system that strives to input data once and make it available to people across the company for different purposes

•  cost management information system
•  enterprise resource planning system
•  internal accounting system
•  financial accounting system

Software that has integrated system capability using real time data is

•  enterprise resource planning software.
•  on-line analytic programs.
•  computer-assisted engineering software.
•  none of these.

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

•  financial accounting information system
•  operational control system
•  cost accounting information system
•  all of the above

Which of the following does NOT describe cost management system?

•  evaluation of segments or products within the firm
•  emphasis on the future
•  externally focused
•  focus on effective use of resources

Automation of the manufacturing environment is associated with increases in

•  inventory.
•  productive capacity.
•  processing time.
•  none of these.

Cost management reports are prepared

•  to meet the needs of decision makers within the firm.
•  whenever stockholders request them.
•  according to guidelines prepared by the Securities and Exchange Commission.
•  according to financial accounting standards.

In an accounting information system, which of the following is NOT a transformational process?

•  collecting data
•  analyzing data
•  performance reporting
•  summarizing data

The increased importance of costing our activities in the value chain and determining the cost of different suppliers and customers has led to the emergence of

•  OLAP.
•  EDI and supply chain management.
•  CAM.
•  theory of constraints.

In an accounting information system, the inputs are usually

•  financial statements.
•  analyzing data.
•  performance reports.
•  economic events.