GB519: Unit 1 Quiz

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1. Question
: Which of the following is a
contemporary management technique used by the management accountant to identify
and monitor the costs of a product throughout all steps from product design to
the finished product?

Enterprise risk management.

Target costing.

Life cycle costing.

Enterprise sustainability.

Instructor Explanation: Feedback: Learning Objective: 01-03 Explain
the contemporary management techniques and how they are used in cost management
to respond to the contemporary business environment

Question 2. Question
: Non-financial measures of
operations include all the following except:

Stock price.

Product quality.

Customer satisfaction.

Market share.

Instructor Explanation: Feedback: Learning Objective: 01-03 Explain
the contemporary management techniques and how they are used in cost management
to respond to the contemporary business environment Topic: Strategy

Question 3. Question
: Of the following, which aspect
of a contemporary management technique is a framework and process that
organizations use to manage the occurrence of possible events that could
negatively or positively affect the company’s competitiveness and success?

Total quality management

Lean accounting

The theory of constraints

Enterprise sustainability

Enterprise risk management

Instructor Explanation: Feedback: Learning Objective: 01-03 Explain
the contemporary management techniques and how they are used in cost management
to respond to the contemporary business environment

Question 4. Question
: A firm that has traditionally
succeeded on the basis of its innovative products and excellent customer
service has started to place greater emphasis on reducing waste and providing
its customers with the lowest priced product. Which of the following most
accurately describes this change of competitive strategy?

Cost leadership to differentiation.

A balanced strategy to cost leadership.

Differentiation to a balanced strategy.

Cost leadership to a balanced strategy.

Differentiation to cost leadership.

Instructor Explanation: Feedback: Learning Objective: 01-04 Explain
the different types of competitive strategies Topic: Service Topic: Strategy

Question 5. Question
: The declining value of the
U.S. dollar relative to other currencies in recent years means that:

U.S. exporters will face a greater challenge
in exporting U.S.-made products.

U.S. firms will be eager to buy foreign
products.

U.S. firms will be less profitable.

U.S. exporters will have a temporary
advantage over other countries in foreign trade.

Instructor Explanation: Feedback: Learning Objective: 02-02 Explain
how to implement a competitive strategy by focusing on the execution of goals
Topic: Global

Question 6. Question
: Which of the following
perspectives of a Balanced Scorecard would most likely be the ultimate target
in a strategy map for a public company?

Learning and innovation.

Internal processes.

Financial performance.

Customer service.

Employees and community.

Instructor Explanation: Feedback: Learning Objective: 02-04 Explain
how to implement a competitive strategy using the balanced scorecard and
strategy map

Question 7. Question
: In SWOT analysis,
opportunities and threats are identified by:

Consultation with middle management.

Talking with the rank and file workers.

Looking outside the firm.

Brainstorming techniques.

Reviewing our corporate strategy.

Instructor Explanation: Feedback: Learning Objective: 02-01 Explain
how to implement a competitive strategy by using
Strengths-Weaknesses-Opportunities-Threats (SWOT) Analysis Topic: Strategy

Question 8. Question
: Which one of the following is
not usually included as a perspective of the balanced scorecard?

Financial Performance.

Tax Reporting.

Learning and Growth.

Customer Satisfaction.

Instructor Explanation: Feedback: Learning Objective: 02-04 Explain how
to implement a competitive strategy using the balanced scorecard and strategy
map

Question 9. Question
: Theoretically, a decision
maker would probably be willing to buy cost management information if:

It is accurate.

It is consistent with management objectives.

It is timely.

Its value is equal to or greater than its
cost.

Instructor Explanation: Feedback: Learning Objective: 03-04
Demonstrate how costs flow through the accounts and prepare an income statement
for both a manufacturing and a merchandising company

Question 10. Question
: A manufacturer of machinery
currently produces equipment for a single client. The client supplies all
required raw material on a no-cost basis. The manufacturer contracts to
complete the desired units from this raw material. The total production costs
incurred by the manufacturer are correctly identified as:

Prime costs.

Conversion costs.

Variable production costs.

Factory overhead.

Instructor Explanation: Feedback: Learning Objective: 03-02 Explain
the cost driver concepts at the activity; volume; structural; and executional
levels

Question 11. Question
: Prime cost and conversion cost
share what common element of total cost?

Direct labor.

Direct materials.

Variable overhead.

Fixed overhead.

Instructor Explanation: Feedback: Learning Objective: 03-02 Explain
the cost driver concepts at the activity; volume; structural; and executional
levels

Question 12. Question
: The additional cost incurred
as the cost driver increases by one unit is:

Average cost.

Controllable cost.

Variable cost.

Unit cost.

Instructor Explanation: Feedback: Learning Objective: 03-02 Explain
the cost driver concepts at the activity; volume; structural; and executional
levels

Question 13. Question
: Tierney Construction, Inc.
recently lost a portion of its financial records in an office theft. The
following accounting information remained in the office files:

COGS = $80,000

WIP Inventory – January 1. = $18,500

WIP Inventory – December 31 = $14,500

Selling & Administrative Expenses = $16,000

Net Income = $30,000

Factory O/H = $20,000

Direct Materials Inventory, January 1= $26,000

Direct Materials Inventory, December 31= $14,000

COGM = $98,000

Finished Goods Inventory, January 1 = 31,000

Direct labor cost incurred during the period amounted to 2.5
times the factory overhead. The CFO of Tierney Construction, Inc. has asked you
to recalculate the following accounts and to report to him by the end of
tomorrow.

What should be the amount in the finished goods inventory at
December 31, 2013?

$55,500.

$35,000.

$43,000.

$49,000.

Instructor Explanation: Feedback: Learning Objective: 03-04
Demonstrate how costs flow through the accounts and prepare an income statement
for both a manufacturing and a merchandising company

Question 14. Question
: Direct materials and direct
labor costs total $40,000 and factory overhead costs total $100 per machine
hour. If 200 machine hours were used for Job #202, what is the total
manufacturing cost for Job #202?

$95,000

$75,000

$65,000

$60,000

Instructor Explanation: Feedback: Learning Objective: 03-04
Demonstrate how costs flow through the accounts and prepare an income statement
for both a manufacturing and a merchandising company

Question 15. Question
: Factory overhead costs for a
given period were 3 times as much as the direct material costs. Prime costs
totaled $2,000. Conversion costs totaled $3,280. What are the direct labor
costs for the period?

$1,220.

$1,360.

$1,410.

$1,540.

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