QUESTION 1 30 points Save Answer 1. Firm's industry and prexluct or service; litm's strategy and management information needs, und costs and benefits of acquiring, designing, modifying, und operating a particular system. 2. Direct materials, direct labor, und overbead 2. Estimalel overhead amount for the year / Estimated level of cxxt driver for the year Select the correct cho en - Normal methoxl - Qualitative characteristics of cost Information - Prime costs (Costo primo) |- Cost driver - Cost elements A firm's choice of coating system depends upon the To be competitive u tim noeds accurate cost information for Prestelermitexi OH Rale - Overhead applied Overheud ussignment methods 4. Direct materials - Direct labor 5. Uscs actual costs for direct materials and direct labor but nonnal costs for factory overhead 6. Product pricing decisions; Product profitability analysis; Customer profitability analysis; Evaluation of management performance Refinement of strategic goals 7. Any factor that has the cffect of changing the level of total cost 4. Volume-based costing, activity-based costing 9. Timeliness, Accuracy, Cost and value of information 10. Predctermined OH Rate x Actual activity QUESTION 2 3 points Save Answer Has the overall responsibility for the financial function O CFO b. Management accountant Oc Controller Od. Treasurer QUESTION 3 3 points Save Answer Low-value-added activities Oa. Enhance purchased materials or components Ob Are necessary to meet customer roquirements Oc. Increase significantly the value of the product or service Od. Consume time, resources, or space t add little or nothing to satisfying customer needs QUESTION 4 3 points Save Answer A hybrid cxxsting system that uses jeb cesting assign direct material cuts to jobs and a processing lepartmental approach to assign "conversion costs" to products or services a Standard costing Ob. Volume-based costing c. Operution Costing Od. ABC QUESTION 5 3 points Save Answer These firms use cost management information to identify profitable services and to control costs incurred in providing services O a Merchandising firms Ob. Not-for-profit organizations O c. Manufacturing firms Od Service firms QUESTION 7 3 points Save Answer Management method that determines the desired cost for a product upon the basis of a given competitive price, such that the product will earn a desired profit O Target Costing b. Benchmarking C. ABM Cd. ABC QUESTIONS 3 points Save Answer These firms use cost management information to control production costs O Not-for-profit organizations Oh Merchandising firms c. Manufacturing firms d. Service firms QUESTIONS 3 points Save Answer Maneges investor and creditor relationships 2. Mariagernent accountant b. Controller c. Treasurer Cd. CFO QUESTION 10 3 points Save Answer Costs a firm stould allain under relatively ellicient operating conditions a. Standard costing O . Volume-based costing Oc. ABC d. Normal costing QUESTION 11 3 points Save Answer This type is appropriate when cost can be readily identified with specilic customers, jobs, or projects a. Volume-based costing b. ABC Oc. Operation Costing d. Job Costing QUESTION 12 3 points Save Answer Alirit must define clearly what it means by success in its a. Income statement b. Mission statement Oo. Vision d. Strategy QUESTION 13 3 points Save Answer Cost accumulation method O a. Actual Ob. Normal o. Standard costing d. Prucess casting QUESTION 14 3 points Save Answer This approach relies heavily on the assumption that coverhead cost incurrence is related to output volume O a Volume-based existing Ob Job Costing Oc Operation Costing Od. ABC QUESTION 15 3 points Save Answer It uses activity analysis to help managers improve the value of products and services and to increase the firm's competitiveness. a. ABC O b. Target Costing Oc Benchmarking Od. ADM
