Acc 350 Wk 5 Midterm Exam

ACC 350 WK 5 Midterm Exam
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1)

Management accounting information focuses on external reporting.
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2)

Cost management is narrowly focused on a continuous reduction of costs.
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3)

Managers always require the information in an accounting system to be presented in the same format.
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4)

Modern cost accounting plays a significant role in management decision making.
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5)

The balance sheet, income statement, and statement of cash flows are used for financial accounting, but not for management accounting.
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6)

Financial accounting is broader in scope than management accounting.
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7)

Cost accounting measures and reports short-term, long-term, financial, and nonfinancial information.
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8)

Cost management provides information that helps increase value for customers.
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9)

Management accounting has to strictly follow the rules of generally accepted accounting principles for the purposes of measurement and reporting.
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10)

An ideal database should consist of data that could be used for a single purpose only.
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11)

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.
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12)

Cost accounting provides information only for management accounting purposes.
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13)

Cost management involves long-term and short-term decisions that attempt to increase value for customers and lower costs of products or services.
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14)

Strategy does NOT specify how an organization matches its capabilities with the opportunities in the marketplace.
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15)

All strategies should be evaluated regarding the resources and capabilities of the...