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ACC 350 WEEK 2 ,3 ,4 ,5 ,6 ,7 ,8 9, 10 ,11 Quiz 1 to 8 Chapter 1 - All Possible Questions
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ACC 350 WK 2 Quiz 1 Chapter 1 - All Possible Questions

Chapter 1

1)
Management accounting information focuses on external reporting.
2)
Cost management is narrowly focused on a continuous reduction of costs.
3)
Managers always require the information in an accounting
ACC 350 WEEK 2 ,3 ,4 ,5 ,6 ,7 ,8 9, 10 ,11 Quiz 1 to 8 Chapter 1 - All Possible Questions
4)
Modern cost accounting plays a significant role in management decision making.
5)
The balance sheet, income statement, and statement of cash flows are used for financial accounting, but not for management accounting.
6)
Financial accounting is broader in scope than management accounting.
7)
Cost accounting measures and reports short-term, long-term, financial, and nonfinancial information.
ACC 350 WEEK 2 ,3 ,4 ,5 ,6 ,7 ,8 9, 10 ,11 Quiz 1 to 8 Chapter 1 - All Possible Questions
8)
Cost management provides information that helps increase value for customers.
9)
Management accounting has to strictly follow the rules of generally accepted accounting principles for the purposes of measurement and reporting.
10)
An ideal database should consist of data that could be used for a single purpose only.
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.
12)
Cost accounting provides information only for management accounting purposes.
13)
Cost management involves long-term and short-term decisions that attempt to increase value for customers and lower costs of products or services.
14)
Strategy does NOT specify how an organization matches its capabilities with the opportunities in the marketplace.
ACC 350 WEEK 2 ,3 ,4 ,5 ,6 ,7 ,8 9, 10 ,11 Quiz 1 to 8 Chapter 1 - All Possible Questions
All strategies should be evaluated regarding the resources and capabilities of the company.
16)
The best-designed strategies are valuable whether or not they are effectively implemented.
17)
The key to a company's success is creating value for customers while differentiating itself from its competitors.
ACC 350 WEEK 2 ,3 ,4 ,5 ,6 ,7 ,8 9, 10 ,11 Quiz 1 to 8 Chapter 1 - All Possible Questions
18)
The key to a company's success is always to be the low cost producer in a particular industry.
19)
Companies generally follow one of two basic strategies: 1) providing a quality product or service at low prices, or 2) offering a unique product or service often priced higher than competing products.
20)
Management accountants should have little or no role in deciding on a company's strategy.
21)
Companies can decide on an appropriate strategy based strictly on internally available information.
ACC 350 WEEK 2 ,3 ,4 ,5 ,6 ,7 ,8 9, 10 ,11 Quiz 1 to 8 Chapter 1 - All Possible Questions
22)
Strategic cost management describes cost management that specifically focuses on strategic issues.
23)
Identifying a company's most important customers does not help formulate strategy.
24)
The best-designed strategies and the best-developed capabilities are useless unless they are effectively executed.
25)
The supply chain refers to the sequence of business functions in which customer usefulness is added to products or services.
26)