Exam1 - Name Exam 1 Status Completed Score 88 out of 120...

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Name: Exam 1 Status : Completed Score: 88 out of 120 points Instructions : Question 1 2 of 2 points A management information system should do which of the following? Collect data Organize data for managers Analyze data for management a. yes no yes b. yes yes no c. no no yes d. yes yes yes Selected Answer: b. yes yes no Correct Answer: b. yes yes no Question 2 2 of 2 points Which of the following is not a primary goal of a cost management system? Selected Answer: develop organizational strategies Correct Answer: develop organizational strategies Question 3 2 of 2 points Which of the following statements is true ? Selected Answer: Knowledge of an organization's critical success factors help to clarify organizational mission and develop a cost management system.
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Correct Answer: Knowledge of an organization's critical success factors help to clarify organizational mission and develop a cost management system. Question 4 0 of 2 points Reactions to information provided by the management control system are Selected Answer: determined as those activities that will be most efficient and effective given the organization's available technology. Correct Answer: judgmental, and are based on interpretations and circumstances. Question 5 2 of 2 points The performance measurement system should encourage each manager to act in a manner that Selected Answer: most positively supports the organization's mission and competitive strategies. Correct Answer: most positively supports the organization's mission and competitive strategies. Question 6 2 of 2 points A res A responsibility accounting system provides information to top management about the Selected Answer: all of the above. Correct Answer: all of the above. Question 7 2 of 2 points ___________ refers to avoiding competition in making a product distinct from that of competitors by adding value or features for which consumers are willing to pay more.
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Selected Answer: Differentiation Correct Answer: Differentiation Question 8 0 of 2 points In conjunction with a cost management system, gap analysis refers to comparing Selected Answer: current cost information to projected cost information. Correct Answer: the information needed to what is available. Question 9 8 of 8 points Discuss the three elements of a cost management system. Selected Answer: Discuss the three elements of a cost management system. Cost and management accounting, control, and reporting system that identifies, monitors, and maintains continuous, detailed analyses of a company's activities and provides managers with timely measures of operating results. It’s a set of formal methods developed for planning and controlling an organization’s cost- generating activities relative to its goals and objectives. A cost management system is composed of three primary elements. The elements as a whole must be internally consisten, and the individually selected elements must be consistent with the strategies and issions of the subunits. Different aspects of these elements can be used for different purposes.
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