Chap001

Cost Management: Strategies for Business Decisions

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Chapter 01 - Cost Management and Strategic Decision Making Evaluating Opportunities and Leading Change Chapter 01 Cost Management and Strategic Decision Making Evaluating Opportunities and Leading Change True / False Questions 1. A cost-management system is the set of cost-management techniques that function together to support the organization's goals and activities. TRUE AACSB: Reflective Thinking AICPA BB: Industry Difficulty: Easy Learning Objective: 1 2. Cost management is a philosophy, an attitude, and a set of techniques aimed at generating the most revenues possible in a corporation. FALSE AACSB: Analytic ACIPA BB: Industry Difficulty: Easy Learning Objective: 1 3. Cost accounting and cost management are the same functions and operations. FALSE AACSB: Analytic AICPA BB: Industry Difficulty: Easy Learning Objective: 1 1-1
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Chapter 01 - Cost Management and Strategic Decision Making Evaluating Opportunities and Leading Change 4. Companies in the United States are required by law to follow the code of ethics developed by the Institute of Management Accountants (IMA). FALSE AACSB: Ethics AICPA BB: Global AICPA BB: Legal Difficulty: Medium Learning Objective: 2 5. Strategy is an organization's overall plan or policy to achieve its goals. TRUE AACSB: Reflective Thinking AICPA BB: Industry Difficulty: Easy Learning Objective: 3 6. Two major questions asked in strategic decision making are "where" and "who." FALSE AACSB: Reflective Thinking AICPA FN: Decision Making Difficulty: Easy Learning Objective: 3 7. Strategic decision making is not applicable in non-profit organizations because financial rewards do not exist for shareholders. FALSE AACSB: Reflective Thinking AICPA FN: Decision Making Difficulty: Easy Learning Objective: 3 1-2
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Chapter 01 - Cost Management and Strategic Decision Making Evaluating Opportunities and Leading Change 8. The Value Chain is a set of linked operations or processes that begins in the manufacturing process of a company. FALSE AACSB: Reflective Thinking AICPA BB: Industry Difficulty: Easy Learning Objective: 3 9. Quantitative information is expressed in dollars or other quantities relating to size or frequency. TRUE AACSB: Reflective Thinking AICPA BB: Industry AICPA FN: Measurement Difficulty: Easy Learning Objective: 4 10. The use of Internet-based information and Web sites for solicitations is an example of the customer service part of the value chain. FALSE AACSB: Communications AICPA BB: Marketing Difficulty: Medium Learning Objective: 3 11. The extended value chain encompasses the ways companies obtain their resources and distribute their products and services, possibly using the services of other organizations. TRUE AACSB: Reflective Thinking AICPA BB: Resource Management Difficulty: Easy Learning Objective: 3 1-3
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Chapter 01 - Cost Management and Strategic Decision Making Evaluating Opportunities and Leading Change 12. Email response to customers' questions and complaints is an example of the customer service aspect of the value chain. TRUE
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Chap001 - Chapter 01 - Cost Management and Strategic...

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