Mid Term - ACT 5060 Midterm Exam - Fall, 2011 You must...

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ACT 5060 Midterm Exam - Fall, 2011 You must create an answer sheet and submit only the answer sheet (unless your instructor states otherwise). Do not forget to put your name on your submission. No late exams will be graded. Your Instructor will give you the due date and time for the exam. 1. Management accounting: A) is both retrospective, providing feedback about past operations, and also prospective, incorporating forecasts and estimates about future events. B) is primarily oriented to external stakeholders. C) must be consistent with rules formulated by the Financial Accounting Standards Board (FASB). D) provides information that is generally available only on a quarterly or annual basis. 2. Management accounting information is BEST described as: A) providing a signal that something is wrong. B) identifying and helping to explain what is wrong. C) simply summarizing information, but giving no indication that anything is wrong. D) measuring overall organizational performance. 3. Which of the following would be MOST helpful for a top manager of a company? A) profitability report of the company B) information to monitor hourly and daily operations C) number of customer complaints D) operating expense summary reported by department 4. The Balanced Scorecard is said to be "balanced" because it measures: A) short-term and long-term objectives. B) financial and nonfinancial objectives. C) internal and external objectives. D) All of the above are correct. 5. The ________ perspective of the Balanced Scorecard asks, "How is success measured by our shareholders?" A) learning and growth B) customer C) financial D) shareholder
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6. Defect rates for products and yield percentages in manufacturing are measures of quality included in the ________ perspective of the Balanced Scorecard. A) financial B) production C) process D) internal 7. The purpose of the Balanced Scorecard is BEST described as helping an organization: A) develop customer relations. B) mobilize employee skills for continuous improvements in processing capabilities, quality, and response times. C) introduce innovative products and services desired by target customers. D) translate an organization's mission, vision, and strategy into a set of performance measures that help to implement the strategy. 8. The FIRST step in developing strategic objectives for the Balanced Scorecard is: A) defining the long-run financial objectives. B) identifying the target customer. C) articulating the organization's vision. D) select objectives for the customer value proposition. 9. Identify the BEST description of the Balanced Scorecard's customer perspective. To achieve our firm's vision and strategy: A) How do we lower costs? B) How do we motivate employees?
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This note was uploaded on 12/01/2011 for the course ACT 5060 taught by Professor Debroahpendarvis during the Fall '08 term at Nova Southeastern University.

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Mid Term - ACT 5060 Midterm Exam - Fall, 2011 You must...

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