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Financial & Managerial Accounting for MBAs 2nd

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Cambridge Business Publishers, ©2010 Quiz Solutions 13-1 Financial & Managerial Accounting for MBAs, 2 nd Edition Module 13 – Financial and Managerial Accounting for MBAs, 2nd edition by Easton, Halsey, McAnally, Hartgraves & Morse Solutions to Practice Quiz LO: 1 1. Answer: b Managerial accounting is oriented toward current and future decisions, unlike financial accounting which provides information about past decisions. LO: 1 2. Answer: c Strategic position analysis is one component of strategic cost management. The other two components are cost driver analysis (the study of factors that cause or influence costs) and value chain analysis (the study of value-producing activities). LO: 2 3. Answer: a Porter’s model recognizes three basic strategic position alternatives: cost leadership, product differentiation, and market niche. LO: 2 4. Answer: d Controlling is the process of ensuring that results agree with plans. For example, comparing actual performance with budgets is part of the controlling process.
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