Chapter 1 Accounting Tb - 9143 Words

CHAPTER 1 THE ACCOUNTANT’S ROLE IN THE ORGANIZATION TRUE/FALSE 1. Management accounting information focuses on external reporting. Answer: False Difficulty: 1 Objective: 1 Terms to Learn: management accounting Management accounting information focuses on internal reporting. 2. A good cost accounting system is narrowly focused on a continuous reduction of costs. Answer: False Difficulty: 2 Objective: 1 Terms to Learn: cost accounting A good cost accounting system is broadly focused to provide information that helps managers at all levels implement, monitor, and evaluate company strategies. 3. Modern cost accounting plays a significant role in management decision making. Answer: True Difficulty: 1†¦show more content†¦Answer: False Difficulty: 1 Objective: 2 Terms to Learn: strategy Management accountants should play a significant role in deciding on a company’s strategy. 18. Companies can decide on an appropriate strategy based strictly on internally available information. Answer: False Difficulty: 1 Objective: 2 Terms to Learn: strategy Companies must obtain external information as well as internal information to decide on an appropriate strategy. 19. Strategic cost management describes cost management that specifically focuses on strategic issues. Answer: True Difficulty: 1 Objective: 2 Terms to Learn: strategic cost management 20. The supply chain refers to the sequence of business functions in which customer usefulness is added to products or services. Answer: False Difficulty: 1 Objective: 3 Terms to Learn: supply chain The value chain refers to the sequence of business functions in which customer usefulness is added to products or services. 21. An effective way to cut costs is to eliminate activities that do not improve the product attributes that customers value. Answer: True Difficulty: 1 Objective: 3 Terms to Learn: cost management 22. For optimal planning success it is best if each business function within the value chain is performed one at a time in sequence. Answer: False Difficulty: 1 Objective: 3 Terms to Learn: value chain Optimally, success is achieved when two or more ofShow MoreRelatedFactors Affecting The Balance Of Trade Balance1212 Words   |  5 Pagesconstant-price, inflation-corrected Gross domestic product or perhaps constant dollar GDP. The real gross domestic product is the entire price out of all the ultimate products and companies which are created by the overall economy after a presented year, accounting regarding inflation. It can be worked out utilizing the rates of the decided on bottom year. In order to compute real gross domestic product, you must determine how much gross domestic product have been improved by means of inflation provided thatRead MoreSolution Manual, Test Bank and Instructor Manuals34836 Words   |  140 Pages5th Edition_James W. Pratt, William N. Kulsrud (SM+TB+IG w TB) 2011 Individual Taxation, 5th Edition_James W. Pratt, William N. Kulsrud (SM+TB) A First Book of C++, 4th Edition_Gary J. Bronson (SM+TB+IM) A First Course in the Finite Element Method, 5th Edition_Daryl L. Logan (SM) A First Course in the Finite Element Method, SI Version, 5th Edition_ Daryl L. Logan (SM) A Framework for Marketing Management, 4E_Philip R Kotler,Kevin Lane Keller (TB) A Friendly Introduction to Numerical Analysis,BrianRead MoreEssay Marketing: The Art and Science of Satisfying Customers7885 Words   |  32 Pagesï » ¿Chapter 1—Marketing: The Art and Science of Satisfying Customers MULTIPLE CHOICE 1. What utility does Cannondale create when the company combines aluminum and other components in the production of bicycles? a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.cRead More|Review Problems for Exams4693 Words   |  19 Pages | Chapters 2 and 3 [i]. In 2004, TimeNow Corporation had fixed assets of $1,345, current assets of $260, current liabilities of $180 and shareholders equity of $775. What was the net working capital for TimeNow in 2004? [ii]. During 2004, the Abel Co. had gross sales of $1 million. The firm’s cost of goods sold and selling expenses were $300,000 and $200,000, respectively. These figures do not include depreciation. Abel also had notes payable of $1 million. These notesRead MoreNgas Manual17326 Words   |  70 PagesNEW GOVERNMENT ACCOUNTING SYSTEM For National Government Agencies ACCOUNTING POLICIES Volume I Chapter 1. Introduction Objectives of the Manual. The New Government Accounting System (NGAS) Manual presents the basic policies and procedures; the new coding system; the accounting systems, books, registries, records, forms, reports, and financial statements; and illustrative accounting entries to be adopted by all national government agencies effective January 1, 2002. The objectivesRead MoreEthics, Arbitration, Battle of the Forms2809 Words   |  11 PagesJournal Assignment 1: ETHICS Accounting is the planning, recording, analyzing, and interpreting of financial information. It is a professional designation, which places the utmost emphasis on integrity and strong ethical standards. The decisions accountants make effect the decisions of others. Ethics is not just a matter of being a good person. Good people can make bad decisions, and they do. To ignorantly believe that only â€Å"bad† people can be unethical is to not prepare for the inevitable situationsRead MoreAcct504 the Full Accounting Cycle2383 Words   |  10 PagesCASE STUDY 1 -THE COMPLETE ACCOUNTING CYCLE The Entire Case Study is due Sunday at Midnight Mountain time at the end of Week 3. This Case Study is worth 100 points or 10% of your final course grade. This Case Study relates to TCOs D and E and Chapters 3 and 4. MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW. There are 10 Sheets in the Workbook including this one. All of the Information you need for the Project is located in this Workbook. Requirements Requirement 1 - PrepareRead MoreChanges Within China During The Past 30 Years Essay2427 Words   |  10 PagesChapter 3 Changes in Reserve Requirements in China in the past 30 years China expanded its RRR a few periods so as to keep its control on expansion ratio as it transformed its RRR ordinarily at 2011 as the Open Market Operations were insufficient to assimilate liquidity. Starting in the mid-2000s, China has used reserve requirements as a policy instrument much more intensively and frequently than before. Since its inception in 1984 up to June 2003, the RRR have been adjusted just six times andRead Moreintermediate accounting 2 test bank Essay8318 Words   |  34 PagesIntermediate Accounting Kieso 15th Edition Test Bank Click here to download the solutions manual / test bank INSTANTLY!!! http://www.solutionsmanualtestbanks.com/2013/05/intermediate-acc ounting-kieso-15th-edition-test-bank.html Intermediate Intermediate Intermediate Intermediate Accounting Accounting Accounting Accounting Kieso Kieso Kieso Kieso 15th Edition Test Bank 15th Edition Test Bank Weygandt Warfield 15th Edition Test Bank Weygandt Warfield 15th Edition Test Bank Read MoreCaso 3 Y 42488 Words   |  10 Pagesregional furniture chains. The firm specialized in bedroom, dining room, and living room furniture and had three plants in North Carolina and two in Virginia, Its home officewas in High Point, North Carolina. In a recent presentation to the Atlanta chapter of the Financial Analysts Federation, Carl Thompson barely had taken a bite out of his salad when two analysts from Smith Bamey, Harris Upham Co., a stock brokerage firm, began asking questions. They were particularly concemed about Glen Mount s