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Solution Maunal For Cost Accounting A Data Analytics Approach 2024 Release By Margaret Christ, D. Kip Holderness and Vernon Richardson Chapter 1-1017,04 €
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1. (LO 1.3) Which component of the AMPS model addresses the question of the best
way for management accountants to communicate their analyses with decision-
makers?
a. Ask the question
b. Master the data
c. Perform the analysis
d. Share the story
2. (LO 1.5) Which of the following is considered discretionary information for a
company’s accountants to provide?
a. The break-even level of a new product
b. The annual report submitted to shareholders detailing financial performance
c. The federal tax return
d. Sales information as part of the sales tax return
3. (LO 1.1) Which of the following value chain activities is considered to be a primary
activity?
a. Procurement
b. Inbound logistics
c. Human resources management
d. Information technology
4. (LO 1.2) What requires context to create information?
a. Knowledge
b. Data
c. Facts
d. Data stores
5. (LO 1.4) The analysis of variances (e.g., actual performance is different from
budgeted performance) is most often associated with which type of analytics?
a. Descriptive analytics
b. Diagnostic analytics
c. Predictive analytics
d. Prescriptive analytics
6. (LO 1.4) Summary statistics are most often associated with which type of analytics?
a. Descriptive analytics
b. Diagnostic analytics
c. Predictive analytics
, d. Prescriptive analytics
7. (LO 1.4) Time series analysis is most often associated with which type of analytics?
a. Descriptive analytics
b. Diagnostic analytics
c. Predictive analytics
d. Prescriptive analytics
8. (LO 1.6) Which of the following is not one of the four overarching ethical principles mentioned in
the 2017 IMA Statement of Ethical Professional Practice?
a. Competence
b. Honesty
c. Confidentiality
d. Credibility
9. (LO 1.3) Which questions aim to more clearly understand why net income is
decreasing when revenues are increasing?
a. What happened? What is happening?
b. Why did it happen? What are the root causes of past results?
c. Will it happen in the future? What is the probability something will happen?
Is it forecastable?
d. What should we do based on what we expect will happen? How do we
optimize our performance based on potential constraints?
10. (LO 1.3) What type of visualization is used to track overtime labor on a continuous,
real-time basis?
a. Dashboard with static display
b. Dashboard with dynamic display
c. Conditional formatting
d. Bar chart for the past 10 months
11. (LO 1.3) Which management accounting question will require predictive analytics?
a. Why did labor expenses increase over the past year as compared to prior
years?
b. Should the company rent or lease its headquarters office building?
c. Can we forecast future sales for this company?
d. Why did our cost structure (fixed and variable costs) change over the past
year?
12. (LO 1.3) Which management accounting question will require prescriptive
analytics?
a. Why did the company perform worse this year than last year?
b. Should the company manufacture its product, or should it outsource the
production of its products to an outside contractor?
c. Can we forecast future sales, earnings, and cash flows for this company?
d. What was the total revenue last quarter?
13. (LO 1.2) A ________ is a person who analyzes accounting-related data to help an
organization make effective business decisions.
a. management accountant
, b. financial accountant
c. data scientist
d. computer programmer
14. (LO 1.2) A ________ is a person employed to acquire, maintain, curate, access,
manipulate, and statistically test data to address business questions.
a. management accountant
b. financial accountant
c. data scientist
d. computer programmer
15. (LO 1.2) If a manager is a decision-maker, and a data scientist is a developer, then
what best describes a management accountant?
a. An interpreter
b. An expert at investments
c. An intermediary
d. A broker
16. (LO 1.5) Which of the following is mandatory information that a company’s
accountants is required to maintain?
a. The cost drivers used to allocate overhead
b. The calculation of the difference between actual and budgeted performance
c. The product price that should be charged to maximize profits
d. The amount of dividends paid to shareholders
17. (LO 1.5) Which entity sponsors the certification of management accountants as a
CMA?
a. Institute of Management Accountants
b. Institute of Certified Public Accountants
c. American Institute of Management Accountants
d. Association of Certified Management Accountants
18. (LO 1.5) Which of the following applies to management accounting?
a. There are required audits of management accounting information.
b. Management accounting works to minimize the cost of compliance with
regulatory entities.
c. A source of management accounting data comes from a cost accounting
system.
d. Common output is the income statement.
19. (LO 1.3) Performing a regression falls into which of the following components of the
AMPS model?
a. Ask the question
b. Master the data
c. Perform the analysis
d. Share the story
20. (LO 1.3) Which data visualization is used to evaluate trends of values over time?
a. Bar Chart
b. Pie Chart
c. Scatterplot
d. Line Graph
, (Level 1) Discussion Questions
1. (LO 1.1) Describe the primary activities in the value chain for your college or
university. In your opinion, which primary activities create the most value?
Suggested Solution: Answers will vary. Universities admit students (as inputs)
and use their resources (curriculum, faculty, buildings, computers, and so on) to
create a job-ready, educated graduate (the output). Arguably, the school creates
value (as shown in Exhibit 1.1). If it is not creating value in one form or the other, it
probably will not survive.
1. INBOUND LOGISTICS are the activities associated with receiving and storing raw
materials and other partially completed materials, and distributing those
materials to manufacturing divisions when and where they are needed.
Universities hire faculty and faculty support, construct classrooms and
faculty offices, create online teaching infrastructure, construct housing
(where appropriate), etc.
2. OPERATIONS are the activities that transform inputs into finished goods and
services.
Professors and instructors develop curricula, create degree programs,
instruct and assess students for performance.
3. OUTBOUND LOGISTICS are the activities that warehouse and distribute the finished
goods to customers.
Placement services, job fairs, employer relations, etc., help to place
graduating students.
4. MARKETING AND SALES ACTIVITIES identify the needs and wants of customers to
attract them to the company’s products and then buy them.
Universities market and advertise their degree programs and university
services to prospective and current students.
5. SERVICE ACTIVITIES provide support to customers after the products and services
are sold to them. Service activities include warranty repairs, parts, instruction
manuals, and phone or internet support.
Alumni programs and placement programs continue to support students
after they have graduated.
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