Exam (elaborations)
Test bank For Cost Accounting Chapter 1( 1st Edition by Farmer )
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Test bank For Cost Accounting Chapter 1( 1st Edition by Farmer )
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Test bank For Cost Accounting Chapter 11st Edition by Farmer
True or false: Information can be used to increase value.
True
The set of activities that transform raw resources into goods and services is the ______ chain.
value
The value chain does NOT comprise activities from ______.
administration
Which of the following is not part of a firm's distribution chain?
employees
In order to add value to an organization, cost information must improve manager's
____________.
decisions
As providers or users of information, it is important to understand how information can and will
be used to add ____________.
value
Which type of accounting focuses on the value chain?
cost
The set of activities that transforms raw resources into goods and services is called the
_____________ ____________.
value chain
, Managers evaluate _______________-___________ activities to determine how they contribute
to the final product's service, quality, and cost.
value-added
The supply chain includes ______.
- employees
- other companies
Internal users ______.
include managers
use cost accounting information
The users of ______________ accounting information are often external to the firm.
financial
Cost accounting is concerned with ______.
-how the individual stages contribute to value
-the different stages of the value chain
An important characteristic of financial accounting is that the information be ______ across
different companies.
comparable
Managers use ___________ accounting information in their day-to-day activities.
cost
Accounting systems are classified based on the ______________ user of the information.
primary
Information designed for decision makers who are not directly involved in the daily management
of the firm is called ________________ accounting.
financial
In order for a decision maker to be able to decide whether to invest in Costco or Sam's Club, it
is important for financial accounting information to be ______.
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