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Test Bank For Fundamentals of Cost Accounting 5th Edition By William Lanen Shannon Anderson Michael Maher (All Chapters, 100% Original Verified, A+ Grade)

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Fundamentals of Cost Accounting 5th

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Fundamentals Of Cost Accounting 5th

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Fundamentals of Cost Accounting 5e William Lanen Shannon
Anderson Michael Maher (Test Bank All Chapters, 100% Original
Verified, A+ Grade) Answers At The End Of Each Chapter

Chapter 01

Cost Accounting: Information for Decision Making

True / False Questions

1. The value chain comprises activities from research and development through the production

process, but does not include activities related to the distribution of products or services.

True False

2. Administrative functions are not included as part of the value chain because they are implicitly
included in every business function.

True False

3. Under the value chain concept, value-added activities are those that firms perform and that

customers perceive as adding utility to the goods they purchase.

True False

4. The value chain is comprised of the activities that take place only during the production process.

True False

1-1
Copyright © 2017 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.

,5. If a poor facility layout exists and work-in-process inventory must be moved during the production

process, the company is likely to be performing value-added activities.

True False

6. Cost information itself is a product with its own customers.

True False

7. Financial accounting information is sufficient for making operational decisions.

True False

8. Cost accounting information is commonly used in developing financial accounting information.

True False

9. Financial accounting information is designed for decision-makers who are directly involved in the

daily management of the firm.

True False

10. It is more important for financial accounting information to be comparable between firms than to

be useful for managerial decision-making.

True False

11. Cost accounting information developed for managers to use in making decisions must comply

with generally accepted accounting principles (GAAP) and international financial reporting

standards (IFRS).

True False

1-2
Copyright © 2017 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.

,12. A cost driver is a factor that causes costs.

True False

13. A cost can be considered a differential cost for one particular course of action but not for another

course of action.

True False

14. A responsibility center can be a department, division, or segment, but not a subsidiary of the

parent company.

True False

15. It is important that the manager assigned to lead a responsibility center be held accountable for

its operations.

True False

16. Budgeting is primarily used to determine year-end bonuses based on managerial and

organizational performance.

True False

17. Managers are usually responsible for the revenues needed to achieve the targets set during the

budgeting process, but not the resources consumed to achieve those targets.

True False

1-3
Copyright © 2017 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.

, 18. In general, if activities that do not add value to the company can be eliminated, then costs

associated with them will also be eliminated.

True False

19. Accounting systems are important because they are a primary source of information for

managers.

True False

20. Benchmarking is a continuous process of measuring a company's products, services, or activities

against competitors' performance.

True False

21. Activity-based costing (ABC) is a management tool that focuses on the continuous improvement

of all dimensions of a business.

True False

22. Lean manufacturing techniques are used only in the production process.

True False

23. Typical ERP systems integrate information systems that link production, purchasing, human

resources, and finance into a single comprehensive information system.

True False

24. Managers face ethical situations on a daily basis, while accountants face them infrequently.

True False

1-4
Copyright © 2017 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.

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