,1. Multiple Choice: Which of the following is a key characteristic of
strategic thinking in accounting?
a) Focus on past financial records
b) Emphasis on compliance and regulation
c) Ability to anticipate future trends and implications
d) Strict adherence to traditional accounting practices
Answer: c) Ability to anticipate future trends and implications
Rationale: Strategic thinking involves looking ahead and
preparing for future developments, which is vital for making
informed decisions in accounting.
2. Fill-in-the-Blank: The __________ model is a strategic tool used
to analyze a company's competitive environment and to guide
strategic decision-making.
Answer: Porter's Five Forces
Rationale: Porter's Five Forces model helps in understanding the
competitive forces and the structural underpinnings of an industry,
which are essential for strategic planning in accounting.
3. True/False: In innovative accounting, the balanced scorecard
approach is outdated and no longer used.
, Answer: False
Rationale: The balanced scorecard is still a relevant and widely-
used framework for aligning business activities to the vision and
strategy of the organization, enhancing internal and external
communications, and monitoring organizational performance
against strategic goals.
4. Multiple Response: Select all that apply. Which of the following
are considered innovative accounting practices?
a) Cloud-based accounting
b) Triple bottom line reporting
c) Use of blockchain for transaction verification
d) Adherence to Generally Accepted Accounting Principles
(GAAP)
Answers: a) Cloud-based accounting, b) Triple bottom line
reporting, c) Use of blockchain for transaction verification
Rationale: Cloud-based accounting, triple bottom line reporting,
and the use of blockchain are innovative practices that incorporate
new technologies and broader metrics of success into accounting.
GAAP adherence is a standard practice, not necessarily innovative.
5. Multiple Choice: What does the term 'blue ocean strategy' imply
in a business context?
a) A focus on high-risk investments
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