Test Bank for Cost Management: A Strategic Emphasis: 2024 Evergreen Release 9e 9th Edition by Edward Blocher, Paul Juras and Steven Smith. All chapters are included with complete answers (Chapter 1 to 20)
PART ONE: Introduction to Strategy, Cost Management, and Cost Systems
1 Cost Management ...
Chap 01 Blocher - 2024 Release
MULTIPLE CHOICE - Choose the one alternative that best completes the statement or
answers the question.
1) Which of the following does not represent a main focus of cost management information?
1) ______
A) Strategic management.
B) Performance measurement.
C) Planning and decision making.
D) Preparation of financial statements.
E) Internal audit and control.
Question Details
AICPA : BB Critical Thinking
AICPA : FN Measurement
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-01 Explain the use of cost management information in each of the four functio
Topic : Four Functions of Management
AACSB: Reflective Thinking
Source : Chapter 01 Test Bank - Static > TB MC Qu. 1-1 Which of the following does not represent ...
1
,2) Strategic management can be defined as the development of a sustainable:
2) ______
A) Chain of command.
B) Competitive position.
C) Cash flow.
D) Business entity.
E) Company image.
Question Details
AICPA : BB Critical Thinking
AICPA : FN Decision Making
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-01 Explain the use of cost management information in each of the four functio
Topic : Four Functions of Management
AACSB: Reflective Thinking
Source : Chapter 01 Test Bank - Static > TB MC Qu. 1-2 Strategic management can be defined as the ...
3) Cost management has moved from a traditional role of product costing and operational
control to a broader strategic focus, which places an emphasis on:
3) ______
A) Competitive pricing.
B) Domestic marketing.
C) Short-term thinking.
D) Strategic thinking.
E) Independent judgment.
Question Details
AICPA : BB Critical Thinking
AICPA : FN Decision Making
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-01 Explain the use of cost management information in each of the four functio
Topic : Four Functions of Management
AACSB: Reflective Thinking
Source : Chapter 01 Test Bank - Static > TB MC Qu. 1-3 Cost management has moved from a traditional ...
2
,4) Cost management is used to analyze the cost consequences of different design choices and to
measure and report the many aspects of quality, including all of the following except:
4) ______
A) Wasted labor or materials.
B) The nature of complaints, warranty costs, and product recalls.
C) The short- and long-term goals of sustainability.
D) The number of service calls.
E) Production breakdowns.
Question Details
AICPA : BB Resource Management
AICPA : FN Decision Making
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-03 Explain the contemporary management techniques and how they are used in co
Topic : Contemporary Management Techniques
AACSB: Reflective Thinking
Source : Chapter 01 Test Bank - Static > TB MC Qu. 1-4 Cost management is used to analyze the cost ...
5) In a local factory, employees are rewarded for finding new and better ways of changing the
way they work. This company is motivating its employees to use what management
technique?
5) ______
A) Benchmarking.
B) Activity-Based Costing.
C) Theory of Constraints.
D) Continuous Improvement.
E) Total Quality Management.
Question Details
AICPA : FN Measurement
AICPA : BB Resource Management
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Understand
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-03 Explain the contemporary management techniques and how they are used in co
Topic : Contemporary Management Techniques
AACSB: Reflective Thinking
Source : Chapter 01 Test Bank - Static > TB MC Qu. 1-5 In a local factory, employees are rewarded ...
3
, 6) A company's management accountant is trying to improve the way costs are allocated within
the company. Currently, several corporate expenses are grouped together and labeled
"overhead." If the accountant wanted to use activity-based costing (ABC) to help solve the
problem, what should she do?
6) ______
A) She should try to trace the departments' costs to their cost objects, and then charge
each department based on those cost relationships.
B) She should research how the company's competitors are allocating their costs, and
then implement one of those strategies.
C) She should look for bottlenecks within the production process, and try to eliminate
them, thus reducing costs.
D) She should examine the firm's value chain and apply target costing before adopting
activity-based costing (ABC).
E) She should identify and monitor the costs of a product throughout its life cycle to see
where the costs mostly come from.
Question Details
AICPA : BB Critical Thinking
AICPA : FN Measurement
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Understand
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-03 Explain the contemporary management techniques and how they are used in co
Topic : Contemporary Management Techniques
AACSB: Reflective Thinking
Source : Chapter 01 Test Bank - Static > TB MC Qu. 1-6 A company's management accountant is trying ...
4
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