ACCT 303 Final

As data is gathered and collected, organizations must determine how to make the best use of this vast resource. When left in its raw state, this data might remain unusable but would continue to consume storage space at an exponential rate. Within the data, there exists both structured and unstructured data. Which of the following is an example of unstructured data?

A digital photograph of the client's customer database

As data is gathered and collected, organizations must determine how to make the best use of this vast resource. When left in its raw state, this data might remain unusable but would continue to consume storage space at an exponential rate. Within the data, there exists both structured and unstructured data. Which of the following is an example of structured data?

A spreadsheet file containing customer information for recent orders

Economic Value Added (EVA) is a very well-received metric used to evaluate a company's success generating a return that exceeds the cost of capital. Some have claimed that a business should always strive to focus on and generate EVA. Which of the following correctly identifies the formula for Economic Value Added?

After-tax Operating Income- (Weighted Average Cost of Capital x Invested Capital)

After completing a SWOT analysis, a company begins to set its strategy to advance from its current position. Porter describes a strategy spectrum whereby a company has two choices: cost leadership and product differentiation. Which of the following is a company who has selected a cost leadership strategy?

Cost Mart is a big box store that sells items at the cheapest price in town

Which of the following steps in the strategic planning process should be completed first?

Create a mission statement

As new aspects of technology work their way into normal business practices, professionals in various fields must adjust. One of the largest adjustments requires learning new terminology in both large and small regards. Which of the following represents an example of big data?

Data generated from a variety of sources in volumes too large for traditional technology

Hauser Company gathered information about its gross margin percentage and profit margin percentage for the past 10 years. It wants to evaluate how much these percentages fluctuated over that period of time. Hauser Company now wonders why there are two different periods in which the margins were significantly higher than in all other periods. Which type of data analytics would most appropriately help the management team explain these unique results?

Diagnostic Analytics

Houz Inc. is a regional furniture manufacturer that specializes in new midcentury replicas at affordable prices. The management and decision-makers at Houz gathered data from past years and are performing some analysis. If the company wants to address why its southern region recently experienced a decrease in customer orders, then what type of data analysis would be most appropriate for this, and why?

Diagnostic: they need to know why there was a decrease in customer orders in the Southern region.

After completing a SWOT analysis, a company begins to set its strategy to advance from its current position. Porter describes a strategy spectrum whereby a company has two choices: cost leadership and product differentiation. Which of the following is a company that is not purely a cost leader or a product differentiator but somewhere in the middle of the spectrum?

Freshies is a grocery store that carries unique products and strives to keep their costs as low as possible

Cameron would like to improve the overall performance of the factory where he works. He has decided to use a balanced scorecard (BSC) so he can take both financial and nonfinancial performance into consideration. Which of the following is an appropriate objective to implement from the financial perspective?

Increase revenue per customer

The management team for an Italian restaurant has started its annual review of the overall performance of the organization. In an effort to include both financial and nonfinancial measures, the managers will complete a balanced scorecard (BSC). If they are focusing on the internal business process perspective, which of the following would be an appropriate initiative and measure to decrease time from order placement to meal service?

Initiative: Conduct efficiency study, and Measure: Time from order placement to meal service

Once a business is ready to move from identifying industry challenges to overcoming them, the company may choose to complete a SWOT analysis. This tool helps the organization identify internal and external factors affecting them. Which of the following is the best breakdown of Internal and External forces in a SWOT analysis?

Internal: Strengths, Weaknesses; and External: Opportunities, Threats

Carson is the marketing manager at a local travel publication. He is working with department heads to obtain data to help him in his efforts to attract new clients and investigate aspects of the company's existing clientele. Why would Carson choose to use descriptive analytics?

Management would like Carson to analyze the change in revenue per existing customer over the past two years

When an organization starts up, it decides on a mission and vision, and these two components inform every step of the company's goal achievement. Which of the following best represents the component that results from coordination of business units across the organization tracking dollars and dates?

Measures and targets

Residual Income represents an excess of income that is earned above a firm's Required Rate of Return on its investment. Businesses often find that any Residual Income is the preferred outcome for both managers and the company as a whole. Which of the following correctly identifies the formula for Residual Income?

Operating Income - (Required Rate of Return x Investment)

All business units are created with certain goals against which they are measured. Regardless of the type of business unit, evaluations are utilized to ensure that management is directing the team towards the achievement of goals that are congruent with the overall company goals set forth by the highest levels of management. Which of the following best represent metrics used to evaluate an investment center?

Return on Investment, Residual Income, Investment Turnover

Decision-making involving data analytics includes a five-step process. Which of the following best represents the correct order for these steps?

Source, Store, Retrieve and Manipulate, Gain Insight, Make Decisions

All business units are created with certain goals against which they are measured. Regardless of the type of business unit, evaluations are utilized to ensure that management is directing the team towards the achievement of goals that are congruent with the overall company goals set forth by the highest levels of management. Which of the following best represent metrics used to evaluate a profit center?

Target Profit, Budget-to-Actual Profit Reports, Net Income

What are Gestalt principles of visual perception?

They explain how humans gain meaningful perceptions from stimuli around them

Data analytics has four broad categories that range in value and complexity. Each of the four category types strives towards raising questions that assist decision-makers in their efforts to gather relevant data. Which of the following is an example of a question answered by descriptive analytics?

What are the selling price trends of a single product across the United States?

The management at Gellar Corp. is compiling data for the company's data analytics team. Gellar is a factory that produces gummy bear candy, and is very interested in what changes can be made in the next few years to reduce costs. What specific technique could be utilized to evaluate various scenarios that management may envision happening?

What-if analysis, a prescriptive analytics technique

Data analytics can be broken into four broad categories. Each category serves a unique purpose and will vary by value and complexity. Which of the following would be a question answered by using diagnostic data analysis?

Why did it happen?

Data analytics has four broad categories that range in value and complexity. Each of the four category types strives towards answering questions that assist decision makers in their efforts to gather relevant data. Which of the following is an example of a question answered by diagnostic data analytics?

Why did the Western region have a decrease in profits when the East did not?

When computing product costs, direct materials, direct labor, and all manufacturing overhead (fixed and variable) are used with

absorption costing

The formula for the fixed MOH volume variance is

budgeted fixed MOH costs less applied fixed MOH

The formula for applied fixed MOH is

budgeted fixed MOH rate times the actual units produced

Place each objective in the most appropriate strategy map perspective: increase number of new clients increase customer satisfaction with service and features

customer

debt to equity ratio current ratio operating cash flows

financial

increase gross margin percentage increase asset turnover

financial

The difference between variable costing and absorption costing in measuring net income lies in the treatment of

fixed manufacturing overhead

All the following are included as costs of inventory under absorption costing except

fixed operating

improve product features reduce time from service order to job completion improve quality of the product

internal business process

You have prepared a columnar bar chart of annual sales figures for each of several geographic sales divisions of a large lumber company. You organized the divisions left to right in descending order of the number of board feet (in millions) of lumber sold by each division, which is an example of applying the Gestalt principle of visual perception known as the

law of continuity

You have prepared a columnar bar chart of annual sales figures for each of several geographic sales divisions of a large lumber company. The divisions have been organized left to right in descending order of the number of board feet (in millions) of lumber sold by each division. You highlighted the southeast sales division with a brighter color than the others which is an example of applying the Gestalt principle of visual perception known as the

law of focal point

You have prepared a columnar bar chart of quarterly revenues of each of several geographic sales divisions of a large lumber company showing the number of board feet (in millions) of lumber sold by each division in each quarter. Each sales division is illustrated with a different color and each division's four quarters of data (bars) are grouped together. This grouping is an example of applying the Gestalt principle of visual perception known as the

law of similarity

increase employee engagement increase employee training reduce employee turnover

learning and growth

When calculating inventory for the balance sheet using variable costing as opposed to absorption costing, the inventory values will generally be

less

Classify each measure as financial or non-financial average time to hire

nonfinancial

product defect percentage employee well-being manufacturing efficiency average number of customers served per day net promoter score customer satisfaction

nonfinancial

A bar graph visualization that misleads by making the data look like it has more differences across categories than it really does is an example of misleading by

omitting the baseline

You have prepared a columnar bar chart of annual sales figures for each of several geographic sales divisions of a large lumber company. You want to apply the Gestalt principle of visual perception known as the law of continuity. You should

organize the divisions left to right in descending order of the number of lumber board feet sold

You have prepared a columnar bar chart of quarterly revenues of each of several geographic sales divisions of a large lumber company showing the number of board feet (in millions) of lumber sold by each division in each quarter You want to apply the Gestalt principle of visual perception known as the law of proximity. You should

position similarly performing divisions close together, especially if there are many

Visual properties we notice without realizing it are

pre-attentive attributes

On an income statement prepared using variable costing, variable operating expenses are deducted from _ to get _

sales, contribution margin

An accountant created a visualization showing company profits for each of two years rather than showing monthly profits for the two-year period. This visualization looks like profits are steadily increasing. The variation in profits across the months is unseen. This is misleading because the accountant has chosen to

selectively pick the data

The law of focal point

states that a viewer pays attention to whatever stands out visually

The law of proximity

states that closeness of visual objects impacts peoples' perceptions

The law of continuity

states that lines are perceived as going further along the same path

The law of similarity

states that matching objects tend to be perceived as a whole group

The fixed MOH volume variance measures

the actual usage of capacity compared to the planned usage of capacity

A manager illustrates how products have sold from one year to the next using pie charts, one for each year, showing each product's sales for the year. There are four products shown in each pie chart. This visualization may be misleading for the viewer because the manager has chosen to

use the wrong graph

When computing product costs, direct materials, direct labor, and only variable manufacturing overhead are used with

variable costing