Cost Accounting Chapter 1
Cost accounting
All of these answers are correct
Management accounting information includes
All of these answers are correct
Modern cost accounting plays a role in
All of these answers are correct
Which of the following types of information are used in management accounting
All of these answers are correct
Which of the following descriptors refers to management accounting information
D) It provides reasonable and timely estimates
Cost management is narrowly focused on a continuous reduction of costs.
FALSE
Management accounting has to strictly follow the rules of generally accepted accounting principles for the purposes of measurement and reporting.
FALSE
Managers always require the information in an accounting system to be presented in the same format
FALSE
Modern cost accounting takes the perspective that collecting cost information is a function of the management decisions being made
TRUE
Which of the following statements refers to management accounting information?
There are no regulations governing the reports.
An Enterprise Resource Planning System can best be described as:
a single database that collects data and feeds it into applications that support each of the company's
a. study detailing sale information of the top-ten selling products b. weekly report of total sales generated by each store in the metropolitan area c. annual Report sent to shareholders d. monthly report comparing budgeted sales by store to actual sales
a. (2) nonroutine internal reporting b. (1) routine internal reporting c. (3) external reporting to investors and other outside parties d. (1) routine internal reporting
The approaches and activities of managers in short-run and long-run planning and control decisions that increase value for customers and lower costs of products and services are known as:
cost management
Management accounting
focuses on estimating future revenues, costs, and other measures to forecast activities and their results
Financial accounting:
must comply with GAAP (generally accepted accounting principles)
Cost accounting provides all of the following EXCEPT:
pricing information from marketing studies
A data warehouse or infobarn
stores information used by different managers for multiple purposes
Financial accounting provides a historical perspective, whereas management accounting emphasizes
the future