Paper Topic:
management accounting
1 . The five stages in the process of keeping an organization in control are (Points : 2 planning , implementing , measuring , evaluating and correcting planning , executing , monitoring , evaluating and correcting budgeting , implementing , monitoring , evaluation and feedback budgeting , executing , measuring , feedback and evaluation 2 . Which BEST describes the purpose of a management accounting and control system (MACS (Points : 2 A MACS defines the value chain and identifies nonvalue-added activities for a business A MACS helps decision makers determine whether strategies and objectives are being met A MACS offers a system of
controls to ensure employees are meeting predetermined standards
d . A MACS provides a signal for management attention when areas are out-of-control
3 a method of cost planning to reduce manufacturing costs to targeted levels
the process of examining each component of a product to determine whether its cost can be reduced
the process of managing all costs along the value chain
a system that focuses on reducing costs during the manufacturing cycle
4 . __________ starts with the estimated product costs and next determines the estimated selling price (Points : 2
Standard costing
Target costing
Kaizen costing
Traditional costing
5 . All of the following are true regarding target costing except that (Points : 2
improvements are implemented in small , incremental amounts
customer input is collected continually throughout the target costing process
input is requested from suppliers and distributors
a key goal is to minimize ownership costs over the product 's useful life
6 . Relevant costs for...
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