COST ACCOUNTING MCQ HOMEWORK

| November 28, 2016

Question
1. In SWOT analysis, strengths and weaknesses are most easily identified by looking:

A. At the firm as a potential customer.

B. Inside the firm at its specific resources.

C. At the firm’s competition.

D. At the firm’s product.

E. Outside the firm from a consultant’s perspective.

2. In SWOT analysis, opportunities and threats are identified by:

A. Consultation with middle management.

B. Talking with the rank and file workers.

C. Looking outside the firm.

D. Brainstorming techniques.

E. Reviewing our corporate strategy.

3. Which of the following does not represent a possible opportunity for a manufacturing firm as a part of SWOT analysis?

A. Demographic trends.

B. Technological advances in the industry.

C. An efficient process developed by our firm for manufacturing a product.

D. Changes in regulation of the industry.

E. Changes in the economic environment facing all industries.

4. The balanced scorecard:

A. Is not comprehensive, since it doesn’t include all the CSFs which contribute to competitive success.

B. Helps focus managers’ attention to bottom line profits.

C. Is forward looking, stressing nonfinancial measures that can lead to benefits in the future.

D. Fails to reflect environmental and social effects of the firm’s operations.

E. Is heavily weighted toward the financial critical success factors (CSFs).

5. The balanced scorecard can be made more effective by developing it at a detail level so that employees:

A. Can see how it is put together.

B. Appreciate all the effort that goes into its preparation.

C. Respect management for including them in its formulation.

D. Can see how their actions contribute to the success of the firm.

E. Do not feel left out.

6. The Euro is:

A. A combination of European nations that cooperate on economic and trade matters.

B. A version of Disney World located near Paris.

C. A currency used in many European countries.

D. A currency used in all European countries.

7. The main objective of value chain analysis is to identify stages of the value chain where the firm can:

A. Justify increases in the price of the product or service.

B. Increase value to the customer or reduce cost in some way.

C. Outsource production to other producers.

D. Improve efficiency.

8. It is becoming more common to see manufacturing firms use the value chain to take strategic steps to improve the overall profitability of the firm by:

A. Placing greater emphasis on the value chain.

B. Moving to an emphasis on upstream activities in the value chain.

C. Moving to an emphasis on downstream activities in the value chain.

D. Identifying most profitable customers.

E. Finding low-cost manufacturing locations.

9. With regard to critical success factors, which one of the following would not be considered a financial measure of success?

A. Cash flow.

B. Growth in industry productivity.

C. Sales growth.

D. Earnings growth.

E. Reduction in the cost of inventory.

10. Which one of the following critical success customer factors is best measured by warranty expense?

A. Quality.

B. Dealer and distributor efficiency and effectiveness.

C. Timeliness of delivery.

D. Customer satisfaction.

11. Which one of the following is not usually included as a perspective of the balanced scorecard?

A. Financial Performance.

B. Financial Reporting.

C. Learning and Growth.

D. Customer Satisfaction.

E. Internal Business Processes.

12. Which of the following best describes the type of information that cost management must provide that is important for the success of the organization?

A. Information of a record keeping nature.

B. Reported financial information.

C. Reported nonfinancial information.

D. Information that addresses the strategic objectives of the organization.

E. Long-term planning information.

13. After critical success factors (CSFs) have been identified, the next step in developing a competitive strategy is to develop relevant and reliable measures for these CSFs. These measures are important to help the organization:

A. Make profit for any extended period.

B. Increase sales above previous year(s).

C. Develop policies to enhance customer profitability.

D. Improve productivity in selected product areas.

E. Monitor progress toward achieving strategic goals.

14. A firm has decided to use the balanced scorecard. Which of the following is not an advantage the company will gain by using the balanced scorecard?

A. It links the firm’s CSFs to its strategy.

B. It helps the firm monitor progress to achievement of its strategic goals.

C. It can provide a basis for implementing strategic changes desired by the firm.

D. It provides a comprehensive financial overview of the firm.

E. It helps to coordinate activities in the firm.

15. During which step of value chain analysis will the company discover whether or not it has a cost advantage, and why?

A. During the first step, when the value-chain activities are identified.

B. During the first step, when the cost driver(s) are identified.

C. During the second step, when the firm develops a competitive advantage by either reducing cost or adding value.

D. The entire purpose of value chain analysis is to determine if the company has a cost advantage; therefore, it occurs in all steps.

E. In the third step, when the company adopts and implements the balanced scorecard.

16. A local pharmaceutical firm has just announced its discovery of a revolutionary new drug for dieting. However, due to its deteriorating relationship with its union, the unionized portions of the company’s employees have threatened to strike. In addition, the company’s stock has started to drop due to the firm’s difficulty in paying off some of its debt. In this example, what was the firm’s core competency(ies)?

A. Its research and development. B. Its human resources abilities. C. Its financing activities.

D. Its operating activities.

17. During the strengths and weaknesses portion of a firm’s SWOT analysis, which of the following would not be discovered?

A. The firm’s method of product distribution was not very efficient.

B. Through continued research and development, the firm’s products were state-of-the-art.

C. Due to a lack of barriers to entry into the industry, several new competitors were beginning to enter the market. D. The production process needed to be reengineered to reduce unnecessary scrap.

E. The firm’s employees are trained in new manufacturing methods each month.

18. When a firm is determining its opportunities and threats, which of the following would not be mentioned?

A. An intense rivalry with a local competitor was beginning to start a price war. B. The firm just received a patent on its main product.

C. The success of the firm’s latest marketing campaign.

D. In spite of its patent, there are several substitute products consumers could use. E. Increased efficiency in the manufacturing process.

19. The declining value of the U.S. dollar relative to other currencies in recent years means that:

A. U.S. exporters will face a greater challenge in exporting U.S.-made products. B. U.S. firms will be eager to buy foreign products.

C. U.S. firms will be less profitable.

D. U.S. exporters will have a temporary advantage over other countries in foreign trade\

. 20. The cause and effect relationships among critical success factors are best captured in:

A. The balanced scorecard B. Business intelligence C. The value chain

D. The strategy map E. SWOT analysis

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