Edrftgyihu jiuh
Cost Accounting:
Foundations & Evolutions,
ST
10th Edition
UV
TEST BANK
IA
_A
Michael R. Kinney
Cecily A. Raiborn
Amie Dragoo
PP
────────────────────────────────────────────────────
Comprehensive Test Bank for Instructors
RO
and Students
||| ||| || ||| || | || ||| | || ||| |
VE
9781337566353
© Michael R. Kinney, Cecily A. Raiborn, & Amie Dragoo.
All rights reserved. Reproduction or distribution without
D?
permission is prohibited.
© MEDGEEK
, Edrftgyihu jiuh
Cost Accounting: Foundations & Evolutions — Test Bank
Michael R. Kinney, Cecily A. Raiborn and Paul A. Dragoo
ST
Chapter 1: Introduction to Cost Accounting
Chapter 2: Cost Terminology and Cost Behaviors
Chapter 3: Predetermined Overhead Rates, Flexible Budgets, and Absorption/Variable
Costing
UV
Chapter 4: Activity-Based Management and Activity-Based Costing
Chapter 5: Job Order Costing
Chapter 6: Process Costing
Chapter 7: Standard Costing and Variance Analysis
Chapter 8: The Master Budget
IA
Chapter 9: Break-Even Point and Cost-Volume-Profit Analysis
Chapter 10: Relevant Information for Decision Making
Chapter 11: Allocation of Joint Costs and Accounting for By-Product/Scrap
Chapter 12: Introduction to Cost Management Systems
_A
Chapter 13: Responsibility Accounting, Support Department Cost Allocations, and Transfer
Pricing
Chapter 14: Performance Measurement, Balanced Scorecards, and Performance Rewards
Chapter 15: Capital Budgeting
PP
Chapter 16: Managing Costs and Uncertainty
Chapter 17: Implementing Quality Concepts
Chapter 18: Inventory and Production Management
Chapter 19: Emerging Management Practice
RO
VE
D?
© MEDGEEK
, Test Bank for Cost Accounting
Foundations & Evolutions 10e By Kinney,
Raiborn, Dragoo
Chapter 1
ST
Introduction to Cost Accounting
UV
Learning Objectives
After completing this chapter, you should be able to answer the following questions:
IA
1. What are the relationships among financial, management, and cost accounting?
2. What is a mission statement, and why is it important to organizational strategy?
3. What is a value chain, and what are the major value chain functions?
4. How is a balanced scorecard used to implement an organization’s strategy?
_A
5. Why is ethical behavior so important in organizations?
Terminology
PP
Authority: The right (usually by virtue of position or rank) to use resources to accomplish a task or
achieve an objective
Balanced scorecard: A framework that restates an organization’s strategy into clear and objective
performance measures focused on customers, internal business processes, employees, and
RO
shareholders
Competence: Professional ethics standard that requires professionals to develop and maintain the skills
needed to practice their profession
Confidentiality: Professional ethics standard that requires professionals to refrain from disclosing
company information to inappropriate parties (such as competitors)
Core competency: Any critical function or activity in which an organization seeks a higher proficiency
VE
than its competitors, making it the root of competitiveness and competitive advantage
Cost accounting: A discipline that addresses the demands of both financial and management
accounting by providing product cost information to (1) external parties (stockholders, creditors, and
various regulatory bodies) for investment and credit decisions and (2) internal managers who are
responsible for planning, controlling, decision making, and evaluation of performance
D?
Cost leadership: A company’s ability to maintain its competitive advantage by undercutting competitor
prices
, Credibility: Professional ethics standard that requires individuals to provide full, fair, and timely
disclosure of all relevant information in a given situation
Customer value perspective: The balanced scorecard perspective that addresses how well the
organization is doing relative to important customer criteria such as speed (lead time), quality, service,
and price (both purchase and after purchase)
ST
UV
IA
_A
PP
RO
VE
D?
Cost Accounting:
Foundations & Evolutions,
ST
10th Edition
UV
TEST BANK
IA
_A
Michael R. Kinney
Cecily A. Raiborn
Amie Dragoo
PP
────────────────────────────────────────────────────
Comprehensive Test Bank for Instructors
RO
and Students
||| ||| || ||| || | || ||| | || ||| |
VE
9781337566353
© Michael R. Kinney, Cecily A. Raiborn, & Amie Dragoo.
All rights reserved. Reproduction or distribution without
D?
permission is prohibited.
© MEDGEEK
, Edrftgyihu jiuh
Cost Accounting: Foundations & Evolutions — Test Bank
Michael R. Kinney, Cecily A. Raiborn and Paul A. Dragoo
ST
Chapter 1: Introduction to Cost Accounting
Chapter 2: Cost Terminology and Cost Behaviors
Chapter 3: Predetermined Overhead Rates, Flexible Budgets, and Absorption/Variable
Costing
UV
Chapter 4: Activity-Based Management and Activity-Based Costing
Chapter 5: Job Order Costing
Chapter 6: Process Costing
Chapter 7: Standard Costing and Variance Analysis
Chapter 8: The Master Budget
IA
Chapter 9: Break-Even Point and Cost-Volume-Profit Analysis
Chapter 10: Relevant Information for Decision Making
Chapter 11: Allocation of Joint Costs and Accounting for By-Product/Scrap
Chapter 12: Introduction to Cost Management Systems
_A
Chapter 13: Responsibility Accounting, Support Department Cost Allocations, and Transfer
Pricing
Chapter 14: Performance Measurement, Balanced Scorecards, and Performance Rewards
Chapter 15: Capital Budgeting
PP
Chapter 16: Managing Costs and Uncertainty
Chapter 17: Implementing Quality Concepts
Chapter 18: Inventory and Production Management
Chapter 19: Emerging Management Practice
RO
VE
D?
© MEDGEEK
, Test Bank for Cost Accounting
Foundations & Evolutions 10e By Kinney,
Raiborn, Dragoo
Chapter 1
ST
Introduction to Cost Accounting
UV
Learning Objectives
After completing this chapter, you should be able to answer the following questions:
IA
1. What are the relationships among financial, management, and cost accounting?
2. What is a mission statement, and why is it important to organizational strategy?
3. What is a value chain, and what are the major value chain functions?
4. How is a balanced scorecard used to implement an organization’s strategy?
_A
5. Why is ethical behavior so important in organizations?
Terminology
PP
Authority: The right (usually by virtue of position or rank) to use resources to accomplish a task or
achieve an objective
Balanced scorecard: A framework that restates an organization’s strategy into clear and objective
performance measures focused on customers, internal business processes, employees, and
RO
shareholders
Competence: Professional ethics standard that requires professionals to develop and maintain the skills
needed to practice their profession
Confidentiality: Professional ethics standard that requires professionals to refrain from disclosing
company information to inappropriate parties (such as competitors)
Core competency: Any critical function or activity in which an organization seeks a higher proficiency
VE
than its competitors, making it the root of competitiveness and competitive advantage
Cost accounting: A discipline that addresses the demands of both financial and management
accounting by providing product cost information to (1) external parties (stockholders, creditors, and
various regulatory bodies) for investment and credit decisions and (2) internal managers who are
responsible for planning, controlling, decision making, and evaluation of performance
D?
Cost leadership: A company’s ability to maintain its competitive advantage by undercutting competitor
prices
, Credibility: Professional ethics standard that requires individuals to provide full, fair, and timely
disclosure of all relevant information in a given situation
Customer value perspective: The balanced scorecard perspective that addresses how well the
organization is doing relative to important customer criteria such as speed (lead time), quality, service,
and price (both purchase and after purchase)
ST
UV
IA
_A
PP
RO
VE
D?
