ACC 231 Exam 1 Question and
answers correctly solved 2025/2026
Which of the following describes the set of activities that transforms raw resources into the goods and
services end users (households, for example) purchase and consume and also includes the treatment or
disposal of any waste generated by the end users?
Supply chain
Cost driver
Value chain
Balanced scorecard
None of the above. - correct answer ✔Value chain
Which of the following is a value-added activity?
Product design
Production
Marketing
Customer service
,All of the above are examples of value-added activities. - correct answer ✔All of the above are
examples of value-added activities.
Which is of the following statements regarding cost accounting information is not correct?
Cost accounting information is designed for managers.
Cost accounting information is commonly used in financial accounting information.
The primary purpose of cost accounting information is to provide information to management
Cost accounting information is governed by generally accepted accounting principles (GAAP) in the
United States and international financial reporting standards (IFRS) in many other countries.
All of the above are correct statements. - correct answer ✔Cost accounting information is governed by
generally accepted accounting principles (GAAP) in the United States and international financial
reporting standards (IFRS) in many other countries.
Which of the following is an example of a nonvalue-added activity?
Research and development (R&D)
Purchasing
Reworking defective units
, Distribution
All of the above are examples of value-added activities. - correct answer ✔Reworking defective units
Which of the following statements regarding budgets is not correct?
Budgets help managers decide whether their goals can be achieved and, if not, what modifications are
necessary.
As part of the planning and control process, managers prepare budgets containing expectations about
revenues and costs for the coming period.
Budgeting is very important to the financial success of individuals and organizations.
A budget is the financial plan of the revenues and resources needed to carry out activities and meet
financial goals.
All of the above are correct statements. - correct answer ✔All of the above are correct statements.
Which of the following is an information technology that links the various processes of an enterprise
into a single comprehensive system?
Activity-based costing
Enterprise resource planning
Just-in-time
answers correctly solved 2025/2026
Which of the following describes the set of activities that transforms raw resources into the goods and
services end users (households, for example) purchase and consume and also includes the treatment or
disposal of any waste generated by the end users?
Supply chain
Cost driver
Value chain
Balanced scorecard
None of the above. - correct answer ✔Value chain
Which of the following is a value-added activity?
Product design
Production
Marketing
Customer service
,All of the above are examples of value-added activities. - correct answer ✔All of the above are
examples of value-added activities.
Which is of the following statements regarding cost accounting information is not correct?
Cost accounting information is designed for managers.
Cost accounting information is commonly used in financial accounting information.
The primary purpose of cost accounting information is to provide information to management
Cost accounting information is governed by generally accepted accounting principles (GAAP) in the
United States and international financial reporting standards (IFRS) in many other countries.
All of the above are correct statements. - correct answer ✔Cost accounting information is governed by
generally accepted accounting principles (GAAP) in the United States and international financial
reporting standards (IFRS) in many other countries.
Which of the following is an example of a nonvalue-added activity?
Research and development (R&D)
Purchasing
Reworking defective units
, Distribution
All of the above are examples of value-added activities. - correct answer ✔Reworking defective units
Which of the following statements regarding budgets is not correct?
Budgets help managers decide whether their goals can be achieved and, if not, what modifications are
necessary.
As part of the planning and control process, managers prepare budgets containing expectations about
revenues and costs for the coming period.
Budgeting is very important to the financial success of individuals and organizations.
A budget is the financial plan of the revenues and resources needed to carry out activities and meet
financial goals.
All of the above are correct statements. - correct answer ✔All of the above are correct statements.
Which of the following is an information technology that links the various processes of an enterprise
into a single comprehensive system?
Activity-based costing
Enterprise resource planning
Just-in-time
