Test Bank - Financial and Management Accounting - 2020 - An Introduction 4Ed Ch 2 by Pauline Weetman

Test Bank - Financial and Management Accounting - 2020 - An Introduction 4Ed Ch 2 by Pauline Weetman Test Bank - Financial and Management Accounting - 2020 - An Introduction 4Ed Ch 2 by Pauline WeetmanFinancial managementwheetmantestbankquestions and AnswerselaboratedWhich of the following is LEAST likely to provide a sustainable competitive advantage? A. Lowering prices. B. Having a well-known brand name. C. Achieving high levels of customer satisfaction. D. Using patented technology. E. Creating an efficient supply chainEven when large discount retailers enter a market, a few small, local retailers survive and prosper. These small retailers have probably developed a(n) _ _ that allows them to survive. A. advertising campaign B. plan to evaluate results C. sustainable competitive advantage D. set of performance metrics E. SWOT analysisAs part of her company's SWOT analysis, Valerie is assessing the company's internal environment, including: A. strengths. B. opportunities. C. strengths and weaknesses. D. threats. E. opportunities and threatsSamantha is charged with assessing her company's external environment as part of a SWOT analysis. Samantha will study her company's: A. strengths. B. opportunities. C. strengths and weaknesses. D. weaknesses. E. opportunities and threats.Manufacturers who use just-in-time manufacturing systems coordinate closely with suppliers in order to ensure that materials and supplies arrive just before they are needed in the manufacturing process. While just-in-time systems can offer major advantages in terms of inventory costs, they must be carefully managed. If a firm found that its just-in-time system was badly managed, leading to frequent manufacturing delays due to missing parts, this would represent a _ in a SWOT analysis. A. weakness B. opportunity C. threat D. strength E. business missionFor U.S. businesses with strong export capabilities, expansion of U.S. trade agreements with other countries creates: A. weaknesses. B. opportunities. C. strengths. D. threats. E. strategic plansIn 2006, Ford Motor Company announced it would severely cut back automobile production. For parts companies supplying Ford Motor, this represented a(n): A. weakness. B. opportunity. C. strength. D. threat. E. strategic plan.Accounting entries for recording payment of a telephone bill are: 222) A) debit Cash account and Credit Telephone account B) credit Cash Account and Debit Telephone expenses account C) debit Capital and Credit Cash D) credit Cash account and Debit Office Equipment accountIf a sole trader operating as a florist purchases a van for £19 500 for business use, paying by cheque, when completing his double entry accounts, he will: A) credit van account and debit bank account B) debit van account and credit cash account C) debit purchases account and credit bank account D) debit van account and credit bank accountWhen attempting to identify accounting errors the trial balance can be relied on to detect which of the following errors? A) posting to the wrong side of any account B) amounts posted to the correct side of a wrong account C) transactions not accounted for D) all accounting errors