ACCT 526 CERTIFICATION PREP 2025/2026
FULL SOLUTION WITH QUESTIONS AND
DETAILED VERIFIED ANSWERS GRADED A+
✔✔When low costs create higher profits at the same selling price as
competition, or
when companies pursue aggressive price competition while remaining
competitive -
✔✔cost leadership
✔✔creating a perception of uniqueness and being worth a premium
price - ✔✔product
or service differentiation
✔✔focusing on a specific market segment, such as a buyer group,
segment of the
product, or geographic market - ✔✔market niche
✔✔how does managerial accounting support the achievement of goals? -
✔✔provides
tools for:
careful budgeting
cost control
frequent and detailed performance reports
,✔✔describe the planning, organizing, and control cycle - ✔✔in
planning, goals and
strategies are planned
implementation of plans requires the development of sub-goals and the
assignment of
responsibility to others
in organizing, people are organized to implement plans
authority to take action to implement plans is delegated to other
managers
in controlling, knowledge of results assists future planning
controlling feeds forward into the next planning stage
✔✔the initial purchase price of an investment, plus subsequent
operating and
maintenance costs - ✔✔price/cost
✔✔the degree to which products or services meet the customer's needs -
✔✔quality
✔✔effects such as timely delivery, helpfulness of sales personnel, and
subsequent
support - ✔✔service
✔✔Describe the relationship between activities, profits, and cost drivers
-
✔✔Performance of activities consumes resources that cost money
costs respond to cost drivers
, profit increases when costs are lower
✔✔factors that influence costs - ✔✔cost drivers
✔✔_____ are a key determinant of success - ✔✔profits
✔✔_______ increases when costs are lower - ✔✔profit
✔✔_______ respond to cost drivers - ✔✔costs
✔✔managing activities requires understanding how costs respond to
________ -
✔✔cost drivers
✔✔cost drivers that are infrequent and difficult to change -
✔✔structural cost drivers
✔✔cost drivers that are made within the context of previous structural
cost driver
decisions - ✔✔organizational cost drivers
✔✔specific units of work performed to serve customer needs that
consume costly
resources - ✔✔activity cost drivers
✔✔the system of policies, processes, laws, and regulations that affect
the way a
company is directed and controlled - ✔✔corporate governance
✔✔what prompted the passage of the sarbanes-oxley act of 2002 (sox) -
✔✔the
collapse of enron
FULL SOLUTION WITH QUESTIONS AND
DETAILED VERIFIED ANSWERS GRADED A+
✔✔When low costs create higher profits at the same selling price as
competition, or
when companies pursue aggressive price competition while remaining
competitive -
✔✔cost leadership
✔✔creating a perception of uniqueness and being worth a premium
price - ✔✔product
or service differentiation
✔✔focusing on a specific market segment, such as a buyer group,
segment of the
product, or geographic market - ✔✔market niche
✔✔how does managerial accounting support the achievement of goals? -
✔✔provides
tools for:
careful budgeting
cost control
frequent and detailed performance reports
,✔✔describe the planning, organizing, and control cycle - ✔✔in
planning, goals and
strategies are planned
implementation of plans requires the development of sub-goals and the
assignment of
responsibility to others
in organizing, people are organized to implement plans
authority to take action to implement plans is delegated to other
managers
in controlling, knowledge of results assists future planning
controlling feeds forward into the next planning stage
✔✔the initial purchase price of an investment, plus subsequent
operating and
maintenance costs - ✔✔price/cost
✔✔the degree to which products or services meet the customer's needs -
✔✔quality
✔✔effects such as timely delivery, helpfulness of sales personnel, and
subsequent
support - ✔✔service
✔✔Describe the relationship between activities, profits, and cost drivers
-
✔✔Performance of activities consumes resources that cost money
costs respond to cost drivers
, profit increases when costs are lower
✔✔factors that influence costs - ✔✔cost drivers
✔✔_____ are a key determinant of success - ✔✔profits
✔✔_______ increases when costs are lower - ✔✔profit
✔✔_______ respond to cost drivers - ✔✔costs
✔✔managing activities requires understanding how costs respond to
________ -
✔✔cost drivers
✔✔cost drivers that are infrequent and difficult to change -
✔✔structural cost drivers
✔✔cost drivers that are made within the context of previous structural
cost driver
decisions - ✔✔organizational cost drivers
✔✔specific units of work performed to serve customer needs that
consume costly
resources - ✔✔activity cost drivers
✔✔the system of policies, processes, laws, and regulations that affect
the way a
company is directed and controlled - ✔✔corporate governance
✔✔what prompted the passage of the sarbanes-oxley act of 2002 (sox) -
✔✔the
collapse of enron
