Complete Test Bank
Cost Accounting: With Integrated Data Analytics 1st Edition
by Karen Congo Farmer, Amy Fredin
thinkcraft
qwertyu
,Test Bank for Cost Accounting: With Integrated Data
Analytics, 1st Edition by Karen Congo Farmer
CHAPTER 1
COST ACCOUNTING HAS PURPOSE
CHAPTER LEARNING OBJECTIVES
1. Explore the elements that support a company’s purpose, as well as your own.
2. Connect the purpose of cost accounting with the role of accountants in organizations.
3. Outline the frameworks, including ethics, that guide the profession.
*4. Increase your chances of success by becoming a lifelong learner.
Current count is:
Knowledge: 106
Comprehension: 5
Application: 0
Analysis: 0
Evaluation: 0
Synthesis: 0
Total: 111
Number and percentage of questions: thinkcraft
Easy: 27 questions, 24 percent (target of 25%)
Medium: 74 questions, 66 percent (target of 65%)
Hard: 10 questions, 9 percent (target of 10%)
Question types:
Multiple Choice: 93
Exercises: 18
qwertyu
, 1-2 Test Bank for Cost Accounting, First Edition
MULTIPLE CHOICE QUESTIONS
1. A helps an organization, whether for profit or nonprofit, turn its purpose into
action by establishing the direction of the entity.
a. mission statement
b. strategic plan
c. SWOT analysis
d. vision
Ans: B, LO 1, Bloom: K, Difficulty: Medium, AACSB: Analytic, AICPA: FC: Measurement, Analysis, and Interpretation, IMA: Business Acumen &
Operations: Operational Knowledge.
Solution: A strategic plan helps an organization, whether for profit or nonprofit, turn its purpose into action by establishing the direction of the entity.
2. An organization’s strategic plan includes its why, where and how for its purpose represented
by
a. opportunities, strengths and weaknesses.
b. opportunities, strengths, and mission.
c. mission, vision, and strategy.
d. mission, strengths, and strategy.
Ans: C, LO 1, Bloom: K, Difficulty: Medium, AACSB: Analytic, AICPA: FC: Measurement, Analysis, and Interpretation, IMA: Business Acumen &
Operations: Operational Knowledge.
Solution: An organization’s strategic plan includes its why, where, and how for its purpose represented by mission, vision, and strategy.
3. In choosing a strategy, a business begins by undertaking a thorough examination of itself and
the industry within which it operates by performing a analysis.
a. mission and vision statement
b. strategic initiative thinkcraft
c. target objective
d. SWOT
Ans: D, LO 1, Bloom: K, Difficulty: Medium, AACSB: Analytic, AICPA: FC: Measurement Analysis and Interpretation, IMA: Business Acumen & Operations:
Operational Knowledge.
Solution: In choosing a strategy, a business begins by undertaking a thorough examination of itself and the industry within which it operates by performing a
SWOT analysis.
4. An organization’s is its purpose; its reason for existing.
a. mission
b. strategy
c. initiative
d. strategic plan
Ans: A, LO 1, Bloom: K, Difficulty: Medium, AACSB: Analytic, AICPA: FC: Measurement, Analysis, and Interpretation, IMA: IMA: Business Acumen &
Operations: Operational Knowledge.
Solution: An organization’s mission is its purpose, its reason for existing.
5. A SWOT analysis allows an organization to assess its
a. strategies, wealth, outlets, and targets.
b. strengths, warnings, outlets, and threats.
c. strengths, weaknesses, opportunities, and threats.
d. strategies, wealth, opportunities, and threats.
Ans: C, LO 1, Bloom: C, Difficulty: Easy, AACSB: Analytic, AICPA: FC: Measurement, Analysis, and Interpretation, IMA: Business Acumen & Operations:
Operational Knowledge.
Solution: A SWOT analysis allows an organization to assess its strengths, weaknesses, opportunities, and threats.
, 1-3 Test Bank for Cost Accounting, First Edition
6. What is a narrative that describes what the organization will look like, or a destination to
achieve, by some future date called?
a. SWOT analysis
b. Strategic plan
c. Vision
d. Mission
Ans: C, LO 1, Bloom: K, Difficulty: Medium, AACSB: Analytic, AICPA: FC: Measurement, Analysis, and Interpretation, IMA: Business Acumen &
Operations: Operational Knowledge.
Solution: A narrative the describes what the organization will look like, or a destination to achieve, by some future date is called a vision.
7. Which of the following statements is correct regarding a SWOT analysis?
a. The basis for evaluation using the SWOT analysis focuses on external factors only.
b. Factors to assess in a SWOT analysis included elements described in Porter’s Five Forces.
c. Insignificant in setting a company’s strategy is determining the organization’s critical
success factors.
d. A SWOT analysis is typically used in the Mission and Vision stage in creating the strategic
plan for an organization.
Ans: B, LO 1, Bloom: C, Difficulty: Medium, AACSB: Analytic, AICPA: FC: Measurement, Analysis, and Interpretation, IMA: Business Acumen &
Operations: Operational Knowledge.
Solution: The correct statement regarding SWOT analysis is,” Factors to assess in a SWOT analysis included elements described in Porter’s Five Forces.”
8. Which balanced scorecard perspective considers how an organization supports its people and
infrastructure to drive and maintain new products and service development and growth?
a. Financial perspective
b. Customer perspective
c. Internal business process perspective
d. Learning and growth perspective thinkcraft
Ans: D, LO 1, Bloom: K, Difficulty: Medium, AACSB: Analytic, AICPA: FC: Measurement, Analysis, and Interpretation, IMA: Business Acumen &
Operations: Operational Knowledge.
Solution: The learning and growth perspective considers how an organization supports its people and infrastructure to drive and maintain new products and
service development and growth.
9. Which of the following represent internal factors in the SWOT analysis?
a. Opportunities and threats
b. Strengths and weaknesses
c. Strengths and opportunities
d. Weaknesses and threats
Ans: B, LO 1, Bloom: K, Difficulty: Easy, AACSB: Analytic, AICPA: FC: Measurement Analysis and Interpretation, IMA: Business Acumen & Operations:
Operational Knowledge.
Solution: Internal factors in the SWOT include strengths and weaknesses.
10. The correct flow of the steps in the creation of an organization’s strategic plan is
a. Mission and Vision→Strategies and Initatives→Goals and Objectives→Measures and
Targets→Results
b. Mission and Vision→Goals and Objectives→Strategies and Initiatives→Measures and
Targets→Results
c. Strategies and Initatives→Goals and Objectives→Mission and Vision→Measures and
Targets→Results
d. Mission and Vision→Measures and Targets→Strategies and Initatives→Goals and
Objectives→Results
Ans: B LO 1, Bloom: K, Difficulty: Medium, AACSB: Analytic, AICPA: FC: Measurement, Analysis, and Interpretation, IMA: Business Acumen & Operations:
Operational Knowledge.
Solution: The correct flow of the steps in the creation of an organization’s strategic plan is Mission and Vision→Goals and Objectives→Strategies and
Initiatives→Measures and Targets→Results
Cost Accounting: With Integrated Data Analytics 1st Edition
by Karen Congo Farmer, Amy Fredin
thinkcraft
qwertyu
,Test Bank for Cost Accounting: With Integrated Data
Analytics, 1st Edition by Karen Congo Farmer
CHAPTER 1
COST ACCOUNTING HAS PURPOSE
CHAPTER LEARNING OBJECTIVES
1. Explore the elements that support a company’s purpose, as well as your own.
2. Connect the purpose of cost accounting with the role of accountants in organizations.
3. Outline the frameworks, including ethics, that guide the profession.
*4. Increase your chances of success by becoming a lifelong learner.
Current count is:
Knowledge: 106
Comprehension: 5
Application: 0
Analysis: 0
Evaluation: 0
Synthesis: 0
Total: 111
Number and percentage of questions: thinkcraft
Easy: 27 questions, 24 percent (target of 25%)
Medium: 74 questions, 66 percent (target of 65%)
Hard: 10 questions, 9 percent (target of 10%)
Question types:
Multiple Choice: 93
Exercises: 18
qwertyu
, 1-2 Test Bank for Cost Accounting, First Edition
MULTIPLE CHOICE QUESTIONS
1. A helps an organization, whether for profit or nonprofit, turn its purpose into
action by establishing the direction of the entity.
a. mission statement
b. strategic plan
c. SWOT analysis
d. vision
Ans: B, LO 1, Bloom: K, Difficulty: Medium, AACSB: Analytic, AICPA: FC: Measurement, Analysis, and Interpretation, IMA: Business Acumen &
Operations: Operational Knowledge.
Solution: A strategic plan helps an organization, whether for profit or nonprofit, turn its purpose into action by establishing the direction of the entity.
2. An organization’s strategic plan includes its why, where and how for its purpose represented
by
a. opportunities, strengths and weaknesses.
b. opportunities, strengths, and mission.
c. mission, vision, and strategy.
d. mission, strengths, and strategy.
Ans: C, LO 1, Bloom: K, Difficulty: Medium, AACSB: Analytic, AICPA: FC: Measurement, Analysis, and Interpretation, IMA: Business Acumen &
Operations: Operational Knowledge.
Solution: An organization’s strategic plan includes its why, where, and how for its purpose represented by mission, vision, and strategy.
3. In choosing a strategy, a business begins by undertaking a thorough examination of itself and
the industry within which it operates by performing a analysis.
a. mission and vision statement
b. strategic initiative thinkcraft
c. target objective
d. SWOT
Ans: D, LO 1, Bloom: K, Difficulty: Medium, AACSB: Analytic, AICPA: FC: Measurement Analysis and Interpretation, IMA: Business Acumen & Operations:
Operational Knowledge.
Solution: In choosing a strategy, a business begins by undertaking a thorough examination of itself and the industry within which it operates by performing a
SWOT analysis.
4. An organization’s is its purpose; its reason for existing.
a. mission
b. strategy
c. initiative
d. strategic plan
Ans: A, LO 1, Bloom: K, Difficulty: Medium, AACSB: Analytic, AICPA: FC: Measurement, Analysis, and Interpretation, IMA: IMA: Business Acumen &
Operations: Operational Knowledge.
Solution: An organization’s mission is its purpose, its reason for existing.
5. A SWOT analysis allows an organization to assess its
a. strategies, wealth, outlets, and targets.
b. strengths, warnings, outlets, and threats.
c. strengths, weaknesses, opportunities, and threats.
d. strategies, wealth, opportunities, and threats.
Ans: C, LO 1, Bloom: C, Difficulty: Easy, AACSB: Analytic, AICPA: FC: Measurement, Analysis, and Interpretation, IMA: Business Acumen & Operations:
Operational Knowledge.
Solution: A SWOT analysis allows an organization to assess its strengths, weaknesses, opportunities, and threats.
, 1-3 Test Bank for Cost Accounting, First Edition
6. What is a narrative that describes what the organization will look like, or a destination to
achieve, by some future date called?
a. SWOT analysis
b. Strategic plan
c. Vision
d. Mission
Ans: C, LO 1, Bloom: K, Difficulty: Medium, AACSB: Analytic, AICPA: FC: Measurement, Analysis, and Interpretation, IMA: Business Acumen &
Operations: Operational Knowledge.
Solution: A narrative the describes what the organization will look like, or a destination to achieve, by some future date is called a vision.
7. Which of the following statements is correct regarding a SWOT analysis?
a. The basis for evaluation using the SWOT analysis focuses on external factors only.
b. Factors to assess in a SWOT analysis included elements described in Porter’s Five Forces.
c. Insignificant in setting a company’s strategy is determining the organization’s critical
success factors.
d. A SWOT analysis is typically used in the Mission and Vision stage in creating the strategic
plan for an organization.
Ans: B, LO 1, Bloom: C, Difficulty: Medium, AACSB: Analytic, AICPA: FC: Measurement, Analysis, and Interpretation, IMA: Business Acumen &
Operations: Operational Knowledge.
Solution: The correct statement regarding SWOT analysis is,” Factors to assess in a SWOT analysis included elements described in Porter’s Five Forces.”
8. Which balanced scorecard perspective considers how an organization supports its people and
infrastructure to drive and maintain new products and service development and growth?
a. Financial perspective
b. Customer perspective
c. Internal business process perspective
d. Learning and growth perspective thinkcraft
Ans: D, LO 1, Bloom: K, Difficulty: Medium, AACSB: Analytic, AICPA: FC: Measurement, Analysis, and Interpretation, IMA: Business Acumen &
Operations: Operational Knowledge.
Solution: The learning and growth perspective considers how an organization supports its people and infrastructure to drive and maintain new products and
service development and growth.
9. Which of the following represent internal factors in the SWOT analysis?
a. Opportunities and threats
b. Strengths and weaknesses
c. Strengths and opportunities
d. Weaknesses and threats
Ans: B, LO 1, Bloom: K, Difficulty: Easy, AACSB: Analytic, AICPA: FC: Measurement Analysis and Interpretation, IMA: Business Acumen & Operations:
Operational Knowledge.
Solution: Internal factors in the SWOT include strengths and weaknesses.
10. The correct flow of the steps in the creation of an organization’s strategic plan is
a. Mission and Vision→Strategies and Initatives→Goals and Objectives→Measures and
Targets→Results
b. Mission and Vision→Goals and Objectives→Strategies and Initiatives→Measures and
Targets→Results
c. Strategies and Initatives→Goals and Objectives→Mission and Vision→Measures and
Targets→Results
d. Mission and Vision→Measures and Targets→Strategies and Initatives→Goals and
Objectives→Results
Ans: B LO 1, Bloom: K, Difficulty: Medium, AACSB: Analytic, AICPA: FC: Measurement, Analysis, and Interpretation, IMA: Business Acumen & Operations:
Operational Knowledge.
Solution: The correct flow of the steps in the creation of an organization’s strategic plan is Mission and Vision→Goals and Objectives→Strategies and
Initiatives→Measures and Targets→Results
