COST MANAGEMENT MEASURING
MONITORING AND MOTIVATING
PERFORMANCE CERTIFICATION TEST
PAPER VERIFIED QUESTIONS AND
SOLUTIONS GRADED A+
●● Management Accounting
Answer: _______________is a profession that involves partnering in
management decision making, devising planning and performance
management systems, and providing expertise in financial reporting and
control to assist management in the formulation and implementation of
an organization's strategy.
●● Strategic Management, Planning and Decision Making, Operational
Control, Management Control
Answer: What are the four major functions of cost management?
●● Cost management system
Answer: Set of cost management techniques that function together to
support the organization's goals and activities.
●● Strategic Management
, Answer: Cost management information is needed to make sound
strategic decisions regarding choice of products, manufacturing
methods, marketing techniques and distribution channels, customer
profitability, and other long-term issues.
●● Planning and Decision Making
Answer: Cost management information is needed to support recurring
decisions regarding replacing equipment, managing cash flow, budgeting
raw materials purchases, scheduling production, and pricing.
●● Management and Operational Control
Answer: Cost management informations is needed to provide a fair and
effective basis for identifying inefficient operations and to reward and
motivate the most effective managers.
●● Preparation of Financial Statements
Answer: Cost management information is need to provide accurate
accounting for inventory and other assets, in compliance with reporting
requirements, for the preparation of financial reports and for use in the
three management functions.
●● Strategic Management
Answer: __________ is the development and implementation of a
sustainable competitive position.
MONITORING AND MOTIVATING
PERFORMANCE CERTIFICATION TEST
PAPER VERIFIED QUESTIONS AND
SOLUTIONS GRADED A+
●● Management Accounting
Answer: _______________is a profession that involves partnering in
management decision making, devising planning and performance
management systems, and providing expertise in financial reporting and
control to assist management in the formulation and implementation of
an organization's strategy.
●● Strategic Management, Planning and Decision Making, Operational
Control, Management Control
Answer: What are the four major functions of cost management?
●● Cost management system
Answer: Set of cost management techniques that function together to
support the organization's goals and activities.
●● Strategic Management
, Answer: Cost management information is needed to make sound
strategic decisions regarding choice of products, manufacturing
methods, marketing techniques and distribution channels, customer
profitability, and other long-term issues.
●● Planning and Decision Making
Answer: Cost management information is needed to support recurring
decisions regarding replacing equipment, managing cash flow, budgeting
raw materials purchases, scheduling production, and pricing.
●● Management and Operational Control
Answer: Cost management informations is needed to provide a fair and
effective basis for identifying inefficient operations and to reward and
motivate the most effective managers.
●● Preparation of Financial Statements
Answer: Cost management information is need to provide accurate
accounting for inventory and other assets, in compliance with reporting
requirements, for the preparation of financial reports and for use in the
three management functions.
●● Strategic Management
Answer: __________ is the development and implementation of a
sustainable competitive position.
