©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Tuesday, July 30, 2024 12:01 AM
Fundamentals of Cost Accounting, Chapter 1:
Information for Decision Making Practice
Questions and Answers (100% Pass)
Value Chain - ✔️✔️The set of activities that transforms raw materials and resources into
goods and services end users purchase and consume
Value-added Activities - ✔️✔️are those that customers perceive as adding utility to the
goods or services they purchase
Supply Chain - ✔️✔️includes the set of firms and individuals that sells goods and services
to the firm
Distribution Chain - ✔️✔️includes the set of firms and individuals that buys and distributes
goods and services from the firms
Financial Accounting - ✔️✔️is the field of accounting that reports financial position and
income according to accounting rules
Cost Accounting - ✔️✔️is the field of accounting that measures, records, and reports
information about costs
Nonvalue-added Activities - ✔️✔️activities that do not add value to the goods or services
from the customer's perspective
Cost-benefit Analysis - ✔️✔️process of comparing benefits (often measured in savings or
increased profits) with costs associated with a proposed change within an organization
Cost Driver - ✔️✔️a factor that causes, or "drives," costs
1
Fundamentals of Cost Accounting, Chapter 1:
Information for Decision Making Practice
Questions and Answers (100% Pass)
Value Chain - ✔️✔️The set of activities that transforms raw materials and resources into
goods and services end users purchase and consume
Value-added Activities - ✔️✔️are those that customers perceive as adding utility to the
goods or services they purchase
Supply Chain - ✔️✔️includes the set of firms and individuals that sells goods and services
to the firm
Distribution Chain - ✔️✔️includes the set of firms and individuals that buys and distributes
goods and services from the firms
Financial Accounting - ✔️✔️is the field of accounting that reports financial position and
income according to accounting rules
Cost Accounting - ✔️✔️is the field of accounting that measures, records, and reports
information about costs
Nonvalue-added Activities - ✔️✔️activities that do not add value to the goods or services
from the customer's perspective
Cost-benefit Analysis - ✔️✔️process of comparing benefits (often measured in savings or
increased profits) with costs associated with a proposed change within an organization
Cost Driver - ✔️✔️a factor that causes, or "drives," costs
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