FundamentalsnofnCostnAccountingnEditionn7nbynLanenn
Versionn1n
n
n
n
n
n
n
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1n
CORRECTnANSWERSnAREnLOCATEDnINnTHEn2NDnHALFnOFnTHISnDOC.n
TRUE/FALSEn-nWriten'T'nifnthenstatementnisntruenandn'F'nifnthenstatementnisnfalse.n
1)nThenvaluenchainncomprisesnactivitiesnfromnresearchnandndevelopmentnthroughnthenprodu
ctionn
processnbutndoesnnotnincludenactivitiesnrelatedntonthendistributionnofnproductsnornservices.n
⊚ntruen
⊚nfalsen
n
2)nAdministrativenfunctionsnarennotnincludednasnpartnofnthenvaluenchainnbecausentheynaren
implicitlynincludedninneverynbusinessnfunction.n
⊚ntruen
⊚nfalsen
n
3)nUndernthenvaluenchainnconcept,nvalue-
addednactivitiesnarenthosenthatnfirmsnperformnandnthatn
customersnperceivenasnaddingnutilityntonthengoodsntheynpurchase.n
⊚ntruen
⊚nfalsen
n
4)nThenvaluenchainnisncomprisednofnthenactivitiesnthatntakenplacenonlynduringnthenproductionn
process.n
⊚ntruen
⊚nfalsen
n
5)nIfnanpoornfacilitynlayoutnexistsnandnwork-in-processninventorynmustnbenmovednduringnthen
productionnprocess,nthencompanynisnlikelyntonbenperformingnsomennonvalue-
addednactivities.n
⊚ntruen
⊚nfalsen
n
6)nCostninformationnisnanproductnwithnitsnownncustomers.n
⊚ntruen
⊚nfalsen
n
7)nFinancialnaccountingninformationnisnalwaysnsufficientnfornmakingnoperationalndecisions.n
⊚ntruen
⊚nfalsen
n
8)nCostnaccountingninformationnisncommonlynusedninndevelopingnfinancialnaccountingn
information.n
,⊚ntruen
⊚nfalsen
n
ACCESSnTestnBanknfornFundamentalsnofnCostnAccountingn7thnEditionnLanen
nursytestbank.store
FundamentalsnofnCostnAccountingnEditionn7nbynLanenn
Versionn1n
n
n
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2n
9)nFinancialnaccountingninformationnisndesignednforndecisionnmakersnwhonarendirectlyninvol
vedn
innthendailynmanagementnofnthenfirm.n
⊚ntruen
⊚nfalsen
n
10)nItnisnmorenimportantnfornfinancialnaccountingninformationntonbencomparablenbetweennfir
msn
thanntonbenusefulnfornmanagerialndecisionnmaking.n
⊚ntruen
⊚nfalsen
n
11)nCostnaccountingninformationndevelopednfornmanagersntonuseninnmakingndecisionsnmustn
complynwithngenerallynacceptednaccountingnprinciplesn(GAAP)nandninternationalnfinancialn
reportingnstandardsn(IFRS).n
⊚ntruen
⊚nfalsen
n
12)nAncostndrivernisnanfactornthatncausesncosts.n
⊚ntruen
⊚nfalsen
n
13)nAncostncannbenconsiderednandifferentialncostnfornonenparticularncoursenofnactionnbutnnotnf
orn
anotherncoursenofnaction.n
⊚ntruen
⊚nfalsen
n
14)nAnresponsibilityncenterncannbenandepartment,ndivision,nornsegment,nbutnnotnansubsidiaryn
ofnthen
parentncompany.n
⊚ntruen
⊚nfalsen
n
15)nItnisnimportantnthatnthenmanagernassignedntonleadnanresponsibilityncenternbenheldnaccou
,ntablen
fornitsnoperations.n
⊚ntruen
⊚nfalsen
n
16)nBudgetingnisnprimarilynusedntondeterminenyear-endnbonusesnbasednonnmanagerialnandn
organizationalnperformance.n
⊚ntruen
⊚nfalsen
n
ACCESSnTestnBanknfornFundamentalsnofnCostnAccountingn7thnEditionnLanen
nursytestbank.store
FundamentalsnofnCostnAccountingnEditionn7nbynLanenn
Versionn1n
n
n
n
n
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3n
17)nManagersnarenusuallynresponsiblenfornthenrevenuesnneededntonachieventhentargetsnsetndu
ringn
thenbudgetingnprocess,nbutnnotnthenresourcesnconsumedntonachieventhosentargets.n
⊚ntruen
⊚nfalsen
n
18)nInngeneral,nifnactivitiesnthatndonnotnaddnvaluentonthencompanyncannbeneliminated,nthennco
stsn
associatednwithnthemnwillnalsonbeneliminated.n
⊚ntruen
⊚nfalsen
n
19)nAccountingnsystemsnarenimportantnbecausentheynarenanprimarynsourcenofninformationnfo
rn
managers.n
⊚ntruen
⊚nfalsen
n
20)nCriticalnthinkingnisnansystematicnprocessnusedntonanalyzenanbusinessnissuenorndecision.n
⊚ntruen
⊚nfalsen
n
21)nDatanvisualizationnisnthensystematicnevaluationnofninformationntonaddressnandecisionnpro
blem.n
⊚ntruen
⊚nfalsen
n
22)nBigndatanisndefinednbynthenamountnofndata,nthenspeednthendatanisngeneratednandnmadenav
, ailable,n
ornthenvarietynofndatanavailable.n
⊚ntruen
⊚nfalsen
n
23)nTypicalnERPnsystemsnintegrateninformationnsystemsnthatnlinknproduction,npurchasing,nh
umann
resources,nfinance,nandnsalesnintonansinglencomprehensiveninformationnsystem.n
⊚ntruen
⊚nfalsen
n
24)nManagersnfacenethicalnsituationsnonnandailynbasis,nwhilenaccountantsnfacenthemninfreque
ntly.n
⊚ntruen
⊚nfalsen
n
ACCESSnTestnBanknfornFundamentalsnofnCostnAccountingn7thnEditionnLanen
nursytestbank.store
FundamentalsnofnCostnAccountingnEditionn7nbynLanenn
Versionn1n
n
n
n
n
n
n
n
n
n
n
4n
25)nCompliancenwithnSarbanes-
Oxleyndoesnnotnmeannthatnthenmanagernhasnmetnallnofnhisnornhern
ethicalnresponsibilities.n
⊚ntruen
⊚nfalsen
n
26)nEthicalnbehaviornfornannindividualndependsnmorenonnthenindividual’snpersonalnbeliefsnth
annan
firm'sncodenofnconduct.n
⊚ntruen
⊚nfalsen
n
27)nCostnaccountingninformationncannbenusedntondefraudncustomers,ncreditors,nandnowners.n
⊚ntruen
⊚nfalsen
n
28)nThenboundarynbetweennwhatnisncostnaccountingnandnwhatnbelongsninnanotherndisciplinen
isn
oftennblurred.n
⊚ntruen
⊚nfalsen
n
Versionn1n
n
n
n
n
n
n
n
n
n
n
1n
CORRECTnANSWERSnAREnLOCATEDnINnTHEn2NDnHALFnOFnTHISnDOC.n
TRUE/FALSEn-nWriten'T'nifnthenstatementnisntruenandn'F'nifnthenstatementnisnfalse.n
1)nThenvaluenchainncomprisesnactivitiesnfromnresearchnandndevelopmentnthroughnthenprodu
ctionn
processnbutndoesnnotnincludenactivitiesnrelatedntonthendistributionnofnproductsnornservices.n
⊚ntruen
⊚nfalsen
n
2)nAdministrativenfunctionsnarennotnincludednasnpartnofnthenvaluenchainnbecausentheynaren
implicitlynincludedninneverynbusinessnfunction.n
⊚ntruen
⊚nfalsen
n
3)nUndernthenvaluenchainnconcept,nvalue-
addednactivitiesnarenthosenthatnfirmsnperformnandnthatn
customersnperceivenasnaddingnutilityntonthengoodsntheynpurchase.n
⊚ntruen
⊚nfalsen
n
4)nThenvaluenchainnisncomprisednofnthenactivitiesnthatntakenplacenonlynduringnthenproductionn
process.n
⊚ntruen
⊚nfalsen
n
5)nIfnanpoornfacilitynlayoutnexistsnandnwork-in-processninventorynmustnbenmovednduringnthen
productionnprocess,nthencompanynisnlikelyntonbenperformingnsomennonvalue-
addednactivities.n
⊚ntruen
⊚nfalsen
n
6)nCostninformationnisnanproductnwithnitsnownncustomers.n
⊚ntruen
⊚nfalsen
n
7)nFinancialnaccountingninformationnisnalwaysnsufficientnfornmakingnoperationalndecisions.n
⊚ntruen
⊚nfalsen
n
8)nCostnaccountingninformationnisncommonlynusedninndevelopingnfinancialnaccountingn
information.n
,⊚ntruen
⊚nfalsen
n
ACCESSnTestnBanknfornFundamentalsnofnCostnAccountingn7thnEditionnLanen
nursytestbank.store
FundamentalsnofnCostnAccountingnEditionn7nbynLanenn
Versionn1n
n
n
n
n
n
n
n
n
n
n
2n
9)nFinancialnaccountingninformationnisndesignednforndecisionnmakersnwhonarendirectlyninvol
vedn
innthendailynmanagementnofnthenfirm.n
⊚ntruen
⊚nfalsen
n
10)nItnisnmorenimportantnfornfinancialnaccountingninformationntonbencomparablenbetweennfir
msn
thanntonbenusefulnfornmanagerialndecisionnmaking.n
⊚ntruen
⊚nfalsen
n
11)nCostnaccountingninformationndevelopednfornmanagersntonuseninnmakingndecisionsnmustn
complynwithngenerallynacceptednaccountingnprinciplesn(GAAP)nandninternationalnfinancialn
reportingnstandardsn(IFRS).n
⊚ntruen
⊚nfalsen
n
12)nAncostndrivernisnanfactornthatncausesncosts.n
⊚ntruen
⊚nfalsen
n
13)nAncostncannbenconsiderednandifferentialncostnfornonenparticularncoursenofnactionnbutnnotnf
orn
anotherncoursenofnaction.n
⊚ntruen
⊚nfalsen
n
14)nAnresponsibilityncenterncannbenandepartment,ndivision,nornsegment,nbutnnotnansubsidiaryn
ofnthen
parentncompany.n
⊚ntruen
⊚nfalsen
n
15)nItnisnimportantnthatnthenmanagernassignedntonleadnanresponsibilityncenternbenheldnaccou
,ntablen
fornitsnoperations.n
⊚ntruen
⊚nfalsen
n
16)nBudgetingnisnprimarilynusedntondeterminenyear-endnbonusesnbasednonnmanagerialnandn
organizationalnperformance.n
⊚ntruen
⊚nfalsen
n
ACCESSnTestnBanknfornFundamentalsnofnCostnAccountingn7thnEditionnLanen
nursytestbank.store
FundamentalsnofnCostnAccountingnEditionn7nbynLanenn
Versionn1n
n
n
n
n
n
n
n
n
n
n
3n
17)nManagersnarenusuallynresponsiblenfornthenrevenuesnneededntonachieventhentargetsnsetndu
ringn
thenbudgetingnprocess,nbutnnotnthenresourcesnconsumedntonachieventhosentargets.n
⊚ntruen
⊚nfalsen
n
18)nInngeneral,nifnactivitiesnthatndonnotnaddnvaluentonthencompanyncannbeneliminated,nthennco
stsn
associatednwithnthemnwillnalsonbeneliminated.n
⊚ntruen
⊚nfalsen
n
19)nAccountingnsystemsnarenimportantnbecausentheynarenanprimarynsourcenofninformationnfo
rn
managers.n
⊚ntruen
⊚nfalsen
n
20)nCriticalnthinkingnisnansystematicnprocessnusedntonanalyzenanbusinessnissuenorndecision.n
⊚ntruen
⊚nfalsen
n
21)nDatanvisualizationnisnthensystematicnevaluationnofninformationntonaddressnandecisionnpro
blem.n
⊚ntruen
⊚nfalsen
n
22)nBigndatanisndefinednbynthenamountnofndata,nthenspeednthendatanisngeneratednandnmadenav
, ailable,n
ornthenvarietynofndatanavailable.n
⊚ntruen
⊚nfalsen
n
23)nTypicalnERPnsystemsnintegrateninformationnsystemsnthatnlinknproduction,npurchasing,nh
umann
resources,nfinance,nandnsalesnintonansinglencomprehensiveninformationnsystem.n
⊚ntruen
⊚nfalsen
n
24)nManagersnfacenethicalnsituationsnonnandailynbasis,nwhilenaccountantsnfacenthemninfreque
ntly.n
⊚ntruen
⊚nfalsen
n
ACCESSnTestnBanknfornFundamentalsnofnCostnAccountingn7thnEditionnLanen
nursytestbank.store
FundamentalsnofnCostnAccountingnEditionn7nbynLanenn
Versionn1n
n
n
n
n
n
n
n
n
n
n
4n
25)nCompliancenwithnSarbanes-
Oxleyndoesnnotnmeannthatnthenmanagernhasnmetnallnofnhisnornhern
ethicalnresponsibilities.n
⊚ntruen
⊚nfalsen
n
26)nEthicalnbehaviornfornannindividualndependsnmorenonnthenindividual’snpersonalnbeliefsnth
annan
firm'sncodenofnconduct.n
⊚ntruen
⊚nfalsen
n
27)nCostnaccountingninformationncannbenusedntondefraudncustomers,ncreditors,nandnowners.n
⊚ntruen
⊚nfalsen
n
28)nThenboundarynbetweennwhatnisncostnaccountingnandnwhatnbelongsninnanotherndisciplinen
isn
oftennblurred.n
⊚ntruen
⊚nfalsen
n
