Accounting 320: Final Exam || with Complete Solutions.

Why do most companies adhere to GAAP for their basic internal financial statements? correct answers Accrual accounting provides a uniform method to measure an organization's financial performance. Which of the following is not true about strategy? correct answers It has a short-term focus. The value chain correct answers is the sequence of business functions in which customer usefulness is added to products or services. Which of the following is not a key success factor in a company's effort to deliver increased levels of performance to the customer? correct answers Price reduction The five-step decision process correct answers includes planning and control activities. In supporting managers, management accountants have three guidelines. These guidelines are: correct answers Cost-benefit analysis, behavioral considerations and technical considerations, and different costs for different purposes. _____ management exists to provide advice and assistance to those responsible for attaining the objectives of the organization. correct answers Staff The Treasurer correct answers undertakes banking, financing, investments, and cash management duties. Which of the following is not one of the ethical responsibilities of a management accountant? correct answers Compliance The Institute of Management Accountants issues which certification? correct answers CMA The person primarily responsible for management accounting and financial accounting is the ? correct answers controller Galway Co. management desires cost information regarding its Celtic brand. The Celtic brand is a(n) correct answers cost object The cost of printer paper on a college campus would be a direct cost to the college but would need to be allocated as an indirect cost to correct answers individual student instruction. Rosland Graphics successfully bid on a job printing standard notebook covers during the year using last year's price of $0.27 per cover. This amount was calculated from prior year costs, noting that no changes in any costs had occurred from the past year to the current year. At the end of the year, the company manager was shocked to discover that the company had suffered a loss. "How could this be?" she exclaimed. "We had no increases in cost and our price was the same as last year. Last year we had a healthy income." What could explain the company's loss in