MANAGEMENT AND COST ACCOUNTING
UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS COMPLETE STUDY
GUIDE FULL SOLUTION
●● Cost Management
Answer: Development and use of cost management information by the
management accountant.
●● Financial Accounting must be...
Answer: Reliable
●● Managerial accounting must be...
Answer: Relevant
●● Typical Organization Chart
Answer: Cost Management-Controller- CFO- CEO
●● Four Functions of Management
Answer: Strategic management
Planning and decision-making
Management and operational control
,Preparation of financial statements
●● Most important of the four functions of management?
Answer: Strategic Management
●● Strategic Management
Answer: Involves identifying and implementing goals and action plans
to maintain a competitive advantage
●● Planning and Decision Making
Answer: Support recurring decisions such as scheduling production,
pricing, repairing and replacing equipment
●● Management and Operational Control
Answer: Identify Inefficient operations and reward effective
management practices
●● Preparation of Financial Statements
Answer: Guarantee compliance with regulatory reporting requirements
●● Contemporary Business Environment
Answer: 1. Shift to a Global Business Environment
2. Lean Manufacturing
, 3. Importance of Information Technology
4. Focus on Customer
5. Shifts in Management Organization
6. Social, Political, and Cultural Considerations
●● Contemporary Management Techniques- The Balanced Scorecard
Answer: An integrated strategic management system that translates an
organization's vision and strategy into a framework of performance
measures, goals, and initiatives across 4 key perspectives
●● 4 Key Perspectives in the Balanced Scorecard
Answer: 1. Financial
2. Customer
3. Internal Processes
4. Learning & Growth
●● Strategy Map
Answer: Diagram that links the various perspectives in a balanced
scorecard
●● Contemporary Management Techniques- The Value Chain
Answer: Analysis tool organizations use to identify the specific steps
required to provide a competitive product or service to the customer.
UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS COMPLETE STUDY
GUIDE FULL SOLUTION
●● Cost Management
Answer: Development and use of cost management information by the
management accountant.
●● Financial Accounting must be...
Answer: Reliable
●● Managerial accounting must be...
Answer: Relevant
●● Typical Organization Chart
Answer: Cost Management-Controller- CFO- CEO
●● Four Functions of Management
Answer: Strategic management
Planning and decision-making
Management and operational control
,Preparation of financial statements
●● Most important of the four functions of management?
Answer: Strategic Management
●● Strategic Management
Answer: Involves identifying and implementing goals and action plans
to maintain a competitive advantage
●● Planning and Decision Making
Answer: Support recurring decisions such as scheduling production,
pricing, repairing and replacing equipment
●● Management and Operational Control
Answer: Identify Inefficient operations and reward effective
management practices
●● Preparation of Financial Statements
Answer: Guarantee compliance with regulatory reporting requirements
●● Contemporary Business Environment
Answer: 1. Shift to a Global Business Environment
2. Lean Manufacturing
, 3. Importance of Information Technology
4. Focus on Customer
5. Shifts in Management Organization
6. Social, Political, and Cultural Considerations
●● Contemporary Management Techniques- The Balanced Scorecard
Answer: An integrated strategic management system that translates an
organization's vision and strategy into a framework of performance
measures, goals, and initiatives across 4 key perspectives
●● 4 Key Perspectives in the Balanced Scorecard
Answer: 1. Financial
2. Customer
3. Internal Processes
4. Learning & Growth
●● Strategy Map
Answer: Diagram that links the various perspectives in a balanced
scorecard
●● Contemporary Management Techniques- The Value Chain
Answer: Analysis tool organizations use to identify the specific steps
required to provide a competitive product or service to the customer.
