Test Bank For Cost Accounting: A Data Analytics Approach
Chapter 01 - Algorithmic and Static
1) Creating value through designing, manufacturing, selling, or trading products or services at a
price that is greater than the cost of creating and distributing those products or services is the
goal of which type of which of the following organizations?
A) Government
B) Nonprofit
C) For-profit
D) Charities
2) Which of the following is a strategic decision that management must make in order to
achieve its goal of maximizing long-term profits?
A) How often to file taxes
B) What price to set for company stock
C) Who to appoint as CEO
D) What price to charge customers
3) Considering the creation of value at a university, the graduates who get jobs would be which
element of the value chain?
A) Inputs
B) Processing
C) Pricing
D) Output
4) All of the items, events, and interactions that determine a company’s financial health and
well-being is
A) management accounting.
B) business process.
C) business value.
D) business planning.
5) A coordinated, standardized set of activities conducted by both people and equipment to
accomplish a specific task is
A) management accounting.
B) business process.
C) business value.
D) business planning.
1
,Test Bank For Cost Accounting: A Data Analytics Approach
Chapter 01 - Algorithmic and Static
6) A chain of critical business processes that create business value at a company is a(n)
A) significant value.
B) process chain.
C) business chain.
D) value chain.
7) Which of the following are the activities that directly create value for the company and its
customers?
A) Primary activities
B) Secondary activities
C) Supporting activities
D) Infrastructure activities
8) Which of the following adds value due to their deep knowledge of the costs associated with
the production and distribution of the company’s products or services, and the factors that
increase or decrease the those costs?
A) Data scientists
B) Management accountants
C) Production managers
D) Logistics coordinators
9) Which of the following is not considered a primary activity of the value chain?
A) Operations
B) Marketing
C) Procurement
D) Logistics
10) Which of the following is not considered a secondary activity of the value chain?
A) Operations
B) Information technology
C) Procurement
D) Human resources
11) Research and development falls under which part of the value chain?
A) Operations
B) Information technology
C) Procurement
D) Human resources
2
,Test Bank For Cost Accounting: A Data Analytics Approach
Chapter 01 - Algorithmic and Static
12) All of the activities needed to support the primary activities of the company fall under which
part of the value chain?
A) Operations
B) Marketing
C) Logistics
D) Firm infrastructure
13) A corporate strategy in which the company offers its goods and services to customers at
prices lower than its competitors’ prices, thereby stimulating demand and generating higher
profits through higher sales volume is known as
A) cost leadership.
B) product differentiation.
C) comparative advantage.
D) economic scale.
14) A corporate strategy in which the company seeks to offer products or services that are
distinct from those offered by competitors and valued by customers is known as
A) cost leadership.
B) product differentiation.
C) comparative advantage.
D) economic scale.
15) A new hire for a company finds that his daily activities include acquiring, maintaining, and
statistically testing data, as well as answering questions that management has about the data.
This person has been hired as a
A) data scientist.
B) management accountant.
C) production manager.
D) logistics coordinator.
16) Raw facts that describe an event and have little meaning on their own are
A) data.
B) information.
C) context.
D) knowledge.
3
, Test Bank For Cost Accounting: A Data Analytics Approach
Chapter 01 - Algorithmic and Static
17) Data organized in a way that is useful to the user in a given context is
A) decisions.
B) information.
C) a value chain.
D) knowledge.
18) The setting that surrounds the data is
A) context.
B) information.
C) the value chain.
D) knowledge.
19) In the AMPS data analytics model, what does the "A" stand for?
A) Admit defeat
B) Ask the question
C) Assign responsibility
D) Alternate options
20) ESG is an acronym for which of the following, which is becoming an increasingly important
focus of companies across the globe?
A) Economic and social gains
B) Environmental saving goals
C) Environmental, social, and governance
D) Excellence in standardization and generalization
21) In the AMPS data analytics model, what does the "M" stand for?
A) Meet expectations
B) Maintain consistency
C) Master the data
D) Map out options
22) In the AMPS data analytics model, what does the "P" stand for?
A) Perfect the data
B) Perform the analysis
C) Post results
D) Prepare conclusions
4
Chapter 01 - Algorithmic and Static
1) Creating value through designing, manufacturing, selling, or trading products or services at a
price that is greater than the cost of creating and distributing those products or services is the
goal of which type of which of the following organizations?
A) Government
B) Nonprofit
C) For-profit
D) Charities
2) Which of the following is a strategic decision that management must make in order to
achieve its goal of maximizing long-term profits?
A) How often to file taxes
B) What price to set for company stock
C) Who to appoint as CEO
D) What price to charge customers
3) Considering the creation of value at a university, the graduates who get jobs would be which
element of the value chain?
A) Inputs
B) Processing
C) Pricing
D) Output
4) All of the items, events, and interactions that determine a company’s financial health and
well-being is
A) management accounting.
B) business process.
C) business value.
D) business planning.
5) A coordinated, standardized set of activities conducted by both people and equipment to
accomplish a specific task is
A) management accounting.
B) business process.
C) business value.
D) business planning.
1
,Test Bank For Cost Accounting: A Data Analytics Approach
Chapter 01 - Algorithmic and Static
6) A chain of critical business processes that create business value at a company is a(n)
A) significant value.
B) process chain.
C) business chain.
D) value chain.
7) Which of the following are the activities that directly create value for the company and its
customers?
A) Primary activities
B) Secondary activities
C) Supporting activities
D) Infrastructure activities
8) Which of the following adds value due to their deep knowledge of the costs associated with
the production and distribution of the company’s products or services, and the factors that
increase or decrease the those costs?
A) Data scientists
B) Management accountants
C) Production managers
D) Logistics coordinators
9) Which of the following is not considered a primary activity of the value chain?
A) Operations
B) Marketing
C) Procurement
D) Logistics
10) Which of the following is not considered a secondary activity of the value chain?
A) Operations
B) Information technology
C) Procurement
D) Human resources
11) Research and development falls under which part of the value chain?
A) Operations
B) Information technology
C) Procurement
D) Human resources
2
,Test Bank For Cost Accounting: A Data Analytics Approach
Chapter 01 - Algorithmic and Static
12) All of the activities needed to support the primary activities of the company fall under which
part of the value chain?
A) Operations
B) Marketing
C) Logistics
D) Firm infrastructure
13) A corporate strategy in which the company offers its goods and services to customers at
prices lower than its competitors’ prices, thereby stimulating demand and generating higher
profits through higher sales volume is known as
A) cost leadership.
B) product differentiation.
C) comparative advantage.
D) economic scale.
14) A corporate strategy in which the company seeks to offer products or services that are
distinct from those offered by competitors and valued by customers is known as
A) cost leadership.
B) product differentiation.
C) comparative advantage.
D) economic scale.
15) A new hire for a company finds that his daily activities include acquiring, maintaining, and
statistically testing data, as well as answering questions that management has about the data.
This person has been hired as a
A) data scientist.
B) management accountant.
C) production manager.
D) logistics coordinator.
16) Raw facts that describe an event and have little meaning on their own are
A) data.
B) information.
C) context.
D) knowledge.
3
, Test Bank For Cost Accounting: A Data Analytics Approach
Chapter 01 - Algorithmic and Static
17) Data organized in a way that is useful to the user in a given context is
A) decisions.
B) information.
C) a value chain.
D) knowledge.
18) The setting that surrounds the data is
A) context.
B) information.
C) the value chain.
D) knowledge.
19) In the AMPS data analytics model, what does the "A" stand for?
A) Admit defeat
B) Ask the question
C) Assign responsibility
D) Alternate options
20) ESG is an acronym for which of the following, which is becoming an increasingly important
focus of companies across the globe?
A) Economic and social gains
B) Environmental saving goals
C) Environmental, social, and governance
D) Excellence in standardization and generalization
21) In the AMPS data analytics model, what does the "M" stand for?
A) Meet expectations
B) Maintain consistency
C) Master the data
D) Map out options
22) In the AMPS data analytics model, what does the "P" stand for?
A) Perfect the data
B) Perform the analysis
C) Post results
D) Prepare conclusions
4
