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Exam 1: Introduction to Cost Accounting

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Question 21

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Financial accounting is most concerned with meeting the needs of external users.

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Question 22

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Financial accounting

A) is primarily concerned with internal reporting.
B) is more concerned with verifiable,historical information than is cost accounting.
C) focuses on the parts of the organization rather than the whole.
D) is specifically directed at management decision-making needs.

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Question 23

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Which of the following areas is not addressed by an organization's mission statement?

Cost accounting serves as a bridge between financial and managerial accounting.

When an organization attempts to "adjust" its profits to meet a specific target,it is guilty of ______________________________.

The plan in which an organization indicates how it will fulfill its goals is referred to as a ____________________.

The balanced scorecard perspective that addresses concerns about organizational growth is the ____________________ perspective.

The organization whose primary function is to provide a means to share information among cost and management accountants in the United States is the

The balanced scorecard perspective that focuses on using a firm's intellectual capital to adapt to customer needs through product or service innovations is the:

Managerial accounting is most concerned with addressing the needs of the firm as a whole.

Management and financial accounting are used for which of the following purposes?

Which ethical standard is violated when an accountant uses information from a financial statement he is preparing to advise a relative of a stock purchase?

The balanced scorecard perspective that addresses how well the organization is meeting specific customer-based criteria is the:

The customer value perspective of the balanced scorecard addresses stakeholder concerns about profitability and organizational growth.

Managerial accounting is most concerned with addressing the needs of individual departments of the firm.

The internal business perspective of the balanced scorecard addresses the things that an organization needs to do well to meet customer needs and expectations.

The customer value perspective of the balanced scorecard addresses how well the organization is doing with regard to important customer criteria.

The expression of what an organization wishes to accomplish and how it will serve its customers is contained in the ______________________________.

The Institute of Management Accountants issues

The learning and growth perspective of the balanced scorecard addresses how well the organization is doing with regard to important customer criteria.