Microeconomics > Quiz > QUIZ answer key.docx | Download for quality grades | With attached mark scheme| (All)
Why do most companies adhere to GAAP for their basic internal financial statements? a. GAAP is required by law for publicly held companies. b. To use GAAP and another system of reporting would be to... o costly for most companies. c. Accountants are required by their code of ethics to use GAAP accounting. d. Accrual accounting provides a uniform method to measure an organization’s financial performance. 2. Which of the following is not true about strategy? a. It involves matching its capabilities with the opportunities in the marketplace to accomplish its objective. b. It has a short-term focus. c. It can be implemented through price competition or product differentiation. d. It involves the use of strategic cost management. 3. The value chain a. involves external companies as well as internal activities. b. is the sequence of business functions in which customer usefulness is added to products or services. c. applies only to manufacturing companies. d. is not relevant in today’s cost accounting environment. 4. Which of the following is not a key success factor in a company’s effort to deliver increased levels of performance to the customer? a. Time b. Innovation c. Quality d. Price reduction 5. The five-step decision process a. includes planning and control activities. b. is performed exclusively by management accountants. c. is not often used, as the costs exceed the benefits. d. must be performed following GAAP guidelines. 6. In supporting managers, management accountants have four guidelines. These guidelines are: a. Cost-benefit analysis, performance reporting, behavioral considerations, and technical considerations. b. Cost-benefit analysis, behavioral considerations, technical considerations, and different costs for different purposes. c. Financial statement preparation, technical considerations, strategic direction, and budgeting. d. Following functional lines of authority, cost-benefit analysis, behavioral considerations, and use of the value chain [Show More]
Last updated: 1 year ago
Preview 1 out of 21 pages
Buy this document to get the full access instantly
Instant Download Access after purchase
Add to cartInstant download
We Accept:
Connected school, study & course
About the document
Uploaded On
Nov 30, 2022
Number of pages
21
Written in
This document has been written for:
Uploaded
Nov 30, 2022
Downloads
0
Views
39
In Browsegrades, a student can earn by offering help to other student. Students can help other students with materials by upploading their notes and earn money.
We're available through e-mail, Twitter, Facebook, and live chat.
FAQ
Questions? Leave a message!
Copyright © Browsegrades · High quality services·