 Show Chapter 1 Cost Management and Strategy MCQ PART1 1) Which of the following does not represent a main focus of cost management information? A) Strategic management. B) Performance measurement. C) Planning and decision making. D) Preparation of financial statements. E) Internal audit and control. 2) Strategic management can be defined as the development of a sustainable: A) Chain of command. B) Competitive position. C) Cash flow. D) Business entity. E) Company image. 3) Cost management has moved from a traditional role of product costing and operational control to a broader strategic focus, which places an emphasis on: A) Competitive pricing. B) Domestic marketing. C) Short-term thinking. D) Strategic thinking. E) Independent judgment. 4) All of the following are examples of total quality management practices except: A) Redesign of a product to reduce its parts by 50 percent. B) Reduction in the movement required in a manufacturing job. C) Separating the sales and services functions. D) Raising raw material quality standards. Which of the following is used to improve the accuracy of cost analysis?which of the following is used to improve the accuracy of cost analysis? increasing competitiveness from global markets: increases both financial and nonfinancial information needs.
What is target costing in accounting?What is Target Costing? Target costing is a system under which a company plans in advance for the price points, product costs, and margins that it wants to achieve for a new product. If it cannot manufacture a product at these planned levels, then it cancels the design project entirely.
What is the main focus of cost management information?Cost management practices can be applied to specific projects or to the company's overall operating model. Cost management typically focuses on generating savings and maximizing profits in the longer term.
Which of the following professional certificates is considered to be the most relevant for dealing with cost management issues?Which of the following professional certificates is considered to be the most relevant for dealing with cost management issues? The CMA, which is administered through the Institute of Management Accountants.
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Which of the following determines the desired cost for a product based upon a given competitive price?
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