Question 1

For each of the independent activities give the aspect of the Five-Step Decision-Making Process that best describes what is being undertaken.
A)Implement the decision, evaluate performance, and learn
B)Identify the problem and uncertainties
C)Make predictions about the future
D)Decide on and implement one of the alternatives
E)Obtain information
-Conduct a consumer survey.

Accepted Answer

The answer of For each of the independent activities give...

Question 2

A bonus paid to high performing sales persons is an example of an intrinsic reward.

Accepted Answer

A) True 
 B)False

Question 3

Understanding the reasons for any difference between actual results and budgeted amounts is an important aspect of

Accepted Answer

A) extended value-chain analysis. 
B) forecasting for the next accounting period. 
C) kaizen management. 
D) control. 
E) management by perception.

Question 4

The approaches and activities of managers in short-run and long-run planning and control decisions that increase value for customers and lower costs of products and services are known as

Accepted Answer

A) value chain management. 
B) enterprise resource planning. 
C) cost management. 
D) customer value management. 
E) management information system.

Question 5

An accountant that agrees with the company president to defer the recognition of an earned revenue is in a breach of which of the following dimensions of professional conduct?

Accepted Answer

A) adherence to rules of professional conduct 
B) conduct that contravenes an act, the regulations, or the bylaws 
C) conduct that displays a lack of competence 
D) failure or refusal to co-operate in a practice review 
E) participating in a conflict of interest

Question 6

The text identifies six ways to classify the major differences between management and financial accounting.The "managers of the organization" is an example of which of the following classes of differences?

Accepted Answer

A) purpose of information 
B) primary users 
C) focus and emphasis 
D) rules of measurement and reporting 
E) time span and type of reports

Question 7

________ includes reporting and interpreting information that helps managers to focus on operating problems, imperfections, inefficiencies, and opportunities.

Accepted Answer

A) Scorekeeping 
B) Control 
C) Problem-solving 
D) Planning 
E) Budgeting

Question 8

Discuss the cost-benefit approach guideline management accountants use to provide value in strategic decision making.

Accepted Answer

The answer of Discuss the cost-benefit approach guideline management accountants...

Question 9

List and briefly describe each function in the value chain.Provide an example for each of the value chain functions identified.

Accepted Answer

The answer of List and briefly describe each function in...

Question 10

What areas of responsibility does a chief financial officer have in a typical organization?

Accepted Answer

The answer of What areas of responsibility does a chief...

Question 11

Which of the following is an example of an extrinsic reward?

Accepted Answer

A) thank you letter from someone outside the company 
B) the feeling of satisfaction from a job well done 
C) receiving employee of the month honours 
D) stock option plan 
E) an employee being thanked publicly by the company's president

Exam 1: The Accountants Vital Role in Decision Making