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Chapter 01 Quiz 2
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1
Objectives (or goals) of an organisation can be concerned with:
A)cost minimisation
B)product quality
C)quality of service
D)all of the given answers
2
Corporate strategy:
A)is the desired future state or aspiration of an organisation
B)defines the purpose and boundaries of the organisation
C)is concerned with the way the business competes in its chosen market
D)involves making choices about the types of businesses the organisation as a whole will operate
3
Business (or competitive) strategy:
A)describes the desired future state or aspiration of an organisation
B)defines the purpose and boundaries of the organisation
C)is concerned with the way that a business competes in its chosen market
D)involves making choices about the types of businesses the organisation as a whole will operate
4
Which of the following statements about management accounting systems is true?
A)Management accounting systems provide information on a regular basis.
B)Management accounting systems provide information on an ad hoc basis.
C)Management accounting systems produce information required by managers to manage resources and create customer and shareholder value.
D)All of the given answers.
5
Planning is:
A)concerned with formulating the direction of future operations
B)the evaluation of actual performance against targets
C)the motivation of management towards organisational objectives
D)the measurement of managers' performance
6
Which of the following statements is correct?
A)Management accounting systems do not provide information to support the formulation and the implementation of an organisation's strategies.
B)Management accounting systems are not relevant in the formulation and the implementation of business strategies.
C)Management accounting systems should provide information to support the formulation and implementation of an organisation's strategies.
D)Management accounting systems cannot provide relevant information to an organisation that is pursuing a product differentiation strategy.
7
Control involves:
A)implementing mechanisms to ensure that operations proceed according to plan and that objectives are achieved
B)formulating the direction of future operations of an organisation
C)planning both the financial and non-financial activities of the organisation
D)deciding how the organisation is going to compete within its chosen market
8
What information should management accountants supply?
A)Information on the physical measures for operational control, such as number of units produced, number of units rejected and time lost due to injuries.
B)Information that is not tied to financial models of reporting.
C)Information that is relevant to managers in the management and control of operational tasks.
D)All of the given answers.
9
Which of the following is not a benefit of information?
A)Better decisions.
B)More effective planning.
C)Improved customer and shareholder value.
D)The increased time taken by managers to read, understand and use information.
10
Which part of the firm's accounting system is common to both financial accounting and management accounting?
A)Budgeting system.
B)Performance measurement system.
C)Capital budgeting system.
D)Costing system.





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