Strategic Cost Management

The accounting information system within an organization has two major subsystems: a financial accounting system and a cost accounting system.

• TRUE

• FALSE

The management of an organization performs several

broad functions. They are:

• planning, directing, and selling

• planning, directing, and controlling

• planning, manufacturing, and controlling

• directing, manufacturing, and controlling

Cost management encompasses both the cost accounting and the management accounting information systems.

• TRUE

• FALSE

The report produced under financial accounting system is called Financial Statements.

• TRUE

• FALSE

Total Quality Management's goal is to have zero defect in products and services.

• TRUE

• FALSE

Financial Accounting System mostly both internal and external users.

• TRUE

• FALSE

In cost management, the frequency, purpose and content of the reports is based on the relevance with the decision to be made by the management.

• TRUE

• FALSE

Which of the following position is a line function ?

• Controller

• Chief Finance Officer

• Treasurer

• Chief Operating Officer

Which of the following is not part of Standards of Ethical Conduct

for Management Accountants

• Competence

• Confidence

• Integrity

• Objectivity

Cost accounting pertains to cost management system that assign cost to products and must adhere with GAAP.

• TRUE

• FALSE