First ho

What are the four major management functions that require cost management information?

• Research and development, advertising, distribution, and customer feedback

• Customer service, sales, inventory management, and quality control

• Strategic management, planning and decision-making, management and operational control, and preparation of financial statements

• Human resources, marketing, finance, and production

Which of the following is NOT one of the perspectives in the Balanced Scorecard approach?

• Financial performance

• Customer satisfaction

• Internal processes

• Employee satisfaction

What is the purpose of a strategy map in the context of the Balanced Scorecard?

• To determine the desired cost for a product

• To identify and monitor the costs of a product throughout its life cycle

• To link the various perspectives in a balanced scorecard

• To evaluate the firm's critical success factors

Which management technique focuses on improving the accuracy of cost analysis by tracing costs to products or individual customers?

• Theory of Constraints

• Lean Accounting

• Total Quality Management

• Activity-Based Costing and Management

What is the main goal of Target Costing?

• To improve the accuracy of cost analysis by tracing costs to products or individual customers

• To identify and monitor the costs of a product throughout its life cycle

• To determine the desired cost for a product based on a given competitive price

• To create a balance between the company's short- and long-term goals

Which management method involves a commitment to continuous improvement in quality and other critical success factors?

• Enterprise Risk Management

• Business Process Improvement

• Sustainability

• Value Chain Analysis

What is the purpose of Business Analytics in strategy implementation?

• To manage the risks that could negatively or positively affect the company's competitiveness

• To identify and monitor the costs of a product throughout its life cycle

• To understand and analyze business performance using data

• To evaluate the firm's critical success factors

Which type of organization provides services for which no direct relationship exists between the amount paid and the services provided?

• Manufacturing firms

• Service firms

• Merchandising firms

• Government and non-profit firms

What is the main focus of the Theory of Constraints methodology?

• Improving profitability and cycle time by identifying bottlenecks

• Developing policies and practices to ensure products and services exceed customer expectations

• Identifying and implementing ways to reduce costs and increase revenue

• Creating a balance between short- and long-term goals in social, environmental, and financial dimensions

Which analytical tool helps firms identify specific steps required to provide a product or service to the customer?

• Life-Cycle Costing

• Business Process Improvement

• Benchmarking

• Value Chain Analysis