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Cost Accounting 101 Practice Test: The Accountant's Role
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Avg score: 59% • Most missed: “Which of the following statements about customer value is NOT true?”
Accountants review and analyze financial records for individuals and companies, keeping track of income, expenditures, and tax liabilities.  Accountants may also be involved in: Project planning, Cost analysis, Auditing, Financial decision-making, Tax preparation, Financial reporting, and Financial control.  Here are some of the main roles or functions of accounting: Account receivable: Processing incoming payments Account payable: Making payments and keeping bills paid Payroll: Ensuring employees receive their salary on time  Accountants may work in a large company's accounting... Show more
Cost Accounting 101 Practice Test: The Accountant's Role
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25 Questions

1. The best-designed strategies are valuable whether or not they are effectively implemented.
2. Which statement is true?
3. ________ includes providing financial information for reports to managers and shareholders, and overseeing the overall operations of the accounting system.
4. For best results, cost management emphasizes independently coordinating supply chain activities within your company and with other companies that act as suppliers and customers.
5. Management accounting has to strictly follow the rules of generally accepted accounting principles for the purposes of measurement and reporting.
6. Cost management involves long-term and short-term decisions that attempt to increase value for customers and lower costs of products or services.
7. Modern cost accounting plays a role in:
8. Responsibilities of a CFO include all of the following EXCEPT:
9. Planning consists of all of these areas EXCEPT:
10. A managerial accountant should NOT disclose confidential information to an outside party (such as a newspaper) unless legally obligated to do so.
11. Cost management is narrowly focused on a continuous reduction of costs.
12. Staff management includes:
13. Strategy specifies:
14. The act of simply measuring and reporting information:
15. The controller is usually responsible for banking, short- and long-term financing, investments, and cash management.
16. ________ is a philosophy in which management improves operations throughout the value chain to deliver products and services that exceed customer expectations.
17. Long term financing is an integral part of the ________ function in an organization.
18. Whose perceptions of the company's products or services are the most important to the manager?
19. A bottleneck occurs when the work to be performed exceeds the available capacity.
20. Which of the following statements concerning performance reports is NOT correct?
21. The ________ is primarily responsible for management accounting and financial accounting.
22. The process of preparing a budget:
23. Strategy is formulated by answering all of the following EXCEPT:
24. Production"
25. Which of the following statements about customer value is NOT true?

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