Home > Marketing Management 101 > Quizzes > Cost Accounting 101 Practice Test: The Accountant's Role
Cost Accounting 101 Practice Test: The Accountant's Role
Fast practice, instant feedback. Timer auto-submits when time’s up.
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
Time left 00:00
25 Questions

1. ________ is the detailed planning and engineering of products, services, or processes.
2. A cost concept used for external reporting purposes may not be appropriate for internal, routine reporting to managers.
3. Line management includes:
4. A data warehouse or infobarn:
5. The controller (also called the chief accounting officer) is the financial executive primarily responsible for both management accounting and financial accounting.
6. Which of the following statements concerning an organization's strategy is NOT true?
7. The balance sheet, income statement, and statement of cash flows are used for financial accounting, and also for management accounting.
8. Which of the following types of information are used in management accounting?
9. Which item is NOT a guideline used by management accountants to assist in strategic and operational decision making?
10. Strategic cost management describes cost management that specifically focuses on strategic issues.
11. 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:
12. A performance report compares actual performance to the amount budgeted.
13. Treasury includes banking and short- and long-term financing, investments, and cash management.
14. called outbound logistics) is also known as"
15. An Enterprise Resource Planning (ERP) System is a single database that collects data and feeds into applications that support each of the company's business activities, such as purchases, production, distribution, and sales.
16. R&D, production, and customer service are business functions that are all included as part of:
17. The person(s) responsible for providing advice and assistance to line managers is/are:
18. The act of simply measuring and reporting information:
19. A report showing the actual financial results for a period compared to the budgeted financial results for that same period would most likely be called a:
20. The most important planning tool is a ________.
21. Modern cost accounting takes the perspective that collecting cost information is a function of the management decisions being made.
22. Financial accounting:
23. Which of the following statements concerning performance reports is NOT correct?
24. The person(s) directly responsible for attaining of organizational objectives is/are:
25. Cost management involves long-term and short-term decisions that attempt to increase value for customers and lower costs of products or services.