BUSI 601 Exam 1 Liberty

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1. Cost management has moved from a traditional role of product costing and operational control to a broader strategic focus, which places an emphasis on: 
2. In the current business environment, companies cannot survive without a long-term strategy. What exactly should an effective strategy include? 
3. Which of the following most accurately describes what is included in cost management information? 
4. The competitive strategy in which the firm succeeds by developing and maintaining a unique value for the product, as perceived by the customer, is termed: 
5. A firm succeeds on its ability to deliver products to customers more quickly than rival companies in its industry. This skill is an example of the firm's: 
6. The balanced scorecard: 
7. Which of the following does not represent a possible opportunity for a manufacturing firm as a part of SWOT analysis? 
8. In order to remain competitive in the contemporary business environment, several firms have started training their employees to stop viewing problems as strictly functional -- a marketing problem, or an accounting problem, for example. What does this trend illustrate about strategic management? 
9. In SWOT analysis, strengths and weaknesses are most easily identified by looking: 
10. The cause and effect relationships among critical success factors are best captured in: 
11. The Euro is: 
12. Which one of the following critical success customer factors is best measured by warranty expense? 
13. The additional cost incurred as the cost driver increases by one unit is: 
14. Stephenson Company's computer system recently crashed, erasing much of the Company's financial data. The following accounting information was discovered soon afterwards on the CFO's backup computer disk. 
15. The following information was taken from the accounting records of Elliott Manufacturing Corp. Unfortunately, some of the data were destroyed by a computer malfunction. 
16. All indirect manufacturing costs are commonly combined into a single cost pool called: 
17. Bracken Co. incurred the following costs during 2010:
18. Any product, service, or organizational unit to which costs are assigned for some management is a(n): 
19. Structural cost drivers are to executional cost drivers as: 
20. Tierney Construction, Inc. recently lost a portion of its financial records in an office theft. The following accounting information remained in the office files: 
21. Which one of the following is not a unit-level cost driver? 
22. Sheen Co. manufacturers laser printers. It has outlined the following overhead cost drivers: 
23. Customer lifetime value is a type of analysis used to: 
24. Activity-based costing (ABC) differs from other costing approaches in its: 
25. A measure of the quantity of resources consumed by an activity is: 
26. Everlast Co. manufactures a variety of drill bits. The company's plant is partially automated. The budget for the year includes $432,000 payroll for 4,800 direct labor-hours. Listed below is cost driver
27. information used in the product-costing system:
28. What is the total manufacturing overhead for the current product order if the firm assigns overhead costs based on machine hours? 
29. Purchase order, setup, and inspection costs are examples of: 
30. The use of activity-based costing is most appropriate for: 
31. A significant advantage of using either an activity-based budgeting (ABB) or a time-driven activity- based budgeting (TDABB) system is: 
32. Brownsville Novelty Store prepared the following budget information for the month of May:
33. • Sales are budgeted at $360,000. All sales are on account and a provision for bad debts is made monthly at three percent of sales.
34. • Inventory was $84,000 on April 30 and an increase of $12,000 is planned for May 31.
35. • All inventory is marked to sell at cost plus fifty percent.
36. • Estimated cash disbursements for selling and administrative expenses for the month are $48,000. • Depreciation for May is projected at $6,000.
37. Budgeted Cost of Goods Purchased in May is: 
38. The Johann's Professional Service Company expects 70% of sales for cash and 30% on credit. 
39. Capital One produces a single product, which it sells for $8.00 per unit. Variable costs per unit equal $3.20 
40. The process of planning business actions in the near future and expressing them as formal plans is called: 
41. LeMinton Company expects the following credit sales for the first five months of the year: January, $25,000; February, $40,000; March, $30,000; April, $36,000, May $40,000. Experience has shown that payment for the credit sales is received as follows: 60% in the month of sale, 25% in the first month after sale, 12% in the second month after sale, and the remainder is uncollectible. How much cash can LeMinton Company expect to collect in March as a result of credit sales? 
42. Graham Corporation's budget calls for the following production: 
43. Graham Corporation's budget calls for the following production: 
44. Folsom Fashions sells a line of women's dresses. The company uses flexible budgets to analyze its performances. The firm's performance report for November is presented below:
45. Winston Co. had two products code named X and Y. The firm had the following budget for August: 
46. Darwin, Inc. provided the following information (round calculations to two significant digits): What is the actual partial productivity ratio? 
47. Which one of the following uses the number of units of an input factor in its assessment of productivity? 
48. Jackson, Inc manufactures two products that it sells to the same market. Excerpted below are its budgeted and actual operating results for the year just completed
49. Broha Company manufactured 1,500 units of its only product during 2011. The inputs for this production are as follows:
50. Folsom Fashions sells a line of women's dresses. The company uses flexible budgets to analyze its performances. The firm's performance report for November is presented below:
51. Broha Company manufactured 1,500 units of its only product during 2011. The inputs for this production are as follows:
52. The story of Gideon defeating the Midianites (Judges 6 and 7), proves that management techniques cannot turn impossible circumstances into possible ones. 
53. Since there is nothing new under the sun (Ecclesiastes 1:9), management should never attempt to implement new ideas. 
54. Critical success factors may have a financial, customer oriented, internal business processes, or a learning and growth perspective. 
55. Cost management is something that managers should leave to the accountant, as it does not affect the manager’s bottom line. 
56. Value-added activities provide us with an opportunity to honor God with the resources that we as managers have been given. 
57. Budgeting can be applied to one’s time, not just to finances.