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Cost Accounting With Integrated Data Analytics, 1e Karen Congo Farmer, Amy Fredin
(Test Bank all Chapters)
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1 Cost Accounting, 1e (Farmer) Chapter 1 Cost Accounting Has Purpose
1) A ________ helps an organization, whether for profit or nonprofit, turn its purpose into action by establishing the direction of the entity.
- mission statement
- strategic plan
- SWOT analysis
- vision
Answer: B
Explanation: A strategic plan helps an organization, whether for profit or nonprofit, turn its purpose into action by establishing the direction of the entity.
Diff: 2
LO: 1
Bloom: K
AACSB: Analytic
AICPA: FC: Measurement, Analysis, and Interpretation IMA: Business Acumen & Operations: Operational Knowledge.
2) An organization's strategic plan includes its why, where and how for its purpose represented by
- opportunities, strengths and weaknesses.
- opportunities, strengths, and mission.
- mission, vision, and strategy.
- mission, strengths, and strategy.
Answer: C
Explanation: An organization's strategic plan includes its why, where, and how for its purpose represented by mission, vision, and strategy.
Diff: 2
LO: 1
Bloom: K
AACSB: Analytic
AICPA: FC: Measurement, Analysis, and Interpretation IMA: Business Acumen & Operations: Operational Knowledge.
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2 3) In choosing a strategy, a business begins by undertaking a thorough examination of itself and the industry within which it operates by performing a ________ analysis.
- mission and vision statement
- strategic initiative
- target objective
D) SWOT
Answer: D
Explanation: In choosing a strategy, a business begins by undertaking a thorough examination of itself and the industry within which it operates by performing a SWOT analysis.
Diff: 2
LO: 1
Bloom: K
AACSB: Analytic
AICPA: FC: Measurement, Analysis, and Interpretation IMA: Business Acumen & Operations: Operational Knowledge.
4) An organization's ________ is its purpose; its reason for existing.
- mission
- strategy
- initiative
- strategic plan
Answer: A
Explanation: An organization's mission is its purpose, its reason for existing.
Diff: 2
LO: 1
Bloom: K
AACSB: Analytic
AICPA: FC: Measurement, Analysis, and Interpretation IMA: Business Acumen & Operations: Operational Knowledge.
5) A SWOT analysis allows an organization to assess its
- strategies, wealth, outlets, and targets.
- strengths, warnings, outlets, and threats.
- strengths, weaknesses, opportunities, and threats.
- strategies, wealth, opportunities, and threats.
Answer: C
Explanation: A SWOT analysis allows an organization to assess its strengths, weaknesses, opportunities, and threats.
Diff: 1
LO: 1
Bloom: C
AACSB: Analytic
AICPA: FC: Measurement, Analysis, and Interpretation IMA: Business Acumen & Operations: Operational Knowledge.
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3 6) What is a narrative that describes what the organization will look like, or a destination to achieve, by some future date called?
- SWOT analysis
- Strategic plan
- Vision
- Mission
Answer: C
Explanation: A narrative the describes what the organization will look like, or a destination to achieve, by some future date is called a vision.
Diff: 2
LO: 1
Bloom: K
AACSB: Analytic
AICPA: FC: Measurement, Analysis, and Interpretation IMA: Business Acumen & Operations: Operational Knowledge.
7) Which of the following statements is correct regarding a SWOT analysis?
- The basis for evaluation using the SWOT analysis focuses on external factors only.
- Factors to assess in a SWOT analysis included elements described in Porter's Five Forces.
- Insignificant in setting a company's strategy is determining the organization's critical success
- A SWOT analysis is typically used in the Mission and Vision stage in creating the strategic
factors.
plan for an organization.
Answer: B
Explanation: The correct statement regarding SWOT analysis is, "Factors to assess in a SWOT analysis included elements described in Porter's Five Forces."
Diff: 2
LO: 1
Bloom: C
AACSB: Analytic
AICPA: FC: Measurement, Analysis, and Interpretation IMA: Business Acumen & Operations: Operational Knowledge.
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