,Solution manual For Cost Management, 3e
Canadian Eldenburg
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,Package Title: Testbank
Course Title: Eldenburg, Cost Management, Third Canadian Edition
Chapter Number: 01
Shuffle: No
Question type: True/False
1) A vision statement is one way to clarify an organization’s basic purpose and ideology.
Answer: True
Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Management Accounting
Bloomcode: Knowledge
2) Most managers follow a standard template and format when writing a vision statement.
Answer: False
Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Management Accounting
Bloomcode: Knowledge
3) A vision statement helps employees understand how to deal with various stakeholder groups.
Answer: True
Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Management Accounting
Bloomcode: Knowledge
4) Organizational core competencies are the tactics that managers use to take advantage of the
vision.
Answer: False
Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Management Accounting
Bloomcode: Knowledge
,5) Accounting information is the only thing managers need to make financial decisions.
Answer: False
Difficulty: Easy
Learning Objective: Explain the role of accounting information in strategic management.
CPA: Management Accounting
Bloomcode: Knowledge
6) Accounting information is used to monitor operations by comparing actual results to planned
results.
Answer: True
Difficulty: Easy
Learning Objective: Explain the role of accounting information in strategic management.
CPA: Management Accounting
Bloomcode: Knowledge
7) Accounting information cannot be used to motivate employee behavior.
Answer: False
Difficulty: Easy
Learning Objective: Explain the role of accounting information in strategic management.
CPA: Management Accounting
Bloomcode: Knowledge
8) Cost accounting information is used for both external reporting and internal decision making.
Answer: True
Difficulty: Easy
Learning Objective: Explain the role of accounting information in strategic management.
CPA: Management Accounting
Bloomcode: Knowledge
9) Cost accounting information, such as the valuation of ending inventory, is shown on external
financial statements.
Answer: True
,Difficulty: Easy
Learning Objective: Explain the role of accounting information in strategic management.
CPA: Management Accounting
Bloomcode: Knowledge
10) Because accounting information is highly objective and quantitative in nature, it is not subject to
uncertainties or management bias.
Answer: False
Difficulty: Easy
Learning Objective 1: Identify the types of control systems that managers use.
Learning Objective 2: Appreciate how biases affect management decision making.
CPA: Management Accounting
Bloomcode: Knowledge
11) Uncertainty and bias reduce decision quality.
Answer: True
Difficulty: Easy
Learning Objective 1: Identify the types of control systems that managers use.
Learning Objective 2: Appreciate how biases affect management decision making.
CPA: Management Accounting
Bloomcode: Knowledge
12) Uncertainties cause decision makers to ignore weaknesses in a preferred course of action.
Answer: False
Difficulty: Easy
Learning Objective: Identify the types of control systems that managers use.
CPA: Management Accounting
Bloomcode: Knowledge
13) Uncertainties and biases do not affect external financial reports, because they are based on
objective standards.
Answer: False
Difficulty: Easy
Learning Objective 1: Identify the types of control systems that managers use.
Learning Objective 2: Appreciate how biases affect management decision making.
CPA: Management Accounting
,Bloomcode: Knowledge
14) Because we can never completely remove biases and uncertainty from decision-making, higher-
quality decision processes are often imprecise.
Answer: True
Difficulty: Easy
Learning Objective 1: Identify the types of control systems that managers use.
Learning Objective 2: Appreciate how biases affect management decision making.
CPA: Management Accounting
Bloomcode: Knowledge
15) Higher-quality decisions result from higher-quality information, reports, and decision-making
processes.
Answer: True
Difficulty: Easy
Learning Objective: Determine how managers make higher-quality decisions.
CPA: Management Accounting
Bloomcode: Knowledge
16) Few management decisions can be made with absolute certainty.
Answer: True
Difficulty: Easy
Learning Objective: Determine how managers make higher-quality decisions.
CPA: Management Accounting
Bloomcode: Knowledge
17) Open-ended problems are not often seen in business.
Answer: False
Difficulty: Easy
Learning Objective: Determine how managers make higher-quality decisions.
CPA: Management Accounting
Bloomcode: Knowledge
18) When learning cost accounting, it is sufficient to learn the mechanics of applying cost
accounting methods.
,Answer: False
Difficulty: Easy
Learning Objective: Determine how managers make higher-quality decisions.
CPA: Management Accounting
Bloomcode: Knowledge
19) Incremental cash flows are relevant for decision-making.
Answer: True
Difficulty: Easy
Learning Objective: Explain the information systems and information that is relevant for decision
making.
CPA: Management Accounting
Bloomcode: Knowledge
20) Incremental cash flows are the same as unavoidable cash flows.
Answer: False
Difficulty: Easy
Learning Objective: Explain the information systems and information that is relevant for decision
making.
CPA: Management Accounting
Bloomcode: Knowledge
21) Relevant information for decisions can focus both on learning from the past and anticipating the
future.
Answer: True
Difficulty: Easy
Learning Objective: Explain the information systems and information that is relevant for decision
making.
CPA: Management Accounting
Bloomcode: Knowledge
22) The cost of your old automobile is relevant in the decision to purchase a new automobile.
Answer: False
Difficulty: Easy
,Learning Objective: Explain the information systems and information that is relevant for decision
making.
CPA: Management Accounting
Bloomcode: Knowledge
23) Ethical behaviour is an individual obligation, but not an organizational obligation.
Answer: False
Difficulty: Easy
Learning Objective: Explain the importance of ethical decision making.
CPA: Management Accounting/Professional and Ethical Behaviour
Bloomcode: Knowledge
24) Employees will always make ethical decisions if they act in the best interests of shareholders.
Answer: False
Difficulty: Easy
Learning Objective: Explain the importance of ethical decision making.
CPA: Management Accounting/Professional and Ethical Behaviour
Bloomcode: Knowledge
25) Ethical behaviour is required of every employee within an organization.
Answer: True
Difficulty: Easy
Learning Objective: Explain the importance of ethical decision making.
CPA: Management Accounting/Professional and Ethical Behaviour
Bloomcode: Knowledge
Question type: Multiple Choice
26) Which of the following influences organizational strategies?
a) Organizational vision
b) Financial statement results
c) Computer software
d) Number of employees
Answer: a
,Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Strategy and Governance
Bloomcode: Knowledge
27) Which of the following statements regarding organizational vision is false?
a) Organizational vision means the same as core competencies
b) Organizational vision is one tool for expressing an organization’s main purpose
c) Organizational vision should be communicated to all employees
d) Managers sometimes divide the organizational vision into one or more written statements
Answer: a
Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Strategy and Governance
Bloomcode: Knowledge
28) An organizational vision is sometimes broken down into:
I. Mission statement
II. Core values statement
III. Code of conduct
a) I only
b) I and II only
c) I, II, and III
d) II and III only
Answer: c
Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Strategy and Governance
Bloomcode: Knowledge
29) Organizational core competencies can include:
a) A mission statement
b) Patents, copyrights, and special legal protections
c) A code of conduct
d) An operating plan
Answer: b
, Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Strategy and Governance
Bloomcode: Knowledge
30) How are organizational strategies related to core competencies?
a) Competencies are the tactics managers use to take advantage of strategies
b) Competencies and strategies are an integral part of organizational vision
c) Strategies help managers exploit competencies
d) Strategies and competencies are actually two ways of expressing the same idea
Answer: c
Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Strategy and Governance
Bloomcode: Comprehension
31) Organizational strategies:
a) Are reconsidered on a daily basis
b) Should never be reconsidered once they are determined
c) Are reconsidered quarterly
d) Are reconsidered periodically in response to changes in the organization or environment
Answer: d
Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Strategy and Governance
Bloomcode: Knowledge
32) Which of the following is an element of an operating plan?
a) Developing an organizational mission
b) Preparing financial statements
c) Defining core values
d) Budgeting employee costs
Answer: d
Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Management Accounting
Canadian Eldenburg
Hello all ,
We have all what you need with best price
Our email :
Our website :
testbanks-store.com
,Package Title: Testbank
Course Title: Eldenburg, Cost Management, Third Canadian Edition
Chapter Number: 01
Shuffle: No
Question type: True/False
1) A vision statement is one way to clarify an organization’s basic purpose and ideology.
Answer: True
Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Management Accounting
Bloomcode: Knowledge
2) Most managers follow a standard template and format when writing a vision statement.
Answer: False
Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Management Accounting
Bloomcode: Knowledge
3) A vision statement helps employees understand how to deal with various stakeholder groups.
Answer: True
Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Management Accounting
Bloomcode: Knowledge
4) Organizational core competencies are the tactics that managers use to take advantage of the
vision.
Answer: False
Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Management Accounting
Bloomcode: Knowledge
,5) Accounting information is the only thing managers need to make financial decisions.
Answer: False
Difficulty: Easy
Learning Objective: Explain the role of accounting information in strategic management.
CPA: Management Accounting
Bloomcode: Knowledge
6) Accounting information is used to monitor operations by comparing actual results to planned
results.
Answer: True
Difficulty: Easy
Learning Objective: Explain the role of accounting information in strategic management.
CPA: Management Accounting
Bloomcode: Knowledge
7) Accounting information cannot be used to motivate employee behavior.
Answer: False
Difficulty: Easy
Learning Objective: Explain the role of accounting information in strategic management.
CPA: Management Accounting
Bloomcode: Knowledge
8) Cost accounting information is used for both external reporting and internal decision making.
Answer: True
Difficulty: Easy
Learning Objective: Explain the role of accounting information in strategic management.
CPA: Management Accounting
Bloomcode: Knowledge
9) Cost accounting information, such as the valuation of ending inventory, is shown on external
financial statements.
Answer: True
,Difficulty: Easy
Learning Objective: Explain the role of accounting information in strategic management.
CPA: Management Accounting
Bloomcode: Knowledge
10) Because accounting information is highly objective and quantitative in nature, it is not subject to
uncertainties or management bias.
Answer: False
Difficulty: Easy
Learning Objective 1: Identify the types of control systems that managers use.
Learning Objective 2: Appreciate how biases affect management decision making.
CPA: Management Accounting
Bloomcode: Knowledge
11) Uncertainty and bias reduce decision quality.
Answer: True
Difficulty: Easy
Learning Objective 1: Identify the types of control systems that managers use.
Learning Objective 2: Appreciate how biases affect management decision making.
CPA: Management Accounting
Bloomcode: Knowledge
12) Uncertainties cause decision makers to ignore weaknesses in a preferred course of action.
Answer: False
Difficulty: Easy
Learning Objective: Identify the types of control systems that managers use.
CPA: Management Accounting
Bloomcode: Knowledge
13) Uncertainties and biases do not affect external financial reports, because they are based on
objective standards.
Answer: False
Difficulty: Easy
Learning Objective 1: Identify the types of control systems that managers use.
Learning Objective 2: Appreciate how biases affect management decision making.
CPA: Management Accounting
,Bloomcode: Knowledge
14) Because we can never completely remove biases and uncertainty from decision-making, higher-
quality decision processes are often imprecise.
Answer: True
Difficulty: Easy
Learning Objective 1: Identify the types of control systems that managers use.
Learning Objective 2: Appreciate how biases affect management decision making.
CPA: Management Accounting
Bloomcode: Knowledge
15) Higher-quality decisions result from higher-quality information, reports, and decision-making
processes.
Answer: True
Difficulty: Easy
Learning Objective: Determine how managers make higher-quality decisions.
CPA: Management Accounting
Bloomcode: Knowledge
16) Few management decisions can be made with absolute certainty.
Answer: True
Difficulty: Easy
Learning Objective: Determine how managers make higher-quality decisions.
CPA: Management Accounting
Bloomcode: Knowledge
17) Open-ended problems are not often seen in business.
Answer: False
Difficulty: Easy
Learning Objective: Determine how managers make higher-quality decisions.
CPA: Management Accounting
Bloomcode: Knowledge
18) When learning cost accounting, it is sufficient to learn the mechanics of applying cost
accounting methods.
,Answer: False
Difficulty: Easy
Learning Objective: Determine how managers make higher-quality decisions.
CPA: Management Accounting
Bloomcode: Knowledge
19) Incremental cash flows are relevant for decision-making.
Answer: True
Difficulty: Easy
Learning Objective: Explain the information systems and information that is relevant for decision
making.
CPA: Management Accounting
Bloomcode: Knowledge
20) Incremental cash flows are the same as unavoidable cash flows.
Answer: False
Difficulty: Easy
Learning Objective: Explain the information systems and information that is relevant for decision
making.
CPA: Management Accounting
Bloomcode: Knowledge
21) Relevant information for decisions can focus both on learning from the past and anticipating the
future.
Answer: True
Difficulty: Easy
Learning Objective: Explain the information systems and information that is relevant for decision
making.
CPA: Management Accounting
Bloomcode: Knowledge
22) The cost of your old automobile is relevant in the decision to purchase a new automobile.
Answer: False
Difficulty: Easy
,Learning Objective: Explain the information systems and information that is relevant for decision
making.
CPA: Management Accounting
Bloomcode: Knowledge
23) Ethical behaviour is an individual obligation, but not an organizational obligation.
Answer: False
Difficulty: Easy
Learning Objective: Explain the importance of ethical decision making.
CPA: Management Accounting/Professional and Ethical Behaviour
Bloomcode: Knowledge
24) Employees will always make ethical decisions if they act in the best interests of shareholders.
Answer: False
Difficulty: Easy
Learning Objective: Explain the importance of ethical decision making.
CPA: Management Accounting/Professional and Ethical Behaviour
Bloomcode: Knowledge
25) Ethical behaviour is required of every employee within an organization.
Answer: True
Difficulty: Easy
Learning Objective: Explain the importance of ethical decision making.
CPA: Management Accounting/Professional and Ethical Behaviour
Bloomcode: Knowledge
Question type: Multiple Choice
26) Which of the following influences organizational strategies?
a) Organizational vision
b) Financial statement results
c) Computer software
d) Number of employees
Answer: a
,Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Strategy and Governance
Bloomcode: Knowledge
27) Which of the following statements regarding organizational vision is false?
a) Organizational vision means the same as core competencies
b) Organizational vision is one tool for expressing an organization’s main purpose
c) Organizational vision should be communicated to all employees
d) Managers sometimes divide the organizational vision into one or more written statements
Answer: a
Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Strategy and Governance
Bloomcode: Knowledge
28) An organizational vision is sometimes broken down into:
I. Mission statement
II. Core values statement
III. Code of conduct
a) I only
b) I and II only
c) I, II, and III
d) II and III only
Answer: c
Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Strategy and Governance
Bloomcode: Knowledge
29) Organizational core competencies can include:
a) A mission statement
b) Patents, copyrights, and special legal protections
c) A code of conduct
d) An operating plan
Answer: b
, Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Strategy and Governance
Bloomcode: Knowledge
30) How are organizational strategies related to core competencies?
a) Competencies are the tactics managers use to take advantage of strategies
b) Competencies and strategies are an integral part of organizational vision
c) Strategies help managers exploit competencies
d) Strategies and competencies are actually two ways of expressing the same idea
Answer: c
Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Strategy and Governance
Bloomcode: Comprehension
31) Organizational strategies:
a) Are reconsidered on a daily basis
b) Should never be reconsidered once they are determined
c) Are reconsidered quarterly
d) Are reconsidered periodically in response to changes in the organization or environment
Answer: d
Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Strategy and Governance
Bloomcode: Knowledge
32) Which of the following is an element of an operating plan?
a) Developing an organizational mission
b) Preparing financial statements
c) Defining core values
d) Budgeting employee costs
Answer: d
Difficulty: Easy
Learning Objective: Describe the process of strategic management and decision making.
CPA: Management Accounting
