To take advantage of changing market opportunities, the annual budget should be strictly enforced

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Chapter 1

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This chapter is about cost management accounting.

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15 Questions  |  By Etiennebuithanh | Last updated: Mar 21, 2022 | Total Attempts: 468

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Are you looking for an ACCT 302 cost and management accounting quiz to refresh your understanding of these concepts? Managerial accounting for the longest time has been the norm of identifying, measuring, analyzing, interpreting, and communicating financial information to entity owners for the use in meeting a business’s goals. Take this quiz and refresh your mind on what you learned!

• 1. 

  The last step in the decision-making process is to make decisions by choosing among alternatives.

  • A. 

    True

  • B. 

    False

• 2. 

  One of the steps in planning is evaluating the performance and taking corrective measures.

  • A. 

    True

  • B. 

    False

• 3. 

  A budget helps to control activities by adhering to the prescribed plan. 

  • A. 

    True

  • B. 

    False

• 4. 

  To take advantage of changing market opportunities, the annual budget should be strictly enforced. 

  • A. 

    True

  • B. 

    False

• 5. 

  A budget is a qualitative expression of a plan. 

  • A. 

    True

  • B. 

    False

• 6. 

  The process of preparing a budget forces coordination and communication throughout the company.

  • A. 

    True

  • B. 

    False

• 7. 

  Linking rewards to performance helps in good management performance.

  • A. 

    True

  • B. 

    False

• 8. 

  Control comprises taking actions that implement the planning decisions, evaluating past performance, and providing feedback and learning to help future decision making.

  • A. 

    True

  • B. 

    False

• 9. 

  A budget can only be used as a planning tool. 

  • A. 

    True

  • B. 

    False

• 10. 

  Gathering information before making a decision leads to a wastage of time and is not helpful.

  • A. 

    True

  • B. 

    False

• 11. 

  Evaluating performance helps in the future decision-making process. 

  • A. 

    True

  • B. 

    False

• 12. 

  Bonuses given to employees based on performance is an example of extrinsic reward.

  • A. 

    True

  • B. 

    False

• 13. 

  A budget is a benchmark against which actual performance can be compared.

  • A. 

    True

  • B. 

    False

• 14. 

  A performance report compares actual performance to the amount budgeted. 

  • A. 

    True

  • B. 

    False

• 15. 

  Management accounting is playing an increasingly important role by helping managers develop and implement strategy. 

  • A. 

    True

  • B. 

    False

• Accounting Principle Quizzes
• Financial Accounting Quizzes
• Intermediate Accounting Quizzes

Which of the following statements is correct A The best designed strategies are valuable whether or not they are effectively implemented?

Which of the following items is are responsibilities of management accountants?

How an organization matches its own capabilities with the opportunities in the marketplace?

Which of the following is are more important in management accounting?