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Chapter OneClicker Quiz
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A. Reliable Techniques B. Continous Improvement C. Proactive- all costs stem from
management decisions D. Strategic decision making
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–philosophy of improvement because it prmotes the idea of continually. Pg 5
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A. Reliable Techniques B. Continous Improvement C. Proactive- all costs stem from
management decisions D. Strategic decision making
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A proactive attitude that ll costs of products and operations result from management decisions. Pg 5
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A. Reliable Techniques B. Continous Improvement C. Proactive- all costs stem from
management decisions D. Strategic decision making
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– Reliable techniquest. A cost management system is the set of cost-management techniques that function together to support the organization’s goals and activities. Pg 5
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A. Reliable Techniques B. Continous Improvement C. Proactive- all costs stem from
management decisions D. Strategic decision making
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Strategic decision making determine “where” and “how” by choosing the implementing actions. Page 10
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A. Limitations B. Authorization C. Independent Vertification D. Prohibiting Behavior E. Sound Personnel practices F. Separation of Duties
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Rotating personnel and requiring employees to take vacations
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A. Limitations B. Authorization C. Independent Vertification D. Prohibiting Behavior E. Sound Personnel practices F. Separation of Duties
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Setting limits on the amount of expenditures
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A. Limitations B. Authorization C. Independent Vertification D. Prohibiting Behavior E. Sound Personnel practices F. Separation of Duties
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Not accepting gifts from present and prospective vendors
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A. Limitations B. Authorization C. Independent Vertification D. Prohibiting Behavior E. Sound Personnel practices F. Separation of Duties
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Reconciling bank statement, reconciling A/R, reconciling Inventory
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A. Limitations B. Authorization C. Independent Vertification D. Prohibiting Behavior E. Sound Personnel practices F. Separation of Duties
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Requiring management authorization for the use of a company car.
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A. Limitations B. Authorization C. Independent Vertification D. Prohibiting Behavior E. Sound Personnel practices F. Separation of Duties
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Collusion can beat this internal control.
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Integrity Competence Creditability Keep information confidential
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2002 Managers are expected to be particularly
diligent in measuring costs and other financial data.
Pay attention to cost benefit.
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Where Do We Want to Go? How Do We Want to Get There?
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Which measure is called a Cash Cow. A.Build B.Hold C.Harvest D.Divest
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Need to maintain cash flow Mature market Need to maintain volume Focus on cutting costs Low-Medium Risk: Low-Medium Reward
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Which measure is required when the market is declining?
A.Build B.Hold C.Harvest D.Divest
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Need to exit at lower cost Bad fit Minimize Losses Focus on finding a buyer quickly Low Risk: Low Rewards
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Which measure is needed when a new market is potentially high.
A.Build B.Hold C.Harvest D.Divest
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Need to achieve growth Important to early entrance Focus on capturing market share High Risk High Rewards
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Which measure is needed to maintain growth?
A.Build B.Hold C.Harvest D.Divest
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Market Continuing Need to be a major player Focus on protecting market share Medium-High Risk: Medium-High Reward
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Competive advantage –something that gives more value than competitors
Process – tasks that transform inputs into identifiable outputs
Value Chain – Starts with resources and ends with product or services pg 12
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Pg 19 What we want to happen (Plan) What actually happened. Calculate the difference Explain why there is a difference
Problem 1-33 example pg 29
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Problem 1.36 CMA Adapted Problem 1.37 Real Life