GB519: Measurement and Decision Making quiz

Question
.Which of the following is not a step to maximize the value of nonfinancial measures, as suggested by Ittner and Larcker? (Points : 1)

Benchmark with similar firms.

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Base actions on findings.

Develop a causal model.

Assess outcomes.

2.Target cost can be defined as: (Points : 1)

Manufacturing cost – sales price.

Competitive price – desired profit.

Desired profit – market price.

Target price – manufacturing cost.

3.A type of strategic pricing based on analytical methods is used to: (Points : 1)

Optimally determine the best price.

Utilize knowledge of the sales life cycle in setting price.

More accurately determine life cycle costs as a basis for setting price.

Employ improved design methods that reduce cost and improve price.

4.Which of the following would not likely be useful for addressing the variance-investigation decision under uncertainty? (Points : 1)

The use of payoff tables.

Linear optimization analysis.

Calculating the indifference probability.

Knowing, or having a good estimate of, the probability of a nonrandom variance.

The value of perfect information.

5.Caldwell Company desires to enter a market with a new product. As part of this process the following tasks will be performed:

1- Determine a desired profit margin.
2- Use Kaizen costing.
3- Design and engineer the product.
4- Determine the product’s cost.
5- Determine the suggested selling price.

Which task would Caldwell Company perform first if it plans to use target costing? (Points : 1)

Determine a desired profit margin.

Use Kaizen costing.

Design and engineer the product.

Determine the product’s cost.

Determine the suggested selling price.

6.The balanced scorecard is widely used in performance evaluation and management control. In which regions around the world is it most and least, respectively, commonly used: (Points : 1)

Europe, Asia

U.S and Canada, Africa

U.S. and Canada, South and Central America

South and Central America, Europe

7.The five tasks that follow take place with the concept known as target costing:

1- Use value engineering to identify ways to reduce product cost.
2- Determine the market price.
3- Determine the desired profit.
4- Use kaizen costing and operational control to reduce costs.
5- Calculate the target cost at market price less desired profit.

Which of the following choices depicts the correct sequence of these tasks? (Points : 1)

1, 2, 3, 4, 5

2, 3, 5, 1, 4

3, 2, 5, 4, 1

3, 2, 5, 1, 4

5, 3, 2, 4, 1

8.Which of the following statements is correct? (Points : 1)

Random variances are typically investigated because they can repeat.

Systematic variances are considered uncontrollable.

Most standard cost variances call for investigation and corrective action.

Random variances are typically not investigated.

Most variances from ideal standards will be favorable.

9.Since it is based on cash flows, the discounted cash flow (DCF) method of valuation has the added advantage that it is not subject to the bias of different: (Points : 1)

Discount rates.

Internal rates of return.

Monetary systems.

Accounting policies for determining total assets and net income.

10.Place the five steps in implementing a target costing approach in the proper order:

1 – Determine desired profit
2 – Use kaizen costing and operational control to reduce costs
3 – Determine the market price
4 – Use value engineering to identify ways to reduce product costs
5 – Calculate the target cost at market price less desired profit (Points : 1)

3, 2, 1, 4, 5.

2, 5, 4, 1, 3.

4, 5, 1, 3, 2.

3, 1, 5, 4, 2.

11.A CFO whose compensation plan may have had the effect of creating an incentive for unethical actions includes: (Points : 1)

Kenneth Lay

Scott Sullivan

Bernie Madoff

Dennis Kozlowski

12.The price-earnings ratio for firms in the Standard & Poor’s 500 Index has averaged _____ over the last 50 years. (Points : 1)

11.

16.

17.

23.

30.

13.Precilla Company uses a standard costing system that allows 2 pounds of direct materials for one finished unit. During July, the company purchased 40,000 pounds of direct materials for $210,000 and manufactured 12,000 finished units. The standard direct materials cost allowed for the units manufactured is $120,000. The performance report shows that Pricilla has an unfavorable direct materials usage variance of $5,000. Also, the company records any price variance for materials at time of purchase.

The number of pounds of direct materials used to produce July’s output was: (Points : 1)

12,000 pounds.

20,000 pounds.

24,000 pounds.

25,000 pounds.

40,000 pounds.

14.Bryan Inc. produces a specialty top-quality juice machine. The product, the JM50, requires four processes to be completed. Specifically, these processes are exterior construction, pulp filter insertion, painting, and packaging. Each process is performed at separate workstations with different completion rates:

Exterior construction can manufacture 100,000 juicer exteriors per day.
Pulp filter insertion can install 25,000 filters every 6 hours.
Painting can decorate 3,000 juicers every half hour.
Packaging can package 5,000 juicers per hour.

The plant operates 24/7, 24 hours a day every day of the week.

What is the least amount of monthly capacity you would have to add to the bottleneck(s) to shift the bottleneck to a different process? (Points : 1)

2,000,001 juicers per month.

600,001 juicers per month.

1,320,001 juicers per month.

50,001 juicers per month

15.Bryan Inc. produces a specialty top-quality juice machine. The product, the JM50, requires four processes to be completed. Specifically, these processes are exterior construction, pulp filter insertion, painting, and packaging. Each process is performed at separate workstations with different completion rates:

Exterior construction can manufacture 100,000 juicer exteriors per day.
Pulp filter insertion can install 25,000 filters every 6 hours.
Painting can decorate 3,000 juicers every half hour.
Packaging can package 5,000 juicers per hour.

The plant operates 24/7, 24 hours a day every day of the week.

How many JM50 machines can Bryan Inc. manufacture per month (assume an average 30-day month)? (Points : 1)

4,320,000 juicers.

3,600,000 juicers.

3,000,000 juicers.

3,200,000 juicers

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