QUESTION GLOBAL ID: GCID-E7BW-1TBP-CTTU-Y3DF-GCHD-Q3DD-8Y41-4CUR-GRH1-43UR-GO4N-43UG-
GOHN-43JW-GAHU-1CTT-GIDI-GWN8-EPRW-EMJA-GE5U-NCMG-CEHS-NCB3-
8YSU-QPUG-8RSU-KPUF-GOSS-G3UB-GASS-NQBO-CCAG-N3T3-E7JI-YT4D-JFNN-
4OTI-GO4W-NQNBEE
143. Briefly discuss the relationship between cost accounting, management accounting, and cost management.
ANSWER: Management accounting is concerned with using financial and non-financial information for
planning and control, continuous improvement and decision-making. Cost accounting gathers
information to satisfy the cost objectives necessary for internal and external reporting. Cost
management encompasses both cost accounting and management accounting. It is concerned
with the assigning costs to cost objectives and using that information to make decisions that
use resources effectively and maximize shareholder value.
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Subjective Short Answer
HAS VARIABLES: False
LEARNING OBJECTIVES: COCM.HANS.18.1-1 - LO: 01.01
NATIONAL STANDARDS: United States - BUSPROG - Analytic
STATE STANDARDS: United States - v1 - ACBSP-APC-26 - Management Functions
United States - v1 - AICPA-10 - FN-Measurement
United States - v1 - IMA-07 - Cost Management
KEYWORDS: Bloom's - Understanding
NOTES: Time Estimate - 10 min.
DATE CREATED: 10/7/2016 9:26 AM
DATE MODIFIED: 10/7/2016 9:26 AM
QUESTION ID: JFND-GO33-GINU-1C3A
QUESTION GLOBAL ID: GCID-E7BW-1TBP-CTTU-Y3DF-GCHD-Q3DD-8Y41-4CUR-GRH1-43UR-GO4N-43UG-
GOHN-43JW-GAHU-1CTT-GIDI-GWN8-EPRW-EMMN-CWAU-OC33-CEHD-K3UF-
GRSU-NCJA-CESS-N3BS-GOSU-GCUF-GOSU-1A3S-CAHS-E3BU-E7JI-YT4D-JFNN-
4OTI-GO4W-NQNBEE
144. Identify and discuss the factors that are affecting the way cost accounting is practiced.
ANSWER: Worldwide competitive pressures, deregulation, growth in the service industry, and advances
in information and manufacturing technology have changed the nature of our economy and
caused many manufacturing and service industries to dramatically change the way in which
they operate. These changes, in turn, have prompted the development of innovative and
relevant cost management practices.
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POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Subjective Short Answer
HAS VARIABLES: False
LEARNING OBJECTIVES: COCM.HANS.18.1-2 - LO: 01.02
NATIONAL STANDARDS: United States - BUSPROG - Analytic
STATE STANDARDS: United States - v1 - ACBSP-APC-26 - Management Functions
United States - v1 - AICPA-10 - FN-Measurement
United States - v1 - IMA-07 - Cost Management
KEYWORDS: Bloom's - Understanding
NOTES: Time Estimate - 10 min.
DATE CREATED: 10/7/2016 9:26 AM
DATE MODIFIED: 10/7/2016 9:26 AM
QUESTION ID: JFND-GO33-GINU-1C4G
QUESTION GLOBAL ID: GCID-E7BW-1TBP-CTTU-Y3DF-GCHD-Q3DD-8Y41-4CUR-GRH1-43UR-GO4N-43UG-
GOHN-43JW-GAHU-1CTT-GIDI-GWN8-EPRW-EMJT-GA4D-NPDD-GIUG-RPBA-GESS-
GPJA-8RSS-EAT3-GOSU-R3MB-CRSU-ECJZ-8F1U-OATS-E7JI-YT4D-JFNN-4OTI-
GO4W-NQNBEE
145. What is customer orientation? Why is it important in a global environment? What role does cost management play in
serving customers?
ANSWER: Organizations are concerned with the importance and value that customers have for their
processes, activities, products, and services. Firms want to deliver value to customers in order
to keep them and to attract new customers in an increasingly competitive global environment.
Managing activities and costs is a critical component of managing the value chain.
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Subjective Short Answer
HAS VARIABLES: False
LEARNING OBJECTIVES: COCM.HANS.18.1-2 - LO: 01.02
NATIONAL STANDARDS: United States - BUSPROG - Analytic
STATE STANDARDS: United States - v1 - ACBSP-APC-26 - Management Functions
United States - v1 - AICPA-10 - FN-Measurement
United States - v1 - IMA-07 - Cost Management
KEYWORDS: Bloom's - Understanding
NOTES: Time Estimate - 10 min.
DATE CREATED: 10/7/2016 9:26 AM
DATE MODIFIED: 1/17/2017 7:31 AM
QUESTION ID: JFND-GO33-GINU-1C4F
QUESTION GLOBAL ID: GCID-E7BW-1TBP-CTTU-Y3DF-GCHD-Q3DD-8Y41-4CUR-GRH1-43UR-GO4N-43UG-
GOHN-43JW-GAHU-1CTT-GIDI-GWN8-EPRW-EMJA-CI1G-C3TW-8FUD-RPJ3-CESU-
NQJS-8RSS-CAJO-GOSU-13BI-GYSS-EQMF-G71G-GAMG-E7JI-YT4D-JFNN-4OTI-
GO4W-NQNBEE
146. Discuss the advances of information technology and how these advances might affect the university education supply
chain?
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ANSWER: There are three significant advances relating to information technology: (1) the automation
and integration of company information; (2) the development of analytic and decision