1. Chapter One Clicker Quiz

2.  A.Reliable Techniques  B.Continous Improvement  C. Proactive- all costs stem from management decisions  D. Strategic decision making

3.  – philosophy of improvement because it prmotes the idea of continually. Pg 5

4.  A.Reliable Techniques  B.Continous Improvement  C. Proactive- all costs stem from management decisions  D. Strategic decision making

5. A proactive attitude that ll costs of products and operations result from management decisions. Pg 5

6.  A.Reliable Techniques  B.Continous Improvement  C. Proactive- all costs stem from management decisions  D. Strategic decision making

7.  – 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

8.  A.Reliable Techniques  B.Continous Improvement  C. Proactive- all costs stem from management decisions  D. Strategic decision making

9.  Strategic decision making determine “where” and “how” by choosing the implementing actions. Page 10

10.  A. Limitations  B. Authorization  C.Independent Vertification  D.Prohibiting Behavior  E. Sound Personnel practices  F.Separation of Duties

11.  Rotating personnel and requiring employees to take vacations

12.  A. Limitations  B. Authorization  C.Independent Vertification  D.Prohibiting Behavior  E. Sound Personnel practices  F.Separation of Duties

13.  Setting limits on the amount of expenditures

14.  A. Limitations  B. Authorization  C.Independent Vertification  D.Prohibiting Behavior  E. Sound Personnel practices  F.Separation of Duties

15.  Not accepting gifts from present and prospective vendors

16.  A. Limitations  B. Authorization  C.Independent Vertification  D.Prohibiting Behavior  E. Sound Personnel practices  F.Separation of Duties

17.  Reconciling bank statement, reconciling A/R, reconciling Inventory

18.  A. Limitations  B. Authorization  C.Independent Vertification  D.Prohibiting Behavior  E. Sound Personnel practices  F.Separation of Duties

19.  Requiring management authorization for the use of a company car.

20.  A. Limitations  B. Authorization  C.Independent Vertification  D.Prohibiting Behavior  E. Sound Personnel practices  F.Separation of Duties

21.  Collusion can beat this internal control.

22.  Integrity  Competence  Creditability  Keep information confidential

23.  2002  Managers are expected to be particularly diligent in measuring costs and other financial data.  Pay attention to cost benefit.

24.  Where Do We Want to Go?  How Do We Want to Get There?

25. Which measure is called a Cash Cow.  A.Build  B.Hold  C.Harvest  D.Divest

26.  Need to maintain cash flow  Mature market  Need to maintain volume  Focus on cutting costs  Low-Medium Risk: Low-Medium Reward

27. Which measure is required when the market is declining?  A.Build  B.Hold  C.Harvest  D.Divest

28.  Need to exit at lower cost  Bad fit  Minimize Losses  Focus on finding a buyer quickly  Low Risk: Low Rewards

29. Which measure is needed when a new market is potentially high.  A.Build  B.Hold  C.Harvest  D.Divest

30.  Need to achieve growth  Important to early entrance  Focus on capturing market share  High Risk High Rewards

31. Which measure is needed to maintain growth?  A.Build  B.Hold  C.Harvest  D.Divest

32.  Market Continuing  Need to be a major player  Focus on protecting market share  Medium-High Risk: Medium-High Reward

33.  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

34.  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

35.  Problem 1.36 CMA Adapted  Problem 1.37 Real Life