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Management Accounting Information for Decision-Making and Strategy Execution Atkinson 6th Edition Test Bank Management Accounting Information for Decision-Making and Strategy Execution Atkinson 6th Edition Test Bank Product details: Blending new theories and topics with the fundamentals. While Atkinson maintains its classic managerial accounting focus on planning and decision-making about product mix, customer mix, and capacity, it also includes new discussions relevant to some of the more modern topics in managerial accounting, including ethics, environmental issues, and life cycle costing and approaches. Table contents: Chapter 2 The Balanced Scorecard and Strategy Map Objective 1 Answer: FALSE Explanation: Database and information systems are intangible assets Diff: 1 Terms: database and information systems Objective: 1 AACSB: Reflective thinking EXCEPT: Answer: C Diff: 1 Terms: performance measurement systems Objective: 1 AACSB: Reflective thinking Answer: A Diff: 2 Terms: intangible assets Objective: 1 AACSB: Reflective thinking 1 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Diff: 1 Terms: intangible assets Objective: 1 AACSB: Reflective thinking Diff: 1 Terms: performance measurement Objective: 1 AACSB: Reflective thinking Answer: Yes, business has moved from the industrial age into the information age where knowledge-based intangible assets create value and are critical for success. Examples include loyal and profitable customer relationships, high-quality processes, innovative products and services, employee skills and motivation, and database and information systems. Diff: 2 Terms: intangible assets Objective: 1 AACSB: Analytical skills MAL: This question is not available in MyAccountingLab. 2 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Objective 2 Answer: FALSE Explanation: The learning and growth perspective addresses which processes must we excel at to meet our customer and shareholder expectations Diff: 2 Terms: learning and growth perspective Objective: 2 AACSB: Reflective thinking Answer: FALSE Explanation: The Balanced Scorecard (see Exhibit 2-3) measures organizational performance across four different but linked perspectives that are derived from the organization’s mission, vision, and strategy. Diff: 1 Terms: balanced scorecard Objective: 2 AACSB: Reflective thinking Answer: TRUE Diff: 1 Terms: learning and growth perspective Objective: 2 AACSB: Reflective thinking Answer: FALSE Explanation: The process perspective of the Balanced Scorecard focuses on excellence in processes which satisfy customers Diff: 2 Terms: process perspective Objective: 2 AACSB: Reflective thinking Answer: TRUE Diff: 2 Terms: balanced scorecard Objective: 2 AACSB: Reflective thinking 3 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Answer: TRUE Diff: 2 Terms: customer perspective Objective: 2 AACSB: Reflective thinking Answer: A Diff: 1 Terms: balanced scorecard Objective: 2 AACSB: Reflective thinking Answer: B Diff: 2 Terms: balanced scorecard Objective: 2 AACSB: Reflective thinking Diff: 1 Terms: balanced scorecard Objective: 2 AACSB: Reflective thinking 4 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Diff: 1 Terms: balanced scorecard Objective: 2 AACSB: Reflective thinking Terms: financial perspective Objective: 2 AACSB: Reflective thinking Terms: customer perspective Objective: 2 AACSB: Reflective thinking Diff: 1 Terms: learning and growth perspective Objective: 2 AACSB: Reflective thinking 5 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Answer: B Diff: 2 Terms: balanced scorecard Objective: 2 AACSB: Reflective thinking Terms: process perspective Objective: 2 AACSB: Reflective thinking Answer: C Diff: 2 Terms: customer perspective Objective: 2 AACSB: Reflective thinking 6 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Diff: 3 Terms: process perspective Objective: 2 AACSB: Reflective thinking Answer: The primary purpose of the Balanced Scorecard is to translate an organization’s vision, mission, and strategy into a set of performance measures that put that strategy into action with clearly-stated objectives, measures and target. Diff: 3 Terms: balanced scorecard Objective: 2 AACSB: Analytical skills MAL: This question is not available in MyAccountingLab. Objective 3 Diff: 1 Terms: balanced scorecard Objective: 3 AACSB: Reflective thinking Answer: TRUE Diff: 1 Terms: strategy Objective: 3 AACSB: Reflective thinking 7 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall 3) Which of the following statements is true? Answer: A Diff: 2 Terms: strategy Objective: 3 AACSB: Reflective thinking Answer: D Diff: 2 Terms: balanced scorecard Objective: 3 AACSB: Reflective thinking Diff: 2 Terms: strategy, objectives Objective: 3 AACSB: Reflective thinking 8 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Dakota Corporation plans to grow by offering a hand held application, the Pocket Analyst 2, which is superior and unique from the competition. Dakota believes that putting additional resources into R&D and staying ahead of the competition with technological innovations is critical to implementing its strategy. 6) Dakota’s value proposition is: Diff: 3 Terms: value proposition Objective: 3 AACSB: Reflective thinking Diff: 3 Terms: strategy Objective: 3 AACSB: Reflective thinking Splashdown Corporation manufactures water toys. It plans to grow by producing high-quality water slides at a low cost that are delivered in a timely manner. There are a number of other manufacturers who produce similar water slides. Splashdown believes that continuously improving its manufacturing processes and having satisfied employees are critical to implementing its strategy. Answer: D Diff: 3 Terms: value proposition Objective: 3 AACSB: Reflective thinking 9 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Diff: 3 Terms: strategy Objective: 3 AACSB: Reflective thinking Objective 4 Answer: TRUE Diff: 2 Terms: balanced scorecard Objective: 4 AACSB: Reflective thinking Answer: FALSE Explanation: A company should start its process of building a Balanced Scorecard by developing word statements of strategic objectives that describe what it is attempting to accomplish with its strategy. Diff: 2 Terms: balanced scorecard Objective: 4 AACSB: Reflective thinking Answer: TRUE Diff: 2 Terms: learning and growth perspective Objective: 4 AACSB: Reflective thinking 10 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Diff: 2 Terms: operations management processes Objective: 4 AACSB: Reflective thinking Answer: D Diff: 2 Terms: customer perspective Objective: 4 AACSB: Reflective thinking Answer: B Diff: 2 Terms: learning and growth perspective Objective: 4 AACSB: Reflective thinking 11 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Answer: D Diff: 2 Terms: learning and growth perspective Objective: 4 AACSB: Reflective thinking Answer: D Diff: 2 Terms: return on investment ratio, financial perspective Objective: 4 AACSB: Reflective thinking Answer: B Diff: 2 Terms: customer perspective Objective: 4 AACSB: Reflective thinking Answer: A Diff: 2 Terms: process perspective Objective: 4 AACSB: Reflective thinking 12 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Answer: C Diff: 2 Terms: learning and growth perspective Objective: 4 AACSB: Reflective thinking Answer: A Diff: 2 Terms: learning and growth perspective Objective: 4 AACSB: Reflective thinking 13) In the Balanced Scorecard, operating income and return on investment Answer: A Diff: 2 Terms: strategy, balanced scorecard Objective: 4 AACSB: Reflective thinking Diff: 2 Terms: customer management processes Objective: 4 AACSB: Reflective thinking 13 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Diff: 2 Terms: learning and growth perspective Objective: 4 AACSB: Reflective thinking Required: Identify at least one key element that you would expect to see included in the Balanced Scorecard: Answer: a. Grapevine’s strategy is one of product innovation and leadership because the company plans to offer a product that is superior and unique from the competition. The company’s Balanced Scorecard should describe the product innovation and leadership strategy. Key elements should include: Terms: balanced scorecard Objective: 2, 3, 4 AACSB: Analytical skills 14 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Required: Identify at least one key element that you would expect to see included in the Balanced Scorecard: Answer: The company’s Balanced Scorecard should describe the lowest total cost strategy. Key elements should include: Terms: balanced scorecard Objective: 2, 3, 4 AACSB: Analytical skills 15 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Objective 5 Diff: 2 Terms: measures Objective: 5 AACSB: Reflective thinking Answer: D Diff: 2 Terms: targets Objective: 5 AACSB: Reflective thinking Terms: objectives Objective: 5 AACSB: Reflective thinking 16 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Diff: 2 Terms: targets Objective: 5 AACSB: Reflective thinking Customer loyalty Skilled production workers Return on investment Answer: Skilled production workers ?Process quality?Customer loyalty?Return on investment Diff: 1 Terms: strategy map Objective: 5 AACSB: Analytical skills Strategic technology availability Grow revenues Design and develop new products Answer: Strategic technology availability?Design and develop new products?Market share?Grow revenues Diff: 1 Terms: strategy map Objective: 5 AACSB: Analytical skills Answer: The four key perspectives in the Balanced Scorecard are: Diff: 3 Terms: balanced scorecard Objective: 3, 5 AACSB: Analytical skills MAL: This question is not available in MyAccountingLab. 17 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Objective 6 Answer: TRUE Diff: 2 Terms: government and nonprofit organizations Objective: 6 AACSB: Reflective thinking Answer: TRUE Diff: 1 Terms: government and nonprofit organizations, strategy Objective: 6 AACSB: Reflective thinking Answer: TRUE Diff: 2 Terms: government and nonprofit organizations, strategy, objectives Objective: 6 AACSB: Reflective thinking Answer: C Diff: 2 Terms: balanced scorecard, government and nonprofit organizations Objective: 6 AACSB: Reflective thinking 18 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Diff: 2 Terms: government and nonprofit organizations Objective: 6 AACSB: Reflective thinking Diff: 2 Terms: strategy, government and nonprofit organizations Objective: 6 AACSB: Reflective thinking Diff: 2 Terms: balanced scorecard, regulatory and social processes Objective: 6 AACSB: Reflective thinking Answer: The organization’s mission drives the nonprofit and government agency’s Balanced Scorecard, whereas the financial perspective objectives drive the for-profit Balanced Scorecard. The for-profit must satisfy customers, while the nonprofit and government agency must satisfy funders and recipients. Diff: 3 Terms: balanced scorecard, regulatory and social processes Objective: 6 AACSB: Analytical skills MAL: This question is not available in MyAccountingLab. 19 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Objective 7 Explanation: CEOs and senior leadership can effectively implement a company’s strategy by involving all levels of the organization. Diff: 1 Terms: strategy Objective: 7 AACSB: Reflective thinking Answer: TRUE Diff: 2 Terms: key performance indicator scorecard Objective: 7 AACSB: Reflective thinking Answer: TRUE Diff: 2 Terms: key performance indicator scorecard Objective: 7 AACSB: Reflective thinking Answer: FALSE Explanation: Poor organizational process, is the biggest threat to successful Balanced Scorecard implementation. Diff: 1 Terms: balanced scorecard Objective: 7 AACSB: Reflective thinking Answer: FALSE Explanation: There is no perfect scorecard. The balanced scorecard is adapted to each organization and is changed over time as necessary. Diff: 1 Terms: balanced scorecard Objective: 7 AACSB: Reflective thinking 20 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Answer: D Diff: 2 Terms: measurement, objectives Objective: 7 AACSB: Reflective thinking Answer: D Diff: 2 Terms: strategy, objectives Objective: 7 AACSB: Reflective thinking Diff: 2 Terms: strategy, objectives Objective: 7 AACSB: Reflective thinking 21 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall 9) Which of the following statements regarding the use of strategy in companies is correct? Answer: A Diff: 2 Terms: strategy, objectives Objective: 7 AACSB: Reflective thinking 10) To become a strategy-focused organization: Answer: B Diff: 2 Terms: strategy Objective: 7 AACSB: Reflective thinking EXCEPT: Diff: 2 Terms: balanced scorecard Objective: 7 AACSB: Reflective thinking Answer: B Diff: 2 Terms: key performance indicator cards Objective: 7 22 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall AACSB: Reflective thinking 13) Key performance indicator cards: Answer: A Diff: 2 Terms: key performance indicator cards Objective: 7 AACSB: Reflective thinking Diff: 2 Terms: balanced scorecard Objective: 7 AACSB: Reflective thinking .perspectives Answer: A Diff: 2 Terms: balanced scorecard Objective: 7 AACSB: Reflective thinking 16) Successful implementation of the Balanced Scorecard: Answer: B Diff: 2 Terms: balanced scorecard Objective: 7 AACSB: Reflective thinking 23 Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Only senior management understands the strategy of the whole organization and is empowered to make the necessary decisions. Their involvement also builds emotional commitment that is as important as their knowledge and authority. Diff: 3 Terms: balanced scorecard, strategy Objective: 7 AACSB: Analytical skills MAL: This question is not available in MyAccountingLab. Answer: The Balanced Scorecard translates an organization’s strategy into a set of performance measures that put that strategy into action with clearly-stated objectives, whereas the key performance indicator scorecard does not link the performance indicators to a strategy. The Balanced Scorecard is more effective because it links to the performance measures to a company’s strategy. Download sample free sample download If you need more samples or complete documents, please contact online customer service！
