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Why do most companies adhere to GAAP for their basic internal financial statements? a. GAAP is required by law for publicly held companies. b. To use GAAP and another system of reporting would be too costly for most co ...

Why do most companies adhere to GAAP for their basic internal financial statements? a. GAAP is required by law for publicly held companies. b. To use GAAP and another system of reporting would be too costly for most companies. c. Accountants are required by their code of ethics to use GAAP accounting. d. Accrual accounting provides a uniform method to measure an organization’s financial performance. 2. Which of the following is not true about strategy? a. It involves matching its capabilities with the opportunities in the marketplace to accomplish its objective. b. It has a short-term focus. c. It can be implemented through price competition or product differentiation. d. It involves the use of strategic cost management. 3. The value chain a. involves external companies as well as internal activities. b. is the sequence of business functions in which customer usefulness is added to products or services. c. applies only to manufacturing companies. d. is not relevant in today’s cost accounting environment. 4. Which of the following is not a key success factor in a company’s effort to deliver increased levels of performance to the customer? a. Time b. Innovation c. Quality d. Price reduction 5. The five-step decision process a. includes planning and control activities. b. is performed exclusively by management accountants. c. is not often used, as the costs exceed the benefits. d. must be performed following GAAP guidelines. 6. In supporting managers, management accountants have four guidelines. These guidelines are: a. Cost-benefit analysis, performance reporting, behavioral considerations, and technical considerations. b. Cost-benefit analysis, behavioral considerations, technical considerations, and different costs for different purposes. c. Financial statement preparation, technical considerations, strategic direction, and budgeting. d. Following functional lines of authority, cost-benefit analysis, behavioral considerations, and use of the value chain

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