cost acct test bank chapter 13

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Cost Accounting, 14e (Horngren/Datar/Rajan)

Chapter 13 Strategy, Balanced Scorecard, and Strategic Profitability Analysis

Objective 13.1

1) ________ describes how an organization matches its own capabilities with the opportunities in the marketplace to accomplish its overall objectives. A) Strategy B) Planning

C) Learning and growth perspective D) Customer perspective Answer: A Diff: 1

Terms: total quality management (TQM) Objective: 1

AACSB: Reflective thinking

2) In general, profit potential ________ with greater competition, stronger potential entrants, products that are similar, and more-demanding customers and suppliers. A) increases B) stays constant C) decreases

D) increases exponentially Answer: C Diff: 1

Terms: five force industry analysis Objective: 1

AACSB: Reflective thinking

3) Which of the following is NOT a force that shapes an organization's profit potential? A) Competitors

B) Equivalent products

C) Bargaining power of input suppliers D) All of these answers are correct. Answer: D Diff: 2

Terms: five force industry analysis Objective: 1

AACSB: Reflective thinking

4) Which of the following is a force that shapes an organization's profit potential? A) Investors

B) Potential entrants into the market C) Creditors

D) Research and development Answer: B Diff: 2

Terms: five force industry analysis Objective: 1

AACSB: Reflective thinking

5) ________ is an organization's ability to offer products or services that are perceived by its customers as being superior and unique relative to those of its competitors. A) Strategy

B) Product differentiation C) Cost leadership

D) The balanced scorecard Answer: B Diff: 1

Terms: product differentiation Objective: 1

AACSB: Reflective thinking

6) ________ is an organization's ability to achieve low costs relative to competitors through productivity and efficiency improvements, elimination of waste, and tight cost control. A) Strategy

B) Product differentiation C) Cost leadership

D) The balanced scorecard Answer: C Diff: 1

Terms: cost leadership Objective: 1

AACSB: Reflective thinking

7) An organization that is using the product differentiation approach would: A) focus on tight cost control B) carefully cultivate their brands

C) provide products that are similar to competitors D) offer products at a lower cost than competitors Answer: B Diff: 2

Terms: product differentiation Objective: 1

AACSB: Reflective thinking

8) An organization that is using the cost leadership approach would: A) incur costs for innovative R&D

B) provide products at a higher cost than competitors

C) focus on productivity through efficiency improvements D) bring products to market rapidly Answer: C Diff: 2

Terms: cost leadership Objective: 1

AACSB: Reflective thinking

Answer the following questions using the information below:

Stewart Corporation plans to grow by offering a sound system, the SS3000, that is superior and unique from the competition. Stewart believes that putting additional resources into R&D and staying ahead of the competition with technological innovations is critical to implementing its strategy.

9) Stewart's strategy is: A) product differentiation B) downsizing C) reengineering D) cost leadership Answer: A Diff: 2

Terms: product differentiation Objective: 1

AACSB: Reflective thinking

Answer the following questions using the information below:

Riter Corporation manufactures water toys. It plans to grow by producing high-quality water toys at a low cost that are delivered in a timely manner. There are a number of other manufacturers who produce similar water toys. Riter believes that continuously improving its manufacturing processes and having satisfied employees are critical to implementing its strategy.

10) Riter's strategy is: A) product differentiation B) downsizing C) reengineering D) cost leadership Answer: D Diff: 2

Terms: cost leadership Objective: 1

AACSB: Ethical reasoning

Answer the following questions using the information below:

Meale Company makes a household appliance with model number X500. The goal for 2012 is to reduce direct materials usage per unit. No defective units are currently produced. Manufacturing conversion costs depend on production capacity defined in terms of X500 units that can be produced. The industry market size for appliances increased 10% from 2011 to 2012. The following additional data are available for 2011 and 2012: 2011 2012 Units of X500 produced and sold 10,000 11,000 Selling price $100 $95 Direct materials (square feet) 30,000 29,000 Direct material costs per square foot $10 $11 Manufacturing capacity for X500 (units) 12,500 12,000 Total conversion costs $250,000 $240,000 Conversion costs per unit of capacity $20 $20

11) Which strategy is Meale's Corporation pursuing?

A) Product differentiation, because the units produced and sold increased. B) Product differentiation, because total conversion costs decreased.

C) Cost leadership, because direct material costs per square foot increased. D) Cost leadership, because the selling price decreased. Answer: D Diff: 2

Terms: cost leadership Objective: 1

AACSB: Analytical skills

12) Strategy describes how an organization matches its own capabilities with the opportunities in the marketplace to accomplish its overall objectives. Answer: TRUE Diff: 1

Terms: total quality management (TQM) Objective: 1

AACSB: Reflective thinking

13) One of the five forces of industry analysis is understanding the bargaining power of your input suppliers.

Answer: TRUE Diff: 1

Terms: five force industry analysis Objective: 1

AACSB: Reflective thinking

14) Product differentiation is an organization’’s ability to achieve lower costs relative to competitors through productivity and efficiency improvements, elimination of waste, and tight cost control. Answer: FALSE

Explanation: Cost leadership is an organization's ability to achieve lower costs relative to competitors through productivity and efficiency improvements, elimination of waste, and tight cost control. Diff: 1

Terms: cost leadership Objective: 1

AACSB: Reflective thinking

15) Product differentiation is an organization’’s ability to offer products or services perceived by its customers to be superior and unique relative to the products or services of its competitors. Answer: TRUE Diff: 1

Terms: product differentiation Objective: 1

AACSB: Reflective thinking

16) The cost leadership strategy is for products and services that are similar to competitor's products and services.

Answer: TRUE Diff: 1

Terms: cost leadership Objective: 1

AACSB: Reflective thinking

17) The product differentiation strategy is probably best for a company if the engineering staff is more skilled at making process improvements than at creatively designing new products. Answer: FALSE

Explanation: The cost leadership strategy is probably best for a company if the engineering staff is more skilled at making process improvements than at creatively designing new products. Diff: 2

Terms: product differentiation Objective: 1

AACSB: Reflective thinking

18) In general, profit potential increases with greater competition, stronger potential entrants, products that are similar, and tougher customers and suppliers. Answer: FALSE

Explanation: In general, profit potential decreases with greater competition, stronger potential entrants, products that are similar, and tougher customers and suppliers. Diff: 1

Terms: five force industry analysis Objective: 1

AACSB: Reflective thinking

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