Cost Accounting
Final Test Solutions
Course Introduction
Cost Accounting is a specialized branch of accounting that focuses on capturing, analyzing, and reporting costs associated with producing goods or providing services. In this course, students will learn various methods for cost measurement, allocation, and control, such as job order costing, process costing, activity-based costing, and standard costing. The course emphasizes the role of cost information in planning, budgeting, and decision-making, helping managers optimize resource utilization and enhance organizational efficiency. Students will also explore cost-volume-profit analysis, budgeting techniques, and performance evaluation, equipping them with the tools needed to support strategic business decisions.
Recommended Textbook
Data Analytics for Accounting 1st Edition by Vernon Richardson
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8 Chapters
415 Verified Questions
415 Flashcards
Source URL: https://quizplus.com/study-set/2645 Page 2
Chapter 1: Data Analytics in Accounting and Business
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55 Verified Questions
55 Flashcards
Source URL: https://quizplus.com/quiz/52774
Sample Questions
Q1) The impact cycle includes all the following processes except:
A) Identify the questions.
B) Address and refine results.
C) Track outcomes.
D) Predict the results.
Answer: D
Q2) Which of the following best describes the data analytics skill of data quality?
A) recognize what is meant by data quality, be it completeness, reliability or validity
B) perform basic analysis to understand the quality of the underlying data and its ability to address the business question
C) demonstrate the ability to sort, rearrange, merge, and reconfigure data in a manner that allows enhanced analysis
D) comprehend the process needed to clean and prepare the data before analysis
Answer: A
Q3) The T in IMPACT Cycle represents Track Outcomes.
A)True
B)False
Answer: True
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3
Chapter 2: Data Preparation and Cleaning
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55 Verified Questions
55 Flashcards
Source URL: https://quizplus.com/quiz/52773
Sample Questions
Q1) After obtaining the data and determining the purpose and scope of the data request,the next step is to validate the data.
A)True
B)False
Answer: True
Q2) Which of the following best describes the purpose of relational databases?
A) To ensure that business rules are enforced
B) To increase information redundancy in the organization
C) To provide business information to data analysts
D) To support business processes across the organization
Answer: D
Q3) A foreign key is an attribute that is required to exist in each table of a relational database and serves as the unique identifier for each record in a table.
A)True
B)False
Answer: False
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Chapter 3: Modeling and Evaluation: Going From Defining
Business Problems and Data Understanding to Analyzing
Data and Answering Questions
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55 Verified Questions
55 Flashcards
Source URL: https://quizplus.com/quiz/52772
Sample Questions
Q1) Fuzzy matching is a data approach used to identify similar individuals based on data known about them.
A)True
B)False
Answer: False
Q2) Which of the following best describes a supervised approach to the evaluation of data?
A) Data exploration that is free from oversight by a superior
B) Data exploration that is conducted with direct oversight by a superior
C) Data exploration that examines the relationships between variables that are hypothesized to exist
D) Data exploration that looks for potential patterns of interest
Answer: C
Q3) Which approach to data analytics attempts to forecast a relationship between two data items?
A) Link prediction
B) Regression
C) Similarity matching
D) Co-occurrence grouping
Answer: A Page 5
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Chapter 4: Visualizations: Using Visualizations and
Summaries to Share Results
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50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/52771
Sample Questions
Q1) The standard normal distribution has 1 for its mean,median,and mode.
A)True
B)False
Q2) Declarative visualizations are the product of wanting to declare or present your findings to an audience.
A)True
B)False
Q3) Which of the following is not an example of continuous data?
A) Meters swam in 25 minutes
B) Miles run in 25 minutes
C) Free throws made in 25 minutes
D) Laps biked in 25 minutes
Q4) There are very few methods for visualizing quantitative date.
A)True
B)False
Q5) Nominal data is the simplest form of data.
A)True
B)False
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Chapter 5: The Modern Audit and Continuous Auditing
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50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/52770
Sample Questions
Q1) ________ constantly evaluates internal controls and transactions and ________ provides the status of the system so that an auditor can know at any given time whether the system is operating within the parameters.
A) Continuous reporting; continuous monitoring
B) Continuous monitoring; continuous reporting
C) The heterogeneous systems approach; the homogenous systems approach
D) The homogenous systems approach; the heterogeneous systems approach
Q2) The Procure to Pay Subledger Standard identifies data needed for purchase orders,goods received,invoices,payments,and adjustments to accounts.
A)True
B)False
Q3) Heterogeneous systems represent multiple installations or instances of a system.
A)True
B)False
Q4) Both simple and complex data analytics can be applied to a client's data during the planning stage of the audit to identify which areas the auditor should focus on.
A)True
B)False
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Chapter 6: Audit Data Analytics
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50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/52769
Sample Questions
Q1) Sequence checks are useful for finding gaps,such as a missing check in the cash disbursements journal,or duplicate transactions,such as duplicate payments to vendors.
A)True
B)False
Q2) Classification in auditing is typically focused on risk assessment.
A)True
B)False
Q3) Audit Data Standards (ADS)were developed by the SEC.
A)True
B)False
Q4) Which of the following is an example of predictive analytics?
A) Classification
B) Z-score
C) Decision support systems
D) Diagnostic
Q5) Regression allows an auditor to predict a specific dependent value based on independent variable inputs.
A)True
B)False
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Chapter 7: Generating Key Performance Indicators
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50 Verified Questions
50 Flashcards
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Sample Questions
Q1) Return on investment is which of the following types of KPI?
A) Employee performance
B) Operational
C) Marketing
D) Financial performance
Q2) Which of the following is an example of a financial performance KPI?
A) Economic value added
B) Brand equity
C) Klout score
D) Earned value (EV) metric
Q3) A ________ is a calculation measuring how an organization is performing,particularly when that measure is compared to a baseline.
A) balanced scorecard
B) digital dashboard
C) key performance indicator
D) performance metric
Q4) Environmental and social sustainability KPIs include energy consumption and carbon footprint.
A)True
B)False
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Chapter 8: Using Financial Statement Data
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50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/52767
Sample Questions
Q1) The two types of standardized financial accounting are IFRS and U.S.GAAP.
A)True
B)False
Q2) In filing its financial statements with the SEC,a company must tag five basic financial statements,which include a balance sheet,income statement,statement of comprehensive income,statement of cash flows and statement of stockholder's equity.
A)True
B)False
Q3) Debt-to-equity ratio is an example of which type of ratio?
A) solvency ratio
B) profitability ratio
C) liquidity ratio
D) activity ratio
Q4) XBRL is used for ________ and ________ financial elements.
A) organizing; defining
B) organizing; determining
C) obscuring; defining
D) obscuring; determining
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