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Return to Accounting: A Smart Approach 4e Student Resources
Chapter 16 Multiple-choice questions
Measuring and Reporting Performance
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not completed
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Which best describes the difference between mission and strategy?
The mission sets goals for the board of directors while the strategy sets targets for managers.
correct
incorrect
The mission includes objectives for the next five years whereas the strategy sets them out for just the year ahead.
correct
incorrect
Mission sets the vision of a business while strategy sets out the plan to achieve the mission.
correct
incorrect
The mission describes the business plan in words while the strategy sets it out in numbers.
correct
incorrect
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not completed
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Which best describes the process of benchmarking?
Comparison of actual performance with budget
correct
incorrect
Comparison of the costs of one product with another
correct
incorrect
Comparison of direct competitors' performance
correct
incorrect
Comparison of the performance of one operation or business with another
correct
incorrect
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not completed
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In which of the four perspectives of a balanced scorecard would Return on Capital Employed (ROCE) be likely to appear?
Financial
correct
incorrect
Customer
correct
incorrect
Internal processes
correct
incorrect
Learning and growth
correct
incorrect
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not completed
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In which of the four perspectives of a balanced scorecard is the objective 'reduce staff turnover' mostly likely to be?
Financial
correct
incorrect
Customer
correct
incorrect
Internal processes
correct
incorrect
Learning and growth
correct
incorrect
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not completed
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What is a lagging performance indicator?
An indicator that can anticipate future performance
correct
incorrect
Delayed reporting of performance
correct
incorrect
An indicator that highlights past performance
correct
incorrect
An indicator that depends on another performance measure
correct
incorrect
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not completed
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What is 'strategy mapping' in the balanced scorecard?
Identifying causal links between the four perspectives
correct
incorrect
Mapping the business' processes
correct
incorrect
Setting the mission
correct
incorrect
Agreeing the strategy with the director of the business
correct
incorrect
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not completed
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If a business reports on the number of products not made to a sufficiently high quality, what kind of measure is this?
A qualitative measure
correct
incorrect
A quantitative measure
correct
incorrect
Neither a qualitative measure nor a quantitative measure
correct
incorrect
Both a qualitative measure and a quantitative measure
correct
incorrect
*
not completed
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Which costing system is often used to calculate customer profitability?
Absorption costing
correct
incorrect
Marginal costing
correct
incorrect
Activity-based costing
correct
incorrect
Variable costing
correct
incorrect
*
not completed
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Which costing systems can often be used to calculate product profitability?
Absorption and activity-based costing
correct
incorrect
Marginal and variable costing
correct
incorrect
Activity-based and marginal costing
correct
incorrect
Variable and absorption costing
correct
incorrect
*
not completed
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Which of the following are the principles in the Code of Ethics set out by the International Federations of Accountants.
Integrity, objectivity, confidentiality and professional competence
correct
incorrect
Integrity, objectivity, professional competence, confidentiality and professional behaviour.
correct
incorrect
Integrity, objectivity, confidentiality and professional behaviour
correct
incorrect
Integrity, objectivity, professional competence and confidentiality
correct
incorrect
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