Question

QUESTION 4

1. Key organizational strategies are Product/service differentiation strategy and _______________.

   	A.	Cost strategy
   	B.	Cost leadership and differentiation strategy
   	C.	Core Competency
   	D.	Cost leadership strategy

QUESTION 5

1. Cost Accounting information is used only in Managerial Accounting.

   True

   False

QUESTION 6

1. Which of the four IMA ethical standards applies to the following statement...

   In your role in supervising the physical inventory count for the first time, you notice that some lots of inventory are not tagged. Although you are uncertain as to the monetary value, you conclude that it is not important enough to bother your manager at 11 p.m.

   	A.	Integrity
   	B.	Creditibility
   	C.	Competence
   	D.	Confidentiality

  

QUESTION 7

1. The following are common organizational constraints except for:

   	A.	Monetary capital
   	B.	Intellectual capital
   	C.	Technology
   	D.	Economical

Answer 1

Question 4.

D. Cost Leadership Strategy.

Key organizational strategies are Product/service differentiation strategy and Cost Leadership Strategy

This two strategies are competitive strategy where cost leadership means organisation become a lowest cost producer . Organisation that follows a cost leadership strategy attempts to earn higher returns and competitive advantages through offering products or services at the lowest price then there competitor

Product differentiation strategy is a marketing strategy that distinguish a company's products or services from the competition.

Question 5

False

Cost Accounting information is used in Managerial Accounting as well as financial accounting , though primarily cost accounting information is used by Management .

Cost accounting is used to compute cost of the product incorporating various cost like fixed variable . Which is then incoporated in financial accounting to provide financial reports relating to overall business.

Question 6

Competence.

IMA members have a responsibility to comply the standards of Competence,
Confidentiality, Integrity, and Credibility.

Competence , As member involve in asisting Physical count , its under competence to check interenal compliance with accounting standard relating to valuatue of inventory , Physical Inventory count not involve counting of Inventory but invclude to check whether it has been properly value , physical count are in consistent with what its looking on inventory register , Physical Count also involve to check discrepancy in Inventory valuation , As member notice Stock is not labelled is the dicrepency , and this is required to get corrected and also reponsibilty to communicate this discrepancy.

Competence also involve to uodate the skill and knowledge relating to work.

As when the professional notice inventory are not label , its under the dutie of member to get it labelled and If he is uncertain with the monetory value his reponsiblity is to get monetory value and get the inventory being labelled with there monetory value.

Question 7.

D.Economical

Three common organizational constraints are monetary capital, intellectual capital, and technology. monetory contraints are relating to cost of the project ,capital involve , Intellectual capital are related to human resources , and technological contraints are latest technology , there technological changes , updation etc