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IIBM – Strategic Cost Management Answer sheet

IIBM – Strategic Cost Management Answer sheet


Multiple Choices:

  1. A set of policies, procedures, and approaches that helps a firm attain and retain success for a long is termed as

b) Life cycle costing
c) Target costing
d) Strategy

  1. A cost management tool that brings in its focuses on the activities performed to produce a product is called

 a)Target costing
b) Life cycle costing
c) ABC
d) Benchmarking

  1. Costs incurred in the past that are not relevant to present decisions are a)
    Fixed cost
    b) Sunk cost
    c) Opportunity cost
    d) Indirect costs
  2. In a process costing system, when items are sold, the cost of the item is moved from a)Work-in-progress to finished goods
    b) Work-in-progress to Cost of goods sold
    c) Cost of goods sold to finished good
    d) Finished goods to cost of goods sold
  3. Differential costs are sometimes referred to as a)
    Incremental costs
    b) Relevant costs
    c) Avoidable costs
    d) Both a& b
  4. The customer service feature does not include a)
    Warranty and repair service
    b) Adherence to specifications
    c) On-time delivery
    d) Follow up with the customer after the sale.
  5. Product costs are a function of

a)Product design
b) Specific customers
c) Customer Characteristics
d) Market segments

  1. The company’s overall sales performance is influenced by factors such as a)
    Sales volume
    b) Sales Mix
    c) Market size and share
    d) All of the above
  2. Customer life cycle costs include

a) Purchase price
b) Start-up costs
c) Post-purchase cost
d) All of the above

  1. Which stage of the product life cycle is characterized by little competition and slowly increasing sales?
    a) Introduction
    b) Growth
    c) Maturity
    d) Decline

Part Two:

  1. List the characteristics of the balanced scorecard.
    2. What are the methods of Alternative costing?
    3. Differentiate between fixed cost and variable cost.
    4. Discuss the dissimilarities between job order costing & process costing systems.

Case let 1

1. Discuss why Vikram has an ethical responsibility to take some action against the MNC.
2. Which of the alternative courses would be the most appropriate in the given situation?

Case let 2

1. Prepare an organizational structure for Brilliant University.
2. List the names of the departments under the university.

Section C: Long Questions (30 Marks)

1. What is “Cost management”? Explain the primary objectives of cost management.
2. Define “Target costing”; discuss the principles of target costing.

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