It's A subject of financial account question The use of surveys of experts to estimate long-runproduction costs may be undermined by the fact that:a. reporting biases can occur.b. it is dependent on the judgments of individuals closelyconnected with the industry.c. it is a time-consuming process.d. All of the above.

OPTION A: CORRECT: Reporting biases can occur: The experts can influence the estimated probability…

Answered: The use of surveys of experts to…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter10: Short-term Decision Making

Section: Chapter Questions

Problem 8Q: What type of qualitative issues should management consider if a quantitative analysis reveals that a...

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Historically, performance measurement systems have been based on accounting or other quantitative numbers. One issue is that some accounting numbers can be affected by the actions of managers, and this may result in distorted performance results. A well-designed performance measurement system should eliminate these potential conflicts, as much as possible. There is a way to prevent these issues associated with using accounting measures as performance measures through use of nonaccounting measures in conjunction with accounting-based measures to help mitigate the problems of using accounting-based measures alone. Most performance measurement systems today use a combination of accounting-based measures and non-accounting-based measures, short-term or long-term indicators, or quantitative and qualitative components. True / False
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Explain the problems of adverse selection and moral hazard caused by asymmetricinformation. How can financial intermediaries alleviate those problems?
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What type of qualitative issues should management consider if a quantitative analysis reveals that a segment should be dropped?
Which of the following statements regarding traditional accounting is true? a. Traditional accounting does not provide managers in a JIT setting with timely information. b. The financial orientation allows for effective measuring disparate items. c. Overhead allocations may lead to cost distortions. d. All of the above are true statements. e. A and C are true, but B is not true.
Is there a way to prevent managers from focusing on accounting measures as performance measures?
Which of the following statements is false? Multiple Choice In general, the term expense is used for managerial purposes, while the term cost refers to external financial reports. An opportunity cost is the benefit forgone by selecting one alternative over another. An outlay cost is a past, present, or future cash outflow. A cost is a sacrifice of resources.
Proponents of the use of Fair Value Accounting (FVA) argue that the use of fair value reflects current market conditions. On the contrary, opponents of the FVA argue that under specific circumstances, such as a financial crisis, mark to market accounting may lead to considerable volatility in the financial statements and especially the Income Statement (Laux and Leuz, 2009). Critically discuss the merits and flaws of FVA in relation to cost accounting.
5. Which of the following statements concerning ideal standards is incorrect? a)Ideal standards may be better than practical standards when managers seek continual improvement b)Ideal standards do not make allowances for waste, spoilage, and machine breakdowns c)Ideal standards generally do not provide the best motivation for workers. d)Ideal standards are better suited for cash budgeting than practical standards
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The following sentences relate to achieving the financial goal of cost minimization. Which of the following statements is FALSE? a. Prioritizing which costs to incur relates to the operating decisions of the firm only.b. Savings is the end product of this financial goal.c. There is a need to determine cost.d. Controling costs involves addressing unfavorable cost variances.

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The use of surveys of experts to estimate long-run production costs may be undermined by the fact that: a. reporting biases can occur. b. it is dependent on the judgments of individuals closely connected with the industry. c. it is a time-consuming process. d. All of the above.