Answer multiple choice questions below.

47. Organisational core competencies can include: A mission statement a. b. Favourable economic conditions in the external environment A code of conduct An innovative product design c. d. LO 1 50. Which of the following is an element of an operating plan? a. Developing an organisational mission b. Preparing financial statements c. Defining core values d. Outlining specific performance objectives LO 1 51. Types of decisions that managers make include all of the following except: a. Choosing which products to sell b. Designing performance evaluation systems c. Setting tax rates d. Hiring employees LO 1 52. The term cost accounting is: The precursor to management accounting Commonly used to refer to financial accounting. Encompasses both financial and management reporting The same as budgeting a. b. c. d. LO 2 56. Which of the following is the best example of an internal report that might come from an organisation's information system? a. Environmental Protection Agency regulatory report b. Cash flow plan c. Income tax returns d. Credit rating agency report LO 2 57. Financial statements are: a. Internal reports produced from an organisation's information system b. Never used for internal decision making c. Only true when they are audited d. Necessary to meet external reporting requirements LO 2 64. Relevant information: a. Does not vary with the decision taken b. Is only useful if there are only two alternative courses of action c. Considers past costs. d. Is always dependent on the decision and other factors. LO 2