Management accounting, as defined by the IMA, uses the expertise of the management accountant to
Management accounting, as defined by the IMA, uses the expertise of the management accountant to implement the strategy of cost leadership.
Because the management accounting involves the planning,decision making and measurement of performance in the organisation, it also includes that management accountant should assist management in formulating and implementing the organisation's strategy during the given period of time.
Management accounting, as defined by the IMA, uses the expertise of the management accountant to
The changing roll of the management accountant and management accounting information The roll of management accountant has changed considerably over the last few decades from being primarily a ‘number crunching’ function, recording and reporting on a diverse range of aspects of a company’s current financial health status, to a much more valuable broader strategic roll, vitally important in planning and decision making. Requirement Discuss this statement with reference to the changing business environment that has led to substantial changes in...
Discuss the ethical standards for financial and managerial accounting. The IMA (Institute of Management Accountants) and The AICPA (American Institute of Certified Public Accountants) have established ethical standards. Review the ethical standards from each body. Are the standards significantly different? Similar? Do the standards have the same goal(s)
Discuss the ethical standards for financial and managerial accounting. The IMA (Institute of Management Accountants) and The AICPA (American Institute of Certified Public Accountants) have established ethical standards. Review the ethical standards from each body. Are the standards significantly different? Similar? Do the standards have the same goal(s)
Question 3 (10 marks) Introduction to management accounting You are a financial accountant at Hardware Superstore Ltd. One of the trainee accountants, Ellen, is currently enrolled in two university subjects – one subject on management accounting and one subject on financial accounting. She is wondering why companies, such as Hardware Superstore Ltd, need to employ both management accountants and financial accountants. She asks you: “Why can’t companies just prepare one set of financial statements? The financial reports prepared by the...
1. The management process is defined by a. Planning b. Controlling c. Decision making d. All of the above e. None of the above 2. The organization that controls the certification of management accountants is the a. FASB b. SEC c. IMA d. AICPA e. None of the above 3. One of the differences between managerial and financial accounting is a. Financial accounting is oriented towards internal users b. Managerial accounting has to follow GAAS c. Managerial accounting is oriented...
Reporting Various Activities Suppose the Institute of Management Accountants (IMA) has the following transactions during the year: 1. A retired CMA donates cash, with no stipulations as to use. 2. The IMA borrows money to finance construction of new facilities. 3. Money is collected in February from participants in the upcoming June annual conference. 4. The Board of Directors sets aside money for distribution to universities as awards for best management accounting doctoral dissertations. 5. Depreciation is recorded on IMA...
The Institute of Management Accountants (IMA) has promulgated an ethics code for management accountants called The Statement of Ethical Practice, which has four standards of ethical conduct. Which of the following is NOT one of those standards? A. Competence B. Confidentiality C. Integrity D. Continuing Education E. Credibility
Which of the following actions should a management accountant take first in confronting a potential ethical conflict concerning your direct supervisor? Clarify relevant ethical issues by initiating a confidential discussion with an IMA Ethics Counselor, Follow the organization's procedures concerning resolution of such a conflict. Inform the Board of Directors of the existence of a potential conflict. Consult the attorney as to legal obligations and rights concerning the ethical conflict.
Which of the following actions should a management accountant take first in confronting a potential ethical conflict concerning your direct supervisor? Clarify relevant ethical issues by initiating a confidential discussion with an IMA Ethics Counselor, Follow the organization's procedures concerning resolution of such a conflict. Inform the Board of Directors of the existence of a potential conflict. Consult the attorney as to legal obligations and rights concerning the ethical conflict.
Per the IMA, a competent accounting has all knowledge of the subject in they work-in. Correct Incorrect