1. The management process is the process of setting goals, planning, organising, making long term strategies, making policies, taking managerial decision for the purpose of achieving the organisation goal.
The answer to this question will be d. all of the above
2. The organisation that controls the certification of management accountants is the c. IMA (The Institute of Management Accountants)
FASB (Financial Accounting Standards Board) sets standards for establishing and improving GAAP.
SEC ( Securities and Exchange Commission) is established to protect investors in securities market.
AICPA (The American Institute of Certified Public Accountants) is for certification of certified public accountants.
3. One of the differences between managerial and financial accounting is d. Financial Accounting has to follow GAAP
Managerial Accounting is not required to follow GAAP or GAAS. The options a and c are wrong since Financial Accounting is oriented towards external users and managerial accounting is oriented towards internal users.
4. From the Strategic Finance article, Darren Snellgrove works for a. Johnson & Johnson Innovation.
He is the Chief Financial Officer of Janssen Global R&D.
5. Which of the following products would most likely use job order costing instead of process costing? d. Custom Race Cars
Job order costing method is used when unique products are to be produced in small quantities only against the customer's order and not to maintain stock.
Process Costing is the method used when products are to be produced in large quantities. Motor oil, Ice Cream, Mass produced furniture are produced in large quantities.
6. A management accountant must "perform their professional duties in accordance with relevant laws, regulations and technical standards." Under the Standards for ethical conduct, this falls under the category of a.Competence
Confidentiality- means information obtained to be kept confidential unless required by under any law.
Integrity- Eliminating conflict of interest and ensuring professional integrity above personal interests.
Credibility- Communicating all the required information that influences the interpretation of various reports.
1. The management process is defined by a. Planning b. Controlling c. Decision making d. All...
Insight refers to: a. Adaptive decision-making b. Credibility and trustworthness c. Understanding of one's problems d. Disorientation e. None of the above
1 Icon denotes assignments that involve decision making Discussion Questions 1. Describe the managerial accountant's role in business plan- 2. Distinguish between managerial and financial accounting on ning, control, and decision making a. Users and decision makers. d. Time dimension. b. Purpose of information. e. Focus of information. c. Flexibility of practice. f. Nature of information.
LTİP.E CHOICE. Choose the one alternative that best completes the statement or answers the 1) The uthoritative financial accousting standards-seting body in the United States is 1) presently the A) International Accounting Standards Board (IASB) B) Financial Accounting Standards Boand (FASB) C) Accounting Principles Board (APB) D) Securities and Exchange Coemmission (SEC) E) Public Coempany Accounting Oversights Board (PCAOB) 2) Which of the following are qualified to expeess an anoditor's opinion about an entity's2) financial statements? A) A Certified Public...
c. Total quality management (TQM) d. Research and development, and product design I uusines 1. Just-in-time (IT) inventory R. Sarbanes-Oxley Act (SOX) h. Global Reporting Initiative Exercises Ident E1.1 (LO 1), Justin Bleeber has prepared the following list of statements about managerial account ing, financial accounting, and the functions of management 1. Financial accounting focuses on providing information to internal users. 2. Stall positions are directly involved in the company's primary revenue generating activities 3. Preparation of budgets is part...
1. Cost accounting system provides: a. Detailed cost information for planning b. Relevant information management of current operations c. Important Information for reporting to investors d. Only (a) and (b) e. None of the above. 2. Cost Information is very useful to: a. Manufacturing organizations b. Service organizations c. Not-for-profit organization d. All of the above e. None of the above
ER SS 11. All of the following are examples of managerial accounting information excepr: a budget versus actual reports. b. monthly income statement for each store, c. monthly analysis of product profitability. d. annual balance sheet prepared in accordance with U.S. GAAP. e. None of the above. NOT A 12. When comparing the characteristics of financial and managerial accounting, which of the following is a focus of managerial accounting? a. Making future projections for geographic segments of a company. b....
Planning and control are a) flexible management tools b) steps in decision making process c) aid in achieving an organizational tools d) all of these answers are correct
1. Cost accounting system provides: a. Detailed cost information for planning b. Relevant information management of current operations c. Important information for reporting to investors d. Only (a) and (b) e. None of the above.
Which of the following lists different accounting standards? Group of answer choices a)GAAP/IFRS b)AIA/EIA c)Centralized/coordinated d)NYSE/DAX e)Managerial/financial
Question 1 (A) (B) (C) (D) An advantage of centralised decision-making is: Greater effectiveness in volatile environments More motivated employees Less monitoring of decisions More rapid decision making in all contexts The total amount of variable costs will: Not be affected by relevant range considerations Change proportionately with changes in production activity Increase in per unit cost as production decreases Remain constant within a relevant range of production An opportunity cost can be defined as: A cost incurred when an...