Exam 1: The Manager and Management Accounting

Discuss the major differences between management accounting and financial accounting.In your analysis,discuss who benefits from the reports or statements and discuss the differences between the individuals that use the accounting information.Be specific.

In order,list the five steps in the decision-making process.

The time it takes for companies to develop new products and services and bring them to market is:

Processing orders and shipping products or services to customers is:

Explain how a budget can help management implement an effective strategy.

The only guideline that helps management accountants provide the most value to their company in strategic and operational decision making is the cost-benefit approach.

Ethics form the basic foundation of any well-functioning economy.

Financial accounting managers are more concerned about:

Discuss the cost-benefit approach guideline management accountants use to provide value in strategic-decision making scenarios.

Which of the following is true about the modern concept of controllership?

________ can lead to changes in goals,strategies,and the ways decision alternatives are identified,and the range of information collected when making predictions,and can lead to changes in managers.

To lower costs and increase efficiency at Nike,the decision makers moved its operations to China and Mexico.This is known as:

Which of the following statements concerning an organization's strategy is not true?

Professional accounting organizations,which represent management accountants in many countries,promote high ethical standards.

Successful management accountants only possess one skill and that is their ability to communicate in the organization.

Competitive information serves as a benchmark.

________ ________ measures,analyzes and reports financial information and nonfinancial information that helps managers make decisions to fulfill the goals of an organization.

Classify each cost item into one of the business functions of the value chain,either (1)R&D, (2)Design, (3)Production, (4)Marketing, (5)Distribution,or (6)Customer service. Item: a.cost of free food mailed to promote sales of a new organic food product b.labor cost of workers in the construction plant c.bonus paid to a person with a 80% satisfaction rating in handling customers with complaints d.transportation costs for shipping products to retail outlets

The ________ ________ is an administration function that includes the human resource management function of training front-line workers.

Managers make cost management decisions to increase the value of products and services they provide to customers and to achieve organizational goals.Which of the following is not an example of an effective cost management decision?