Exam 1: The Accountants Vital Role in Decision Making

Johnson Advertising Agency incurs the following costs in its service activities.Match each one of them to one of the value chain functions listed. A)customer service B)marketing C)production D)design of products, services, and processes -cost of reworking an unsuccessful ad after client complains that ad targeted wrong customers

Hardcover Company incurs the following costs when it manufactures books.Match each one of them to one of the value chain functions listed. A)production B)distribution C)marketing D)research and development -salary of the scientists attempting to find another source of printing ink

Johnson Advertising Agency incurs the following costs in its service activities.Match each one of them to one of the value chain functions listed. A)customer service B)marketing C)production D)design of products, services, and processes -amortization of the artist design desk

Which of the following would likely constitute a breach of ethics for a management accountant?

Control measures should

Key success factors are geared to improving customer satisfaction.

For each of the independent activities give the aspect of the Five-Step Decision-Making Process that best describes what is being undertaken. A)Implement the decision, evaluate performance, and learn B)Identify the problem and uncertainties C)Make predictions about the future D)Decide on and implement one of the alternatives E)Obtain information -Changing the selling price of a product.

Collecting information to follow through on how actual performance compares to planned or budgeted performance is referred to as

For each of the independent activities give the aspect of the Five-Step Decision-Making Process that best describes what is being undertaken. A)Implement the decision, evaluate performance, and learn B)Identify the problem and uncertainties C)Make predictions about the future D)Decide on and implement one of the alternatives E)Obtain information -Explaining the variances in Department 23's labour report.

Describe the value chain and how it can help organizations become more effective.

For each of the independent activities give the aspect of the Five-Step Decision-Making Process that best describes what is being undertaken. A)Implement the decision, evaluate performance, and learn B)Identify the problem and uncertainties C)Make predictions about the future D)Decide on and implement one of the alternatives E)Obtain information -Estimate possible outcomes from outsourcing production to another country.

The Global Reporting Initiative (GRI)is a nonprofit organization established to develop guidelines so that reporting on economic, environmental and social performance by all organizations is as routine and comparable as financial reporting.

Controllership includes responsibility for

________ focuses on reporting both financial and nonfinancial information on activities that impact society, the environment, and the financial (or, economic)aspects of an organization's performance to an organization's stakeholders.

Do you agree that prior management decisions affect cost management?

A budget is defined as

For best results, cost management emphasizes independently coordinating supply chain activities within a company and not interfering with other companies.

Developing a new web site to display and demonstrate the company's products would be part of which value chain function?

The ________ is also called the chief financial officer.

A company may employ CPAs and other persons who are required to meet certain standards of professional conduct due to their membership in relevant professional organizations.These standards of conduct often include the areas of responsibility, competence, fairness and independence.However, holding only a few people responsible for sound professional conduct does not make a company behave ethically.Required: What can a company do to increase the likelihood of its employees being ethical in all their undertakings?