Exam 1: The Accountants Vital Role in Decision Making

The text identifies six ways to classify the major differences between Management and Financial Accounting. The statement "Communicate organization's financial position to external users" is an example of which of the following classes?

The approaches and activities of managers in short-run and long-run planning and control decisions that increase value for customers and lower costs of products and services are known as

The problem identification function is the accumulation of data and reporting reliable results to all levels of management.

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

The person(s) directly responsible for the attainment of organizational objectives is/are

An Enterprise Resource Planning System can best be described as

Management accounting

The text identifies six ways to classify the major differences between Management and Financial Accounting. The "managers of the organization" is an example of which of the following classes of differences?

In the value chain, Research and Development is the detailed planning and engineering of products, services, or processes.

Measuring and evaluating performance, and providing feedback are aspects of

Generally, companies follow one of two broad strategies: offering a quality product at a low price, or offering a unique product or service priced higher than the competition. Assume you are opening a small food outlet across the street from your campus. How might that business be operated under each of the two broad strategies? Consider the following specific operational areas: a. target customers b. products offered c. product pricing d. location choice e. advertising content f. advertising media

Professional ethics for a Certified Management Accountant in Canada were established by

A company may employ CMAs 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?

Learning arises from comparing actual performance to expected performance.

For each type of report listed below, identify one planning decision and one control decision for which the information would be helpful. Item: a. annual financial statements for the past three years b. report detailing sales by department by each hour of the day for the past week c. special study regarding increased road traffic due to the construction of a new shopping mall at a nearby intersection

The value chain includes the following functions: research and development; design of products, services, or processes; production; marketing; distribution; customer service; and management satisfaction.

Customers are demanding that companies use the value chain and supply chain to deliver ever-improving levels of performance regarding key success factors. Briefly describe each of the following key success factors: cost and efficiency; quality; time; innovation. For each key success factor give an example an activity that relates to that factor; and, the effect of that activity on the value chain.

Cost accounting provides information for both management and financial accounting.

A bonus paid to high performing sales persons is an example of an intrinsic reward.

"Cost management" describes