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 "Past oriented (reports on 2011 performance prepared in 2012)" is an example of which of the following classes?

Control includes deciding what feedback to provide that will help with future decision making.

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

Key success factors such as quality,time,and the provision of innovative products and services,must be executed well to achieve corporate performance.

Cost accounting provides information for both management and financial accounting.

Planning is choosing goals,predicting results under various alternative ways of achieving those goals,and then deciding how to attain the desired goals.

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?

Which of the following elements is contained within the Implement the Decision,Evaluate Performance,and Learn category in the Five-Step Decision-Making Process?

Place the five steps in the decision-making process in the correct order: A = Obtain information B = Decide on and implement one of the alternatives C = Identify the problem and uncertainties D = Implement the decision,evaluate performance,and learn E = Make predictions about the future

Which of the following is TRUE concerning the value chain of business functions?

Key success factors include time management.

Companies with a strategy of low prices compete on their ability to offer unique new products or services that are priced higher than their competition.

The ________ is also called the chief financial officer.

A cost concept used for external reporting purposes may not be appropriate for internal,routine reporting to managers.

The purpose of the TBL approach is draw management's focus

What aspect of business analysis focuses on the sequence of business functions?

Cyclone Car Company tries to assign appropriate responsibilities to all of its managers.Production managers receive reports which accumulate information of the shop operations for each plant.Plant operations are further aggregated in the report received by the vice president of manufacturing.These reports show the budgeted and actual operating results for the current month and year-to-date.These,along with inventory status reports,provide the major source of production information for the next planning period.Managers evaluate the variances between actual and budgeted amounts and determine whether operations are in or out of control.If variances are large,appropriate action is taken,i.e. ,the plans are changed. The company's profits have been decreasing,and management has requested similar aggregate sales data from marketing.It is felt that this added information will suffice for its decision-making needs. Required: Do you agree? Why? Do you foresee any needs that will not be met by this information? If so,what additional information do you suggest that management be provided by the management accounting system?

Line management is directly responsible for attaining the goals of the organization.

Control includes the performance evaluation of personnel and operations.

The person(s)responsible for providing advice and assistance to line managers is/are