Exam 18: The Changing Business Environment-A Managers Pers

Performance measures are limited to financial data.

Financial accounting's main emphasis is on full and accurate accounting for and disclosure of a company's operating results.

Which of the following is not part of the "perform" stage in the management process?

In making the transition from financial accounting to management accounting, you must become accustomed to using the historical dollar as the primary unit of measurement.

Practitioners of management accounting and financial management have a responsibility to communicate information fairly and objectively.

Accumulating, interpreting, and reporting financial information is important for

TQM requires that all resources - materials, personnel and facilities be acquired and used only when they are needed.

The keys to successful report writing include identifying the who, what, when, and why of the report.

Management accounting is the process of identifying, measuring, accumulating, analyzing, preparing, and communicating financial information used by management.

The balanced scorecard has gained little acceptance as an approach to establish effective performance measurement.

Performance measures are used only in the evaluation stage of the management process.

Internal accounting reports should be prepared when they are needed, without regard to calendar dates or regularity of issue.

A business plan is a comprehensive statement of how a company will achieve its objectives, but does not include budgets or performance goals.

Financial accounting information is determined objectively and is verifiable, whereas management accounting usually represents subjective estimates of future events.

Support services, such as legal services, are critical to making an efficient and effective value chain.

If a management accountant confides to a relative that his or her company has a confidential plan to merge with another company in the near future, the accountant has

Which of the following is not a key question to be addressed when preparing a report?

Although the purpose of the confidentiality standard is to encourage management accountants to remain loyal to their company, failure to disclose knowledge of internal illegal acts to outside authorities can result in the accountants being charged as an accessory to the crime.

The fathers of the balanced scorecard, Drs. Kaplan & Norton, introduced four generic perspectives from which to view a business. Consider the following four questions and briefly describe the generic perspective that relates to the question and why. 1. How should we present ourselves to our investors and owners to be considered by them as a financial success and an attractive investment? 2. What do we have to offer our customers related to our product, customer intimacy, and operational excellence? 3. In what activities must we excel to be able to accomplish our financial and customer-oriented objectives? 4. What do we need to change in our infrastructure to achieve number 3?

In today's competitive business environment, managers