Exam 1: The Changing Role of Managerial Accounting in a Dynamic Business Environment

Briefly distinguish between managerial accounting and financial accounting. Be sure to comment on the general focus, users, and regulation related to the two fields.

Which of the following statements about managerial accountants is false?

All companies define the value chain in the same way.

Which of the following is not an ethical standard of managerial accounting?

Employee empowerment involves encouraging and authorizing workers to take initiatives to:

Strategic cost management is:

Managerial accountants:

The value chain is a managerial accounting tool that primarily assists in the valuation of assets.

Two things that all organizations have in common are a set of goals and information needed by managers.

The largest professional association for management accountants in the U.S. is:

The position of chief financial officer (CFO) is typically a staff position.

Which of the following business models considers financial, customer, internal operating, and other measures in the evaluation of performance?

The day-to-day work of management teams will typically comprise all of the following activities except:

The value chain of a manufacturer would tend to include activities related to:

Middle-level managers would likely be considered internal users of accounting information rather than external users.

In most situations, managerial accounting reports solve decision problems.

Legitimate ethical issues rarely impact the managerial accountant.

The largest managerial accounting professional association in the U.S. is the Chartered Institute of Management Accountants.

Which of the following acts strives to improve corporate governance and the quality of corporate accounting/reporting?

Which of the following functions is best described as choosing among available alternatives?