Exam 1: The Manager and Management Accounting

Management accounting report time spans can vary from one hour to many years, while financial accounting report time periods usually span a quarter or a year.

Describe the major differences between management accounting and financial accounting for the following: 1. Primary users 2. Focus and emphasis 3. Rules of measurement and reporting

In a cost-benefit approach, managers should spend resources if the ________.

Cost accounting is the process of measuring, analyzing, and reporting financial and nonfinancial information related to the costs of acquiring or using resources in an organization.

Which of the following is an example of an intrinsic reward?

Briefly describe the list of items that managers undertake to formulate strategies.

Management accountants might provide information on decisions on whether to buy a product from outside or manufacture it in-house.

Ethical challenges for management accountants include ________.

Evaluating actual performance, receiving feedback and learning from that feedback helps in the future decision-making process.

The best-designed strategies are valuable, whether or not they are effectively implemented.

Which of the following is a guideline used by management accountants to assist in strategic and operational decision making?

Management accountants must work well in cross-functional teams and as a business partner.

Managers use management accounting information to ________.

The Standards of Ethical Conduct for management accountants include concepts related to ________.

For each report listed below, identify whether the major purpose of the report is for (1) routine internal reporting, (2) nonroutine internal reporting, or for (3) external reporting to investors and other outside parties. Item: a.study detailing sale information of the top-ten selling products b.weekly report of total sales generated by each store in the metropolitan area c.annual Report sent to shareholders d.monthly report comparing budgeted sales by store to actual sales