Exam 1: The Manager and Management Accounting

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 ________.

Financial accounting information focuses on internal reporting.

The supply chain describes the flow of goods, services, and information from the initial sources of materials and services to the delivery of products to consumers.

Control measures should ________.

The two broad strategies that companies follow are cost leadership strategy and product differentiation strategy.

A company's CFO oversees banking and short- and long-term financing, investments, and cash management.

Which of the following statements concerning an organization's strategy is true?

In order, list the five steps in the decision-making process.

Management accounting information helps managers calculate a target cost for a product by subtracting from the target price the net income per unit of product that the company wants to earn.

For each type of report listed below, identify one planning decision and one controlling decision for which the information would be helpful. Assume you are a Walgreen Company store. 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 near-by intersection

Complete a performance report for the month of May, 2018, for First News Corp, a regional newspaper showing four columns: 1) Actual Result; 2) Budgeted Amount; 3) Difference: Actual Result minus Budgeted Amount; 4) Difference as a Percentage of Budgeted Amount, given the following data: Does the report indicate any cause for managerial investigation?

For management accounting, internal measurement and reporting are based on cost-benefit analysis.

The design of products, services, and processes component of the supply chain refers to the detailed planning, engineering, and testing of products and processes.

Production is the ________.

The increasing pace of technological information has resulted in longer product life cycles.

Financial accounting provides the primary source of information for ________.

Which of the following reports to the CFO?

Which of the following is true of management accounting information?

Financial accounting provides an organization's past-oriented information such as the previous years' financial statements.

When faced with a potential ethical conflict, the managerial accountant should first consult IMA ethics counselor.