Exam 1: The Manager and Management Accounting

A report showing the actual financial results for a period compared to the budgeted financial results for that same period would most likely be called a ________.

Place the five steps in the decision-making process in the correct order: A = Obtain information B = Make decisions by choosing among 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 statements is true of performance reports?

Processing orders and shipping products or providing services to customers is known as ________.

Describe the value chain and how it can help organizations become more effective.

Rules for measurement and reporting for management accounting ________.

Cost accounting provides information for both management accounting and financial accounting professionals. Explain.

You have been employed as an entry-level management accountant for a little under a year. You suspect that your immediate supervisor is involved in a significant fraud involving diverting of company assets to personal use. Briefly describe the steps you might take to resolve this dilemma.

Explain how a budget can help management implement strategy.

The value chain is the sequence of business functions in which ________.

R&D, production, and customer service are business functions that are all included as part of ________.

Gathering information before making a decision is not efficient within the decision-making process.

Customer relationship management initiatives use technology to coordinate all ________.

Customer relationship management initiatives use technology to coordinate all customer-facing activities (such as marketing, sales calls, distribution, and after-sales support) and the design and production activities necessary to get products to customers.

If there is an ethical conflict concerning your direct supervisor, when is it appropriate to contact authorities or individuals not employed by the organization?

Management accountants should have little or no role in deciding on a company's strategy.

Competence includes maintaining an appropriate level of professional expertise by continually developing knowledge and skills.

Which item is an indication of competence under the Standards of Ethical Conduct?

For best results, cost management emphasizes independently coordinating supply chain activities within your company and with other companies that act as suppliers and customers.

A budget can only be used as a planning tool.