Exam 1: An Introduction to Managerial Accounting and Cost Concepts

Reduction in tariffs,quotas,and other barriers to free trade;improvements in global transportation system;and increasing sophistication in international trade markets,are several factors that have led to an increase in worldwide competition in many industries.

The PDCA Cycle is a system of continuous improvement in which a planning committee selects from a list of alternatives for improvement and moves to fully implement immediately the chosen improvement.

List seven key differences between Managerial Accounting and Financial Accounting.

List four management practices (programs of continuous improvement)that may be used to achieve the objectives of the lean business model.

Explain the lean business model and its corresponding management practices and potential benefits.

Managerial accounting emphasizes the future in addition to historical reports,whereas financial accounting:

Companies using the just-in-time (JIT)approach hope to achieve:

What is the professional designation for the majority of professional accountants in Canada?

Companies that use the just-in-time (JIT)approach purchase materials and produce units only as needed to meet actual customer demand.

Control involves the process of instituting procedures and then obtaining feedback to ensure that all parts of the organization are functioning effectively and moving toward overall company goals.

Effective corporate governance enhances stakeholders' confidence that an organization is being managed in their best interests rather than solely in the interests of top management and certain key individuals.

Merchandising firms largely refer to retail and wholesale outlets that buy goods from suppliers and resell them to customers.

Corporate governance

One major implication of globalization for many organizations is that they must find new ways of conducting business.

Management accounting information is primarily concerned with reports on the organization as a whole while financial accounting focuses more on the individual segments of the organization.

The Code of Ethics for Professional Accountants established by the International Federation of Accountants governs only the activities of accountants in public practice.

There are four major characteristics of total quality management.

The management cycle proceeds in what order?

The main idea underlying the lean business model is the elimination of waste.

Managers everywhere carry out three major activities: planning,implementation,and control.