Exam 1: Accounting As a Tool for Management

A relatively new tool that managerial accountants have developed to assist is the balanced scorecard. Explain the purpose of the balanced scorecard. List the various perspectives comprising the balanced scorecard, and explain what each perspective measures.

Which of the following is not a duty of a management accountant under the IMA Statement of Ethical Professional Practice's integrity standard?

If a company follows a strategy of product differentiation,it will seek ways to set its products apart from competitors' in terms of quality,design or service.

In each of the following situations,identify whether the setting is primarily financial accounting or managerial accounting. a.Falcon Company sent its annual report to its stockholders. b.Genesis,Inc.'s controller sent a report of actual versus budgeted sales figures to the sales manager. c.Hurtz Rent-All Company determines that its investments have declined in value and should be adjusted. d.Inca,Inc.controller suspects that cash is being stolen by a sales clerk.As a result,she prepares an analysis to compare each sales clerk's collections for each day. e.Jones Company executives are meeting to review the annual report to be submitted to the SEC.

Which of the following statements is not true?

Which of the following is not a way managers use managerial accounting?

Two ways to develop a competitive advantage is through product differentiation and low-cost production.How does a company set itself apart from competitors under each strategy?

Managerial accounting is designed to assist managers with four general activities: planning,controlling,evaluating and decision making.Give two examples of each type of activity for a furniture manufacturer.

Which of the following is not a tool for monitoring strategic performance?

Which of the following is not a test of an ethical business decision as suggested by the Institute of Business Ethics?

The basic financial statements always report on transactions and events

Managerial accounting information is not just for accountants.All areas within an organization can use the information to support decision making.For the following positions,list three decisions the manager might have to make and give an example of a report that would help the manager in the decision making process. a.Human resources manager b.Purchasing manager c.Engineering department

In a traditional inventory system

Short-term planning is often referred to as

Kristin West owns an car wash in Clinton,MS.Identify each of the following actions she performs as a planning,controlling,evaluating or decision making activity:

Just-in-time inventory management JIT is an inventory strategy that focuses on

Managerial accounting is used by managers to

According to a 2011 National Business Ethics Survey,what percentage of employers had a written code of conduct?

The Sarbanes-Oxley Act requires that all publicly traded companies disclose whether certain executives are subject to a corporate code of ethics.Which of the following executive position need not be disclosed?

When a company approaches market share growth under a build strategy,