Exam 1: Accounting As a Tool for Management

A supply chain is a network of facilities that procure raw materials,transform them into intermediate goods and then into final products,and deliver the final products to customers through a distribution system.

A key component of a positive ethical environment is "tone at the top." Discuss what this term means,and why this is a key component.

One of the primary products of the operations planning stage will likely be a

The leading professional organization for managerial accountants is

Without affecting their ability to meet customer demand,some companies have found they can reduce inventory levels by using a just-in-time system as much as

The supply chain's goal is to

When using just-in-time inventory management,a company puts good into production

Management accounting is the generation of relevant information and analysis provided to external users.

Which of the following is not a category for performance measures used for a balanced scorecard?

The goal of an ERP system is to

In each of the following situations,identify whether the setting is primarily financial accounting or managerial accounting. a.Abba Company purchased a new telephone system costing $132,000 for its sales division.The new phone system will be depreciated using the straight-line method over a period of five years and has an estimated salvage value of $5,000. b.Bandex Company has had several customers who are experiencing the negative effects of the downturn in the economy.As a result,the company believes its allowance for doubtful accounts should be increased from 1% of credit sales to 1.5% of credit sales. c.Cortez,Inc.has experienced a decline in net income over the past three years.The engineering department is considering redesigning a product to eliminate waste and inefficiency in the production process. d.The sales manager of Decca Corporation believes one salesman is creating fictitious sales to inflate his commission.The sales manager has asked the controller for a detailed report of sales by salesman. e.Essex,Inc.executives are meeting to analyze the company's actual results compared to budgeted amounts.

Lilly Grant owns an ice cream shop in Marigold,MS.Identify each of the following actions she performs as a planning,controlling,evaluating or decision making activity:

As part of their continuing effort to improve business processes to deliver maximum value to their customers,many business have adopted one or more of the following systems: a.Supply chain management b.Just-in-time-inventory JIT c.Enterprise resource planning ERP systems Required: Describe each of the above systems and their goal.

Which of the following is least likely to be in a company's code of ethics?

An example of an external user is a

Which of the following is not a type of unethical behavior employees might observe?

GAAP "rules" govern how transactions are

Managerial accounting is designed to assist managers with four general activities.List the activities and give an example of each.

If a company chooses a low-cost production strategy,the company will set itself apart from competitors in terms of

The IMA Statement of Ethical Professional Practice applies to