Exam 15: The Changing Business Environment - a Managers Perspective

Management accounting differs from financial accounting in many ways.Indicate with an "X" in the appropriate column whether each of the following characteristics relates to financial accounting,management accounting,or neither.

What are the results of the successful implementation of a JIT operating environment?

When unable to resolve an ethical conflict,the accountant should consider consulting with an attorney as to the legal obligations and rights concerning the ethical conflict.

An advantage of value chain analysis is that it allows a company to

Primary processes in the value chain are comprised of

Which of the following is a characteristic of management accounting?

In a JIT system,workers are trained to specialize in one specific task.

A business plan is a comprehensive statement of how a company will achieve its objectives,but does not include budgets or performance goals.

Support services,such as legal services,are critical to making an efficient and effective value chain.

Although management accountants should try not to engage in activities that would prejudice their ability to carry out their duties,they are not obligated to refrain from such activities after business hours,as long as these activities take place off company premises.

Management accounting provides reports that are future oriented.