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Chapter 1 & 2 Managerial Accounting question review with correct answers.
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Chapter 1 & 2 Managerial Accounting question review with correct answers.
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Chapter 1 & 2 Managerial Accountingquestion review with correct answers.
Managerial Accounting ANS - The phase of accounting concerned with providing information to
managers for use WITHIN the organization.
Segment ANS - A part or activity of an organization where managers would like cost, revenue or profit
data.
Financial Accounting ANS - The phase of accounting that is concerned with reporting historical financial
information to external parties.
Managerial Accountants perfrom three vital activities... ANS - Planning, Controlling, Decision Making
Planning ANS - Involves establishing goals and specifiying how to achieve them
Controlling ANS - Involves gathering feedback to ensure that the plan is being properly executed or
motified as circumstances change
Decision Making ANS - Involves selecting a course of action from competing alternatives.
Budget ANS - A detailed plan for the future that is usually expressed in formal quanitative terms
Performance Reports ANS - Compares budgeted data to actual data in an effort to identify and learn
from excellent perfromance and to identify and eliminate sources of unsatisfactory performance
Institue of Management Accountants (IMA) ANS - A network of more than 60,000 accounting and
finance professionals from over 120 countries
, Strategic Management Skills ANS - Understand that the plans they set forth, the variables they seek to
control, and the decisions they make are all influenced by their company's strategy.
Enterprise Risk Management Skills ANS - A process used by a company to identify those risks and
develop responses to them that enable it to be reasonably assured of meeting its goals.
Process Management Skills ANS - Continually improve the business processes that serve customers
Business Process ANS - a series of steps that are followed in order to carry out some task in a business
Value Chain ANS - Describes how an organization's functional departments interact with one another
to form business processes.
Two Process Management methods ANS - Lean Productions and Theory Constraints
Lean Productions/ Just-in-Time Production ANS - Organizes resources such as people and machines
around the flow of business processes and that only produces units in reponse to customer orders
Theory Constraints ANS - Based on the insight that effectively managing the constraints is a key to
success
Measurement Skills ANS - Understand that the question you are trying to answer defines what you'll
measure and how you'll analyze it.
Leadership Skills ANS - Managers must posses strong leadership skills is they wish to channel their co-
workers' efforts toward achieving organizational goals.
Statement of Ethical Professional Practice ANS - Ethical code adopted by the Institute of Management
Accountants (IMA)
Corporate Social Responsibility (CSR) ANS - A concept where organizations consider the needs of all
stakeholders when making decisions
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