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TEST BANK MANAGEMENT ACCOUNTING INFORMATION FOR CREATING
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TEST BANK MANAGEMENT ACCOUNTING INFORMATION FOR CREATING
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TEST BANK MANAGEMENT ACCOUNTING INFORMATION FOR CREATING&MANAGING VALUE 8TH EDITION WELL UPDATED EXAM 2024/2025 QUESTIONS
AND CORRECT ANSWERS |GRADED A+
Management Accounting - ANSWER- Focuses on resource use to enhance customer and shareholder
value.
Big Data - ANSWER- Has the potential to transform business practices and the role of management
accountants.
Financial Accounting - ANSWER-Prepares and report info for external parties, emphasizing reliability with
past data.
Internal Users - ANSWER-Include managers and employees at all levels.
External Users - ANSWER-Include shareholders, creditors, banks, and government agencies.
Costing Systems - ANSWER-Common to both financial and management accounting, used for various
purposes.
Management Accountants - ANSWER-Provide tailored info to meet organizational requirements.
CFO - ANSWER- Oversees both management and financial accounting, advising managers.
Strategy Formulation - ANSWER-Involves enhancing competitive advantage and resource management.
Vision - ANSWER- Describes the desired future state of the organization.
Mission Statement - ANSWER-Defines the purpose and boundaries of the organization.
,Objectives - ANSWER-Specific statements quantifying what the organization aims to achieve.
Corporate Strategy - ANSWER-Involves choices about the types of businesses the organization will
operate in.
Strategy - ANSWER- Concerned with how a business competes within its chosen market.
Cost Leadership - ANSWER-Selling goods/services at a lower price than competitors.
Product Differentiation - ANSWER-Offering goods/services with unique characteristics valued by
customers.
Strategic Planning - ANSWER- ~Long-term planning by senior managers involving corporate and business
strategy decisions.
Competitive Advantage - ANSWER-Focus on building and maintaining sources of competitive advantage.
Planning - ANSWER- Concerned with formulating the direction for future operations and specifying
needed resources.
Control - ANSWER- Ensures operations proceed according to plan and objectives are achieved.
Activity-Based Costing (ABC) - ANSWER-Offers more accurate estimates for managerial decisions beyond
manufacturing costs.
Activity-based costing (ABC) - ANSWER-System offering accurate estimates for managerial decisions
Motivating managers and employees - ANSWER-Systems to align employees with organizational goals
Costs and benefits of information - ANSWER-Information's impact with associated costs and benefits
,Conditions influencing accounting design - ANSWER-Factors like external environment, technology, and
culture
Institutional forces in system design - ANSWER-Organizational practices for legitimacy and survival
Shareholder value enhancement - ANSWER-Enhancing competitiveness to improve shareholder value
Modern management accounting approaches - ANSWER-Integration of techniques for improved
effectiveness
Increased global competitiveness - ANSWER-Growing competition on a global scale
Flatter organizational structures - ANSWER-Organizational structures with fewer hierarchical levels
Rapid advances in technology - ANSWER-Quick progress in technological innovations
Team-based structures - ANSWER-Organizational structures emphasizing teamwork
Employee empowerment - ANSWER-Granting employees authority and responsibility
E-commerce technologies - ANSWER-Technologies facilitating online business transactions
ERP systems - ANSWER-Enterprise resource planning systems for business management
Real-time reporting systems - ANSWER-Systems providing immediate data updates
Supply chain management - ANSWER- Management of the flow of goods and services
, Key sources of customer value - ANSWER-Factors like quality, delivery, and innovation
Continuous improvement focus - ANSWER-Emphasis on ongoing enhancement efforts
Ethical/governance frameworks - ANSWER-Guidelines for ethical business conduct
Environmental management systems - ANSWER-Systems for managing environmental impact
Australian business environment - ANSWER-Operating in a dynamic 21st-century business landscape
Financial accounting vs. management accounting - ANSWER-Differences in focus, data sources, and
regulations
Planning and control systems - ANSWER-Tools for setting direction and ensuring operations align
Costing systems - ANSWER-Systems estimating costs of goods and services
Business strategy - ANSWER-Approach a business takes to compete in its market
Competitive advantage - ANSWER-Unique advantages difficult for competitors to replicate
Contingency theory - ANSWER-Design influenced by external factors and culture
Corporate strategy - ANSWER-Decisions on business types, acquisitions, and structure What is
management accounting? - ANSWER-Management accounting is the production of financial reports for
internal users for the day-to-day management of its operations. Reports are informal, detailed and
frequent and compare actual with budgeted performance. They emphasise future performance
Difference between financial and managerial accounting - ANSWER-Financial accounting focuses on
producing reports for external users (stockholders and creditors), must follow GAAP and legally must be
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