Acct 303 Final Exam Clemson Key Guide 2024 with complete solution

Acct 303 Final Exam Clemson Key Guide 2024 with complete solution Financial Accounting - Answer ️️ -External users, such as banks creditors, investors; reports results of past activities Management Accounting - Answer ️️ -Primarily internal users; broader than cost acct; internal decision making; future oriented Cost Accounting - Answer ️️ -Product costing (more focused than management acct); future oriented; internal users Cost acct standards - Answer ️️ -Not parallel to GAAP; only with respect to gov't contracts Mission Statement - Answer ️️ -What do we want to do, what do we want to accomplish as a company Strategy - Answer ️️ -How are we going to achieve the goals listed in the mission statement Core Competency - Answer ️️ -Critical things/components we need to achieve our strategy Cost leadership strategy - Answer ️️ -High volume, low cost strategy Ex. Walmart Product differentiation strategy - Answer ️️ -High price, high quality, low volume strategy Ex. luxury type items, customizable items Organizational constraints - Answer ️️ -Monetary, intellectual capital, environmental Monetary constraints - Answer ️️ -Not having enough money to do the projects or hire the employees we want Intellectual capital contraints - Answer ️️ -getting, hiring, retaining employees Environmental constraints - Answer ️️ -Only if you produce a product that has some environmental effects associated with it, monitor emissions coming out of production facilities Value Chain - Answer ️️ -R&D Design - how are we going to make it Supply - where will we get our raw materials Production - making the product Marketing - getting the word out Distribution - how will we get the product to our customers Customer Service - warranty, customer service Balanced Scorecard - Answer ️️ -Lag vs. Lead indicators 4 perspectives 1) Learning and growth - can we adapt to future customer needs 2) Internal business - quality control of the product, employee satisfaction 3) Customer value - are our customers satisfied, are they getting their moneys worth 4) Financial - only one that is entirely a lag indicator Lead vs Lag Indicators - Answer ️️ -Lag indicator - past results Lead indicator - future looking Earnings Management - Answer ️️ -"Cooking the books", changing the numbers to make the company look better, generally considered unethical and may be illegal (sometimes consistent with GAAP) IMA 4 Standards of ethical conduct - Answer ️️ -Competence - do you have the knowledge and skill to do the job (CPA exam, degree, continuing prof