Managerial Accounting 202

What does it mean to be socially responsible?

Carefully considering how your business affects employees, consumers, and local citizens.

What do Enterprise Resource Planning systems do?

ERP systems such as SAP, Oracle, and PeopleSoft gather company data into a centralized data warehouse

T/F: North American economies have shifted away from service to manufacturing.

False. North American economies have shifted away from manufacturing to service.

T/F: Technology has not changed the role of management accountants

False. Technology has changed the role of management accountants

T/F the IMA issues the Certified Management Accreditation.

False. The IMA issues the Certified Management Accountant (CMA) certification.

T/F: The treasurer is responsible for general financial accounting, managerial accounting, and tax reporting.

False. The treasurer is responsible for raising capital and investing funds.

What are the four primary responsibilities of managers?

Planning, Directing, Controlling, and Making Decisions

What does Managerial Accounting focus on?

Providing internal management with the information it needs to run a company efficiently and effectively. This information takes many forms depending on management's needs.

What is sustainability?

Sustainability is the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs

What is the IMA?

The IMA is the Institute of Management Accountants. This is the professional institute for management accountants.

Sarbanes-Oxley Act of 2002

The purpose of SOX is to restore trust in publicly traded corporations, their management, their financial statements, and their auditors.

What is the Just-In-Time (JIT) inventory philosophy?

This is a lean production which is a business strategy of manufacturing without waste. "Carry the right amount of inventory 'just in time'"

T/F: The Extensible Business Reporting Language (XRBL) uses a standardized coding system to "tag" each piece of reported financial and business data so that it can be read by computer programs, rather than human eyes.

True

T/F: The controller is responsible for general financial accounting, managerial accounting, and tax reporting.

True