Accounting 2301 Ch. 1
Developing a company strategy for responding to anticipated new markets is an example of ? A. planning B. controlling C. decision making D. all of these
A.
Which are examples of Line Positions? A. org. that designs, produces, and sells audio equipment, the president, general manager, and vice presidents for sales and marketing and operations B. Purchasing mangers, the cost accountant
A.
Investigating productions variances and adjusting the productions process is an example of A. planning B. Controlling C. decision making E. all of these
B.
Managerial accounting reports are prepared A. according to GAAP guidelines B. to meet the needs of decision makers within the firm C. for external users D. all of these
B.
Which are examples of Staff Positions? A. org. that designs, produces, and sells audio equipment, the president, general manager, and vice presidents for sales and marketing and operations B. Purchasing manager, the cost accountant
B.
What is the Chief Accounting officer called?
Controller
The managerial activity of monitoring a plan's implementation and taking corrective action as needed is referred to as ______.
Controlling
What are the two general strategies behind Strategic Positioning?
Cost Leadership and Product Differentiation
Only a ______ is permitted to serve as an external auditor A. Certified Internal Auditor B. Professor of Accounting C. MOM D. Certified Public Accountant E. Certified Private Accountant
D
the process of choosing among competing alternatives.
Decision Making
Which of the following is typically found in a corporation's code of ethics? A. Compliance B. Integrity C. Honesty D. Competence E. All of the Above
E
Involves using actions that are right, proper, and just.
Ethical Behavior
Which of these would & would not be an example of value-added activity?
Excellent customer service & storage of finished products
This is type of accounting has objective financial information and a historical orientation.
Financial
This type of accounting has information about the firm as a whole and is more self contained.
Financial
This type of accounting is externally focused and must follow externally imposed rules.
Financial
Managerial accounting strongly emphasizes providing information about ____.
Future Events
The managerial accounting system produces information for _____ users.
Internal
Positions that have direct responsibility for the basic objectives of an organization are referred to as ______?
Line Positions
This type of accounting has Financial and Non-financial information, with subjective information possible; Emphasis on the future.
Managerial
This type of accounting has internal evaluation and decisions based on very detailed information, and is broad and multidisciplinary
Managerial
This type of accounting is Internally focused and does not have mandatory rules
Managerial
______ is the provision of accounting information for a company's internal users.
Managerial Accounting
The detailed formulation of action to achieve a particular end is the management activity called______.
Planning
Positions that are supportive in nature and have only indirect responsibility for an organization's basic objectives are called ______?
Staff Positions
_____ is a crucial element in all phases of the value chain
Time
Who is responsible for the finance function?
Treasurer
The ______ is the set of activities required to design, develop, produce, market and deliver products and services as well as provide support services to customers.
Value Chain
Strategic Positioning
can help the company identify strategies that increase customer value and, in doing so, create a sustainable competitive advantage.
Managerial Accounting....
has no mandatory rules
Activity-based costing encourages....
process-value analysis
Product Differentiation
strives to increase customer value by providing something to customers not provided by competitors
Continuous Improvement (Total Quality Management)
the continual search for ways tot increase the overall efficiency and productivity of activities by reducing waste, increasing quality, and managing costs.
The primary objective of managerial accounting is?
to provide management with information useful for planning and control of operations
Cost Leadership
to provide the same/better value to customers at a lower cost than competitors
