Accounting Ch 1

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Managerial accounting differs from financial accounting in that managerial accounting

Emphasizes data relevance over data objectivity

Focused on the past

Financial accounting

Management reviews hourly sales reports to determine the level of staffing needed to service customers

Directing

Management uses information on product costs to determine sales prices

Directing

Even though Kayla's company is adopting International Financial Accounting Standards (IFRS) this year, Kayla (a management accountant) has not completed the required IFRS training

Competence

Tara, an accountant for a smartphone manufacturer, told her friends about a new model of smartphone being released by the company in the following quarter. For competitive reasons, the company keeps its models shrouded in secrecy until the release date

Confidentiality

Management conducts variance analysis by comparing budget to actual

Controlling

To lower product costs, management moves production to Mexico

Controlling & Directing

Daniel provides an analysis of the profitability of a company- owned store that is managed by Daniel's best friend, Stuart. Daniel neglects to include allocated fixed costs in Stuart's report. If Daniel includes those allocated fixed costs, the store will show a loss and Stuart's job could be in danger

Credibility

Which of the following professional standards requires management accountants to communicate information fairly and objectively?

Credibility

Governed by Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS)

Financial accounting

Information is verified by external auditors

Financial accounting

Main characteristic of data is that it must be reliable and objective

Financial accounting

Primary users are external

Financial accounting

Reporting is based mainly on the company as a whole

Financial accounting

Reports are usually prepared quarterly and annually

Financial accounting

Which of the following organizations is the professional association for management accountants?

IMA

David, a purchasing agent for his company, received two tickets from a supplier to the upcoming Ohio State vs. University of Michigan football game. These tickets sell for over $500 each

Integrity

The CFO directed that certain expenses be reclassified as assets, so that target profit could be achieved. The CFO rationalized that jobs would be saved by reaching the targeted income figures

Integrity

Which of the following professional standards requires management accountants to mitigate conflicts of interest?

Integrity

Focused on the future

Managerial accounting

Main characteristic of data is that it must be relevant

Managerial accounting

Not governed by legal requirements

Managerial accounting

Primary users are internal

Managerial accounting

Reports are prepared as needed

Managerial accounting

Reports tend to be prepared for the parts of the organization rather than the whole organization

Managerial accounting

Of the following skill, which are needed by today's management accountants?

Oral and written communication skills Knowledge of how a business functions Knowledge of both financial and managerial accounting

Management decides to increase sales growth by 10% next year

Planning

Which of the following management responsibilities often involves the use of budgets?

Planning


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