Managerial Accounting Prologue

Motivation that comes from within is known a_______ motivation

INTRINSIC

In terms of corporate social responsibility, companies should provide stockholders with ______.

In terms of corporate social responsibility, companies should provide stockholders with ______.

Which of the following statements is true?

Managerial accounting provides financial data for internal use and financial accounting provides data to external users.

The Institute of Management Accountants adopted the ______.

Statement of Ethical Professional Practice

Which of the following is NOT required to be viewed as a credible leader?

Strong mentoring skills

Companies should provide_________with reasonable times to prepare orders and hassle free acceptance of timely and complete deliveries.

Suppliers or vendors

True or false: Managerial accounting skills are needed in for profit, not-for-profit and governmental entities.

True

True or false: Personal humility towards others' contributions is an important attribute of a leader who is respectful of co-workers' value to the organization.

True

Which of the following Vs does NOT refine the definition of Big Data?

Value

The Big Data V that defines the fact users expect their data to be accurate and trustworthy is

Veracity

Which of the following is not one of the basic questions asked during the decision making process?

When should we be selling?

A likely result of abandoning ethical standards is ______.

a less efficient economy

To derive value from big data, managers use data________ to draw conclusions about information.

analytics

When individuals give credibility to a false assertion, a type of cognitive bias know as______ bias

anchoring or anchor

An exam that focuses on planning, controlling and decision-making skills is required to become a(n) ______.

CMA

The Statement of Ethical Professional Practice describes the ethical responsibilities of_______- accountants

CMA

True or false: A budget is a detailed plan for the future that is usually expressed in formal qualitative terms.

False

True or false: An effective preventive and detective controls system guarantees a company will achieve its objectives.

False

Large collections of information that are gathered from inside or outside a company to provide opportunities for ongoing reporting and analysis is referred to as

big data

Management's detailed plans for the future are often expressed formally in a(n)

budget

A series of steps followed to carry out a task that can span departmental boundaries is a ______.

business process

Effective preventive and detective controls ______ guarantee a company will achieve its objectives.

cannot

Major business functions that add value to a company's products and service comprise a company's value ______.

chain

Distorted thought processes, that can adversely affect planning, controlling, and decision making are referred to as_______

cognitive bias

Companies should provide ______ with payment of fair taxes, honest information about plans such as plant closings, and reasonable access to media sources.

communities

A strategy helps a company distinguish itself from ______.

competitors

Gathering feedback needed to ensure that expectations are being met is part of

controlling

Premium brands such as Ritz-Carlton and Nordstrom tend to rely on a(n) ______ strategy.

customer intimacy

When a company says "You should choose us because we understand and respond to your individual needs better than our competitors," it is following a(n)

customer intimacy

The essence of strategy are______ propositions

customer value

A customer chooses one company over another because of ______.

customer value propositions

Companies should provide ______ with competent, courteous, and rapid delivery of products and services and easy-to-use information systems for shopping and tracking orders.

customers

A manager selecting a course of action is performing a ______ activity.

decision making

Selecting a course of action from competing alternatives is part of

decision making

Without ethical behavior, the quality of products and services would ______.

decrease

Regarding data analytics, managers use__________analytics to answer the question "What happened?" and__________analytics to answer the question "Why did it happen?"

descriptive, diagnostic

Undesirable events that have already happened are uncovered by_____ controls

detective

Management accountants are responsible for maintaining a high level of professional competence, treating sensitive matters with confidentiality, maintaining personal integrity, and ______.

disclosing information in a credible fashion

A company cannot ______.

eliminate risk

Companies should provide_______with nondiscriminatory treatment, the right to organize and file grievances, and fair compensation.

employees, staff, workers, labor or workforce

A process used by a company to proactively identify and manage risks is called ______.

enterprise risk management

Planning involves ______.

establishing goals and specifying how to achieve them

Dysfunctional behavior in employees can occur with ______ incentives.

extrinsic

Giving employees a bonus for meeting a specific goal is an example of a(n________ incentive

extrinsic

In terms of corporate social responsibility, companies should provide employees with ______.

fair compensation

A benefit of the lean approach is ______.

fewer defects

Resources, such as people and machines, are organized around the flow of business processes and units are pulled through these processes in response to customer orders under the_________management approach

lean production

Lower inventories, fewer defects, less wasted effort, and quicker customer response time are all benefits of the ______.

lean production approach

A management approach that only produces in response to customer orders is one component of______________

lean, production, thinking, manufacturing

A management accountant has ethical responsibilities to ______.

maintain a high level of professional competence

Perhaps the most basic managerial skill is the ability to ______.

make intelligent decisions

The management activity of ________________ includes specifying how to achieve established goals.

planning

Managerial accounting helps managers perform three vital activities:

planning, controlling and decision making

Three activities vital to the role of managerial accounting are ______.

planning, controlling and decision making

An internal control that deters the occurrence of undesirable events is a(n)________control

preventive

Apple is an example of a company that succeeds by following a(n)_____ strategy

product leadership

When a company says, "You should choose us because we offer higher quality products than our competitors", it is following a(n) ______ strategy.

product leadership

To meet the goal of corporate social responsibility, companies should provide communities with ______.

resources that support charities, schools, and civic activities

A part or activity of an organization that managers want to gather cost, revenue or profit data about is a(n) ______.

segment

Product lines, customer groups, geographic territories are all examples of a(n)

segment

Customers, employees, suppliers, communities, and environmental and human rights advocates are all stakeholders which a company might have a corporate____________ to serve

social responsibility

Companies have a corporate social responsibility to provide_____with competent management and easy access to complete and accurate financial information.

stockholders

A game plan that enables a company to attract customers by distinguishing itself from competitors is a(n)

strategy

Big Data can be both "____", such as memos and reports, and "_____" , such as videos and other digital forms

structured, unstructured

Managerial accounting skills are ______.

useful in a variety of careers and industries

The term often used to describe how an organization's functional departments interact with one another to form business processes is__________

value chain

he three Vs that refine the definition of Big Data are

variety, volume and velocity

The three Vs that refine the definition of Big Data are

variety, volume, velocity

Preventive controls include ______.

-authorizations -segregation of duties

Companies have a corporate social responsibility to serve ______.

-communities -employees -customers -suppliers

Managerial accounting ______.

-emphasizes relevance -emphasizes the future -reports to managers inside the organization -is not mandatory

A performance report ______.

-helps identify and eliminate sources of unsatisfactory performance -can be used to help evaluate and reward employees

Requirements to become a CMA include ______.

-two years of relevant experience -membership in the IMA

Regarding data analytics, managers use__________analytics to answer the question "What will happen?" and_________analytics to answer the question "What should I do?"

Predictive, prescriptive

Parties more interested in managerial accounting data than in financial accounting data include ______.

Sales managers and production managers

In terms of corporate social responsibility, companies should provide customers with ______.

full disclosure of product-related risks

In terms of corporate social responsibility, companies provide environmental and human rights advocates with ______.

full disclosure of suppliers located in developing countries

Controlling involves ______.

gathering feedback to ensure plans are being properly executed or modified as needed

A company can ______ completely eliminate risk.

never

Companies such as Southwest and Walmart succeed by following a(n)_____ strategy

operational excellence

When a company says, "You should choose us because we can deliver products and services faster, more conveniently and at a lower price than our competitors" it is following a(n) ______ strategy.

operational excellence

The primary role of managerial accountants is to ______

partner with co-workers within the organization to improve performance

A report comparing actual results to budgeted amounts that is often used to reward and evaluate employees is called a(n)

performance