Smart Book Prologue
Motivation that comes from within is known as ____________ motivation
Intrinsic
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
The three Vs that refine the definition of Big Data are ____ _____ _____
Variety Volume Velocity
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 has occurred
anchor
Companies should provide ______ with payment of fair taxes, honest information about plans such as plant closings, and reasonable access to media sources.
communites
Companies have a corporate social responsibility to serve ______ ____ _____ ____
communities employees customers suppliers
A strategy helps a company distinguish itself from ______.
competitors
This is something that keeps you from getting more of what you want.
constraint
Ensuring that operations are on track is part of the ____________
control function.
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) _____ strategy
customer intimacy
The essence of strategy are __________ _________ propositions.
customer value
what hapened is ________
descriptive analystics
A process used by a company to identify and manage risks is known as ______ _________ management
enterprise risk
Perhaps the most basic managerial skill is the ability to ______.
make intelligent decisons
The Statement of Ethical Professional Practice describes the ethical responsibilities of _________accountants.
management
The management activity of ___________________ includes specifying how to achieve established goals.
planning
Having strict guidelines for check authorizations is an example of a ______ control.
preventive
Apple is an example of a company that succeeds by following a(n) _______ _______ strategy
product leadership
Product lines, customer groups, geographic territories are all examples of a(n) __________
segments
Customers, employees, suppliers, communities, and environmental and human rights advocates are all stakeholders which a company might have a corporate ________ ___________ to serve
social responsability
Companies have a corporate social responsibility to provide __________ with competent management and easy access to complete and accurate financial information.
stockholders
Honest answers are for _______
stockholders.
A game plan that enables a company to attract customers by distinguishing itself from competitors is a(n) ______
strategy
Management accountants need __________ ________ __________ ________
strong financial accounting skills.
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
Managerial accounting skills are ______.
useful in a variety of careers and industries
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
Big Data can be both "___________", such as memos and reports, and " ___________", such as videos and other digital forms.
structured unstructured
Companies should provide ______ with reasonable times to prepare orders and hassle free acceptance of timely and complete deliveries.
suppliers
True or false: Managerial accounting skills are needed in for profit, not-for-profit and governmental entities.
true
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
A series of steps that are followed in order to carry out some task in an organization is a ______.
business process
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 biases
The term often used to describe how an organization's functional departments interact with one another to form business processes is ______ _____
value chain
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 benefit of the lean approach is ______.
fewer detects
In terms of corporate social responsibility, companies should provide stockholders with ______.
honest answers to knowledgeable questions
Motivation that comes from within is known as _____ motivation.
intrinsic
Lower inventories, fewer defects, less wasted effort, and quicker customer response time are all benefits of the ______.
lean production approach
This is a management approach to organize resources.
lean thinking model
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
What will happen is _________
predictive analytics
An internal control that deters the occurrence of undesirable events is a(n) _______ control
preventive
What should I do is ________
Prescriptive analytics
A part or activity of an organization that managers want to gather cost, revenue or profit data about is a(n) ______.
Segment
A budget is usually expressed in _____________ _____________ ________________
formal quantitative terms.
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
Which basic questions are asked during the decision making process?
1. Who should we be serving? 2. What should we be selling? 3. How should we execute?
In terms of corporate social responsibility, what should companies provide to suppliers?
Hassle-free acceptance of timely and complete deliveries
Effective preventive and detective controls ______ guarantee a company will achieve its objectives.
cannot
Gathering feedback needed to ensure that expectations are being met is part of
controlling
3 value propositions are...
customer intamcy operational excellence product leadership
Premium brands such as Ritz-Carlton and Nordstrom tend to rely on a(n) ______ strategy
customer intimacy
A manager selecting a course of action is performing a ______ activity.
decision making
Selecting a course of action from competing alternatives is part of
decison making
A process used by a company to proactively identify and manage risks is called ______.
enterprise risk management
Companies should provide __________ with greenhouse gas emissions data, child labor transparency, and recycling and resource conservation data.
environmental human rights advocates
Planning involves ______.
establishing goals and specifying how to achieve the
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
While these rewards can have a powerful influence on employee behavior, ______ incentives can also lead to dysfunctional behavi
extrinsic
A management approach that only produces in response to customer orders is one component of _________ ____________ which is also referred to as just-in-time.
lean production
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
A report comparing actual results to budgeted amounts that is often used to reward and evaluate employees is called a(n) _________ report.
performance
Three activities vital to the role of managerial accounting are ______.
planning, controlling and decision making
To meet the goal of corporate social responsibility, companies should provide communities with ______.
resources that support charities, schools, and civic activities
This consists of the major business functions that add value to a company's product or service.
value chain
The Big Data V that defines the fact users expect their data to be accurate and trustworthy is __________
veracity
True or false: An effective preventive and detective controls system guarantees a company will achieve its objectives.
false
True or false: Giving employees an annual bonus increases their intrinsic motivation to pursue company goals.
false
In terms of corporate social responsibility, companies should provide employees with ______.
fair compensation
A performance report ______.
- can be used to help evaluate and reward employees - helps identify and eliminate sources of unsatisfactory performance
A management accountant has ethical responsibilities to ______ _______ _______ _______
- maintain a high level of professional competence - treating sensitive matters with confidentiality - maintaining personal integrity - disclosing information in a credible fashion
Requirements to become a CMA include ______.
- membership in the IMA - two years of relevant experience
Parties more interested in managerial accounting data than in financial accounting data include ____
- production managers - sales managers
Managerial accounting ______
- reports to managers inside the organization - emphasizes the future - Is not mandatory - emphasizes relevance
Preventive controls include _____
- segregation of duties - authorizations
The lean production management approach ______.
- tends to result in fewer defects. - organizes resources around the flow of business processes. - is often called just-in-time production.
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
An exam that focuses on planning, controlling and decision-making skills is required to become a(n) ______.
CMA Exam
The _________ exam focuses on rule-based compliance and includes auditing.
CPA
True or false: A budget is a detailed plan for the future that is usually expressed in formal qualitative terms.
False
Undesirable events that have already happened are uncovered by ______ controls
detective
why did it happen ____
diagnostic analytics
A company cannot ______
elimanate risk
Companies should provide ___________ with nondiscriminatory treatment, the right to organize and file grievances, and fair compensation.
employees
The economy would operate much less efficiently without _________ behavior. Less would be available to consumers, and quality would be lower.
ethical
Many organizations use _____ incentives to highlight important goals and motivate employees to achieve them.
extrinsic
