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    SCM-Accountant's Role (Pedrera, Marc)

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    Marc Christian
    1. GAAP is required for publicly held companies. 2. The key to a company's success is creating value for customers while differentiating itself from competitors. 3. A quantitative expression of a plan of action is called a budget. 4. The primary users of information provided by a management accountant are managers within the organization. 5. A managerial emphasis for cost accounting means accountants are focused on decision support. 6. The design of a management accounting system should be guided by the challenges facing managers. 7. The critical theme for managers is improving customer focus and customer satisfaction. 8. Technical supremacy is not a key guideline used by management account

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    SCM-Accountant's Role (Pedrera, Marc)

    Uploaded by

    Marc Christian
    51 views4 pages
    1. GAAP is required for publicly held companies. 2. The key to a company's success is creating value for customers while differentiating itself from competitors. 3. A quantitative expression of a plan of action is called a budget. 4. The primary users of information provided by a management accountant are managers within the organization. 5. A managerial emphasis for cost accounting means accountants are focused on decision support. 6. The design of a management accounting system should be guided by the challenges facing managers. 7. The critical theme for managers is improving customer focus and customer satisfaction. 8. Technical supremacy is not a key guideline used by management account

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    Strategic cost

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    SCM-Accountant's Role (Pedrera,Marc)

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    1. GAAP is required for publicly held companies. 2. The key to a company's success is creating value for customers while differentiating itself from competitors. 3. A quantitative expression of a plan of action is called a budget. 4. The primary users of information provided by a management accountant are managers within the organization. 5. A managerial emphasis for cost accounting means accountants are focused on decision support. 6. The design of a management accounting system should be guided by the challenges facing managers. 7. The critical theme for managers is improving customer focus and customer satisfaction. 8. Technical supremacy is not a key guideline used by management account

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    51 views4 pages

    SCM-Accountant's Role (Pedrera, Marc)

    Uploaded by

    Marc Christian
    1. GAAP is required for publicly held companies. 2. The key to a company's success is creating value for customers while differentiating itself from competitors. 3. A quantitative expression of a plan of action is called a budget. 4. The primary users of information provided by a management accountant are managers within the organization. 5. A managerial emphasis for cost accounting means accountants are focused on decision support. 6. The design of a management accounting system should be guided by the challenges facing managers. 7. The critical theme for managers is improving customer focus and customer satisfaction. 8. Technical supremacy is not a key guideline used by management account

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    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 4

    CHAPTER QUIZ

    1. Why do most companies adhere to GAAP for their basic internal financial statements?

    a. GAAP is required by law for publicly held companies.


    b. To use GAAP and another system of reporting would be too costly for most companies.
    c. Accountants are required by their code of ethics to use GAAP accounting.
    d. Accrual accounting provides a uniform way to measure an organization’s financial performance.

    2. The key to a company’s success is creating value for customers while

    a. increasing the market value of its stock.


    b. reducing costs to the least amount necessary.
    c. differentiating itself from its competitors.
    d. employing the best managers and cost accountants available.

    3. A quantitative expression of a plan of action is called a(n)

    a. strategic analysis report. c. financial statement.


    b. performance report. d. budget.

    4. The primary users of information provided by a management accountant are

    a. downstream components to the total value chain.


    b. upstream components to the total value chain.
    c. managers within the organization.
    d. customers of the organization.

    5. A managerial emphasis for cost accounting means

    a. accountants are focused on decision support.


    b. accountants are the watchdogs that make sure managers adhere strictly to strategic plans.
    c. managers use cost accounting for providing financial information but look elsewhere for
    nonfinancial information.
    d. managers must take courses in cost accounting.

    6. The design of a management accounting system should be guided by the

    a. requirements for financial reporting.


    b. challenges facing managers.
    c. standards developed for cost accounting by the Cost Accounting Standards Board.
    d. preferences of the organization’s financial officer.

    7. Four themes are common to many managers. The critical theme for all of these is

    a. developing relationships with suppliers.


    b. benchmarking and continuous improvement.
    c. reducing costs and improving efficiencies.
    d. improving customer focus and customer satisfaction.
    8. Which of the following is not a key guideline used by management accountants?

    a. Different costs for different purposes


    b. Cost-benefit approach
    c. Behavioral consideration
    d. Technical supremacy

    9. ________ management exists to provide advice and assistance to those responsible for attaining the
    objectives of the organization.

    a. Line
    b. Functional
    c. Staff
    d. Risk

    10. Which of the following is not one of the ethical responsibilities of a management accountant?

    a. Compliance
    b. Confidentiality
    c. Integrity
    d. Objectivity

    WRITING/EXERCISES
    1. Describe how cost accounting supports management accounting and financial accounting.

    Cost accounting is the foundation of costing and supplements management accounting in


    achieving strategic planning, budgeting, and profit planning; proper costing, acquisitions, and use of
    these, as well as their proper recording; proper internal and external communication of operating and
    financial information, bringing in any necessary corrective actions; and finally, ensure adequate reporting
    to comply with legal provisions. Cost accounting, management accounting,and financial accounting are
    closely related and connected they depend on each other.

    2. Is financial accounting or management accounting more useful to an operations


    manager? Why?

    The primary distinction between management accounting and financial


    accounting is that financial accounting is concerned with providing information to parties
    outside of the company, whereas management accounting is concerned with assisting
    managers within the company in making decisions. Management accounting is more
    useful to an operations manager because it reports operating results by department or
    unit rather than for the entire company.
    3. Briefly describe how managers make use of management accounting information.

    Manager make use of the management accounting information to make economic decision to gain profit or
    revunue for the firm. For instance, managers may want to know whether a company is going to increase in
    liabilities and lower in revunue so the company through that information the firm can use that information
    to make operating decisions and briefly adjust for the future benefit.

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