Managerial Accounting

The accountant should first discuss the matter with the immediate supervisor

According to the IMA Statement of Ethical Professional Practice, What should a management accountant do if a significant ethical situation can't be resolved?

Climate change

Important changes in the contemporary business environment include all of the following except:
Global competition
Management Organization
Customer Expectations
Climate Change
Information Technology

The CMA, which is administered through the institute of Management Accounts

Which of the following professional certificates is considered to be the most relevant for dealing with cost management issues?

Analyzing data and providing information

Which of the following is NOT considered part of the institute of Management Accounts definition of management accounting?

Business intelligence

The management accountant who planned to improve an organization's operations by developing models of consumer behavior would be using which of the following contemporary techniques

controller

Cost management information typically is the responsibility of the

inability to trace costs to individual products

which of the following is NOT a consequence of lack of strategic information?

Gather, summarize and report accounting information

The five steps of Strategic decision-making include all of the following except:
*Determine the strategic issues surrounding the problem.
*Gather, summarize, and report accounting information.
*Identify the alternative actions.
*Provide an ongoing evaluat

Non-financial information, including customer satisfaction, innovation, etc.

A consulting firm is trying to increase the long-term strategic focus of its company reports. Therefore, the firm has decided to use the balanced scorecard. What type of NEW information, that the company currently does not use in its financial reports, sh

they have turned from a sole focus on manufacturing cost to a much wider outlook, taking into account costs from the entire product life-cycle

In keeping with the current of increase strategic planning, how have management accountants changed their use of life-cycle costing?

there is no convenient or economical way to trace a(n) _____________ from the cost to the cost pool or from the cost pool to the cost objective.

Indirect Cost

The term relevant range as used in cost accounting means the range over which:

Cost relationships are approximately linear

When cost relationships are linear, total variable costs will vary in proportion to changes in:

volume of production

Cost management information is developed and used within the organization's information value chain through five steps. those five steps are:

1)Business events
2)Data
3)Information
4) Knowledge
5) Decisions

the four major management functions are:

strategic management, planning and decision making, management and operational control, and preparation of financial statements

Strategic Management

the development and implementation of a sustainable competitive position

Planning and decision making

Budgeting and profit planning, cash flow management, and other decisions related to operations

Operational Control

the monitoring of short-term operating performance; takes place when mid-level managers monitor the activities of operating-level managers and employees.

Management control

the system used by upper-level mangers to evaluate the performance of other managers

preparation of financial statements

requires management to comply with the financial reporting requirements of regulatory agencies

the primary changes in the business environment are:

increased global competition, lean manufacturing, advances in information technologies (like the internet, and enterprise resource management), greater focus on the customer, new forms of management organization, changes in the social, political, and cult