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Exam 1: Managerial Accounting and the Business Environment

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Question 21

True/False

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Both the controller and CFO are staff positions.

A) True
B) False

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Question 22

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Day-to-day decision making is most common to which of the following activities managers are expected to carry on in organizations?

A) Strategy formulation.
B) Directing and motivating.
C) Planning.
D) Budgeting.

E) B) and D)
F) B) and C)

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Question 23

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The delegation of decision making throughout an organization by providing managers at various operating levels with the authority to make key decisions relating to their area of responsibility is which of the following?

Both financial and managerial accounting rely on the same underlying financial data but there are major differences.Managerial Accounting:

Top management make most of the decisions in decentralized organizations.

Which of the following is NOT an example of a business risk?

Companies that adopt a customer intimacy strategy are in essence saying to their target customers,"The reason you should choose us is because we understand and respond to your individual needs better than our competitors."

Which of the following is NOT a topic relating to managing and improving business processes?

Customer value propositions tend to fall into three broad categories--customer intimacy,operational excellence,and product leadership.

You have recently been hired by a manufacturing company.Two days ago,you met with the top management of the company to discuss future strategies for the firm.During the meeting,the president of the company expressed concern about the profitability of the company and the company's ability to compete effectively in the future.You responded to the president's concerns by mentioning some articles you had read in professional accounting journals regarding the lean thinking model.The president responded to your comments by saying that although the lean thinking model sounded interesting,no one in the company was knowledgeable about it.The president then requested that you prepare a brief summary of the lean thinking model for the next strategic planning meeting. Required: a.Describe the lean thinking model and how it differs from traditional manufacturing methods b.List some of the benefits of the lean thinking model.

Which of the following would be an example of a performance report?

Managerial accounting is NOT governed by generally accepted accounting principles (GAAP).

How much it costs a company to manufacture a particular product is one of the many questions that reports typically provided by managerial accountants help to answer. Required: Comment on the usefulness of a unit product cost information in the preparation of a set of financial statements?

Emphasis on the future is given equal weight by both managerial accounting and financial accounting.

Which one of the following is NOT an activity in the planning and control cycle?

Obtaining feedback is generally identified most directly with which of these functions of management?

Managerial accounting plays a critical role in providing information to management to facilitate implementing and monitoring strategy.

The purpose of IFRS is:

A value chain consists of the major business functions that add value to the company's products and services.

Identifying alternatives and selecting the best among them is part of which of the following activities which managers carry on in organizations?