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MAS > 01 Basic Considerations in MAS > Flashcards

01 Basic Considerations in MAS Flashcards

1
Q

Refer to the function of professional advisory (consulting services), the primary purpose of which is to improve the client’s use of its capabilities and resources to achieve the objectives of the organization.

A
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2
Q

What do capabilities and resources refer to?

A

labor force and assets

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3
Q

Encompasses long-range objectives and policies or organization and is concerned with corporate results rather than sectional objectives

A

Top level planning or overall/strategic planning

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3
Q

Differentiate consultant and controller.

A

Consultant - independent
Controller - employee

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4
Q

Focuses on how to attain and satisfy customers, offer goods and services that meet their needsm and increase operating profits

A

Business-level strategy

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5
Q

Concerned about market position

A

Business-level strategy

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6
Q

Differentiate market leader vs challenger vs follower vs nicher

A

Market leader - head of the industry
Challenger - competes directly with market leader
Follower - happy with current market, not compete directly with market leader and challenger
Nicher - cater to special field

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7
Q

Is when a business makes a decision that affects the whole company

A

Corporate-level strategy

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8
Q

Focus on different departments and divisions

A

Corporate-level strategy

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9
Q

Set of decisions an organization makes regarding the production and delivery of its goods

A

Operational strategies

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10
Q

Refers to methods companies use to reach their objectives

A

Operational strategies

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11
Q

[What function?]
Preparation of budget

A

Planning

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11
Q

Basic Functions of Management

A

Planning - foresee what will happen in the future
Organizing - gather needed resources and capabilities
Staffing - hiring
Directing - telling employees what to do
Controlling - ensuring company achieves goals

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12
Q

[What function?]
Performance evaluation

A

Controlling

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13
Q

Directing functions

A
  • Supervision - observing
  • Leadership - show employees how it is done
  • Motivation - may be negative and positive, giving incentives
  • Communications -
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14
Q

Differentiate financial accounting and management accounting:
Users
Time frame
Quality of data
Focus
Financial reporting
Standards
Required?

A

Users: external - internal
Time frame: summarizes past transactions - strong emphasis on future
Quality of data: objective and verifiable - relevant
Focus: precision - timeliness
Financial reporting: company as whole - segments of a company
Standards: conform with reporting standard - does not conform
Required?: mandatory - optional

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15
Q

Assists external users with business decisions centering on a variety of issues

A

Financial Accounting

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16
Q

Identifies, collects, measures, classifies and reports information that is used by managers for costing purposes, planning, controlling and decision-making

A

Cost Accounting

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17
Q

Concerned specifically with how cost information and other financial and non-financial information should be used for planning, controlling and decision-making

A

Management Accounting

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18
Q

Attempts to satisfy costing objectives for both financial and management accounting

A

Cost Accounting

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19
Q

[Controllership or treasurership?]
Planning for control

A

Controllership

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20
Q

[Controllership or treasurership?]
Reporting & interpreting

A

Controllership

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21
Q

[Controllership or treasurership?]
Tax administration

A

Controllership

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21
Q

[Controllership or treasurership?]
Government reporting

A

Controllership

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21
Q

[Controllership or treasurership?]
Evaluating & consulting

A

Controllership

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22
Q

[Controllership or treasurership?]
Economic appraisal

A

Controllership

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23
Q

[Controllership or treasurership?]
Protection of assets

A

Controllership

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24
Q

[Controllership or treasurership?]
Provision of capital

A

Treasurership

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25
Q

[Controllership or treasurership?]
Investor relations

A

Treasurership

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26
Q

[Controllership or treasurership?]
Short-term financing

A

Treasurership

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27
Q

[Controllership or treasurership?]
Banking & custody

A

Treasurership

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28
Q

[Controllership or treasurership?]
Credits & collections

A

Treasurership

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29
Q

[Controllership or treasurership?]
Investments

A

Treasurership

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30
Q

[Controllership or treasurership?]
Insurance

A

Treasurership

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31
Q

[Line or Staff]
Vested with the authority to decide

A

Line

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32
Q

[Line or Staff]
Directly responsible in attaining corporate objectives

A

Line

32
Q

[Line or Staff]
Downward authority

A

Line

33
Q

[Line or Staff]
Manufacturing, operations, production, sales

A

Line

33
Q

[Line or Staff]
Front-line

A

Line

34
Q

[Line or Staff]
Upward support

A

Staff

35
Q

[Line or Staff]
Provides support services

A

Staff

36
Q

[Line or Staff]
Provides consultancy functions

A

Staff

37
Q

[Line or Staff]
CFO

A

Line

37
Q

[Line or Staff]
Back-end support

A

Staff

38
Q

[Line or Staff]
Finance and Accounting functions

A

Staff

39
Q

[Line or Staff]
Controller

A

Staff

40
Q

3 main roles and activities of Management Accountants

A
  1. Strategic decisions
  2. Identifying and building resources and capabilities
  3. Implementing strategies
40
Q

[Line or Staff]
HR

A

Staff

40
Q

[Line or Staff]
Treasurer

A

Line

41
Q

[Line or Staff]
CEO

A

Line

42
Q

Five stages of strategic decisions

A
  1. Clarify your vision
  2. Gather and analyze information
  3. Formulate a strategy
  4. Implement your strategy
  5. Evaluate and control
43
Q

[Mission/Vision/Goals/Values]
Defines the company’s business, its objectives and its approach to reach those objectives.

A

Mission

44
Q

[Mission/Vision/Goals/Values]
Describes the desired future position of the company

A

Vision

45
Q

[Mission/Vision/Goals/Values]
Tangible ways you’ll carry out your mission and progress towards your vision

A

Goals

46
Q

[Mission/Vision/Goals/Values]
What you stand for and beliefs through which you create and carry out your goals

A

Values

47
Q

Goals should be SMART.
What is SMART?

A

Specific
Measurable
Attainable
Realistic
Time-bound

48
Q

Michael Porter’s Three Generic Strategies

A
  1. Cost leadership
  2. Differentiation
  3. Focus
49
Q

Porter’s Five Forces

A
  1. Threat of new entrants
  2. Bargaining power of buyers
  3. Bargaining power of suppliers
  4. Threat of substitutes
  5. Intensity of competitive rivalry
50
Q

Blue ocean vs Red ocean in marketing

A

Blue ocean - few competitors
Red ocean - saturated market

51
Q

Four Market Structures

A
  1. Pure competition - anyone can enter the market
  2. Monopoly - sole seller
  3. Oligopoly - few sellers
  4. Monopolistic competition - offer unique product but many sellers
52
Q

Describe market share and market growth of each quadrant in the BCG-Growth Share Matrix

A

Stars - high growth potential and high market share
Question mark - high growth potential but low market share
Cash cow - low growth potential but high market share
Dog - low growth potential and low market share

53
Q

What is the management accountant’s role in implementing strategy?

A
  1. Implementing startegy
  2. Supporting managers by providing information to improve strategic, planning and control decisions
  3. Enhancing the value of management accounting systems by guiding managers to focus on challenges
54
Q

The full lifecycle of a product or process, including material sourcing, production, consumption and disposal/recycling processes.

A

Value Chain

55
Q

The full lifecycle of a product or process, including material sourcing, production, consumption and disposal/recycling processes.

A

Supply Chain

56
Q

Bodies that offer CMA certification

A
  • Institute of Management Accounts
  • Chartered Professional Accountants of Canada
  • The Institute of Certified Management Accountants
  • Chartered Institute of Management Accountants
  • Certified Global Management Accountant - granted not applied for
57
Q

Code of Ethics that govern CPAs in the Philippines

A

IESBA - International Ethics Standards Board of Accountants

58
Q

Code of Ethics that govern CMAs

A

IMA Code of Ethics

59
Q

4 overarching principles of IMA Code of Ethics

A

Honesty
Fairness
Objectivity
Responsibility

60
Q

IMA Personal Standards

A

Competence
Confidentiality
Integrity
Credibility

61
Q

[IMA Personal Standards]
Maintaining an appropriate level of professional leadership and expertise by enhancing knowledge and skills

A

Competence

62
Q

[IMA Personal Standards]
Performing professional duties in accordance with relevant laws, regulations and technical standards

A

Competence

63
Q

[IMA Personal Standards]
Provide decision support information and recommendations that are accurate, clear, concidse and timely

A

Competence

64
Q

[IMA Personal Standards]
Refrain from using information for illegal or unethical advantage.

A

Confidentiality

64
Q

[IMA Personal Standards]
Abstain from engaging in or supporting any activity tha might discredit the profession.

A

Integrity

64
Q

[IMA Personal Standards]
Mitigate actual conflicts of interest. Regularly communicate with business associates to avoid apparent conflicts of interest.

A

Integrity

64
Q

[IMA Personal Standards]
Inform relevant parties regarding appropriate use of confidential information.

A

Confidentiality

65
Q

Keep information confidential except when disclosure is _____________.

A

authorized or legally required

66
Q

[IMA Personal Standards]
Communicate information fairly and objectively.

A

Credibility

66
Q

[IMA Personal Standards]
Provide all relevant information that could reasonably be expected to influence an intended user’s understanding of the reports, analyses or recommendations.

A

Credibility

67
Q

[Global Trends]
Focus management reports on what is expected to happen rather than on what happened in the past.

A

Predictive accounting

67
Q

[IMA Personal Standards]
Communicate professional limitations or other constraints that would preclude responsible judgment.

A

Credibility

68
Q

[IMA Personal Standards]
Report any delays or deficiencies in information, timeliness, processing or internal controls.

A

Credibility

69
Q

[Global Trends]
From this general information, computers will look for trends.

A

Big data/business analytics

70
Q

Benefits of big data analytics

A
  1. descriptive
  2. diagnostic
  3. predictive
  4. prescriptive
71
Q

Benefits of business analytics

A
  1. more informed decision-making
  2. greater revenue
  3. improved operational efficiency
71
Q

5 Roles of Management in times of change

A
  1. communicator
  2. advocate
  3. coach for employees
  4. liaison to project team
  5. resistance manager
71
Q

[Global Trends]
Gathering information on customers and subsequently developing a product.

A

Customer-driven environment

72
Q

[Global Trends]
Process and methodology designed to enhance the company’s performance and enable management to better respond to presented challenges as well as opportunities on a product.

A

Enterprise Performance Management

72
Q

[Global Trends]
Consolidation of business operations that are used by multiple parts of the same organization and a common operational strategy designed to reduce costs by eliminating repetition of efforts.

A

Shared Services

MAS (6 decks)

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