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MAS REV > BASIC CONSIDERATION IN MANAGEMENT ADVISORY SERVICES > Flashcards

BASIC CONSIDERATION IN MANAGEMENT ADVISORY SERVICES Flashcards

1
Q

This refer to the function of providing 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

Management Advisory Services

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2
Q

This is also known as “overall or strategic planning. This is done by the top management. i.e., board of directors or governing body. It encompasses the long-range objectives and policies of organization and is concerned with corporate results rather than sectional objectives.

A

Top Level Planning

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3
Q

This strategy focuses on how to attain and satisfy customers, offer goods and services that meet their needs, and increase operating profits. To do this, it focus on positioning itself against competitors and staying up to date on market trends and technology changes.

A

Business Level Strategy.

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4
Q

These ae agreements between two or more independent companies to cooperate in the manufacturing, development, or sale or products.

A

Strategic Alliances

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5
Q

This is when a business makes a decision that affects the whole company. A corporate-level strategy affects a company’s finances, management, human resources, and where the products are sold.

A

Corporate Level Strategy

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6
Q

This refers to the methods companies use to reach their objectives. By developing these strategies, a company can examine and implement effective and efficient systems for using resources, personnel, and the work process.

A

Operational Strategies

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7
Q

BASIC FUNCTIONS OF MANAGEMENT

It is the basic function of management. It deals with chalking out a future course of action & deciding in advance the most appropriate course of action for the achievement of predetermined goals.

According to KOONTZ, this is deciding in advance-what to do, when to to & how to do it.

This is a future course of action. It is an exercise in problem-solving & decision making.

This is determination of course of action to achieve desired goals. Thus, is a systematic thinking about ways & means for accomplishment of pre-determined goals.

It is necessary to ensure proper utilization of human & non-human resources. It is al pervasive, it is an intellectual activity and it also helps in avoiding confusion, uncertainties, risks, wastage etc.

A

Planning

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8
Q

BASIC FUNCTIONS OF MANAGEMENT

It is the process of bringing physical, financial and human resources and developing productive relationship amongst them for achievement of organizational goals.

According to Henry Fayol, To organize a business is to provide it with everything useful or its functioning i.e., raw material, tools, capital and personnel’s.

To organize a business involves determining & providing human and non-human resources to the organizational structure.

This process involves:

  • Identification of activities
  • Classification of grouping of activities
  • Assignment of duties
  • Coordinating authority and responsibility relationships
A

Organizing

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9
Q

BASIC FUNCTIONS OF MANAGEMENT

It is the function of manning the organization structure and keeping it manned. This function assumed greater importance in recent years due to advancements f technology, the increase in the size of business complexity of human behavior, etc.

The main purpose of this function is to put the right man on the right job.

According to Kootz & O’Donell, Managerial function of this involves manning the organization structure through proper and effective selection, appraisal & development of personnel to fulfill the roles designed in the structure.

This involves:

  • Manpower Planning (estimating man power in terms of searching, choose the person, and giving the right place)
  • Recruitment, Selection & Placement
  • Training & Development
  • Performance Appraisal
  • Promotions & Transfer
A

Staffing

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10
Q

BASIC FUNCTIONS OF MANAGEMENT

It is that part of managerial function which actuates the organizational methods to work efficiently for achievement of organizational purposes. It is considered life-spark of the enterprise which sets it i motion the action of people because planning, organizing and staffing are the mere preparations for doing the work.

This is that inert-personnel aspect of management which deals directly with influencing, guiding, supervising, motivating sub-ordinate for the achievement of organizational goals.

This has following elements:

  • Supervision
  • Motivation
  • Leadership
  • Communication
A

Directing

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11
Q

This implies overseeing the work of subordinates by their superiors, It is the act of watching & directing work & workers

A

Supervision

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12
Q

Ths means inspiring, stimulating, or encouraging the sub-ordinates with zeal ti work. Positive, negative, monetary, and non-monetary incentives may be used for this purpose.

A

Motivation

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13
Q

This may be defined as a process by which manager guides and influences the work of subordinates in desired direction

A

Leadership

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14
Q

This is the process of passing information, experience, opinion etc from one person to another. It is a bridge of understanding

A

Communications

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15
Q

Implies measurement of accomplishment against the standards and correction of deviation if any to ensure achievement of organizational goals.

A

Controlling

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16
Q

SEVEN KEY DIFFERENCES BETWEEN MANAGERIAL ACCOUNTING AND FINANCIAL ACCOUNTING AS NOTED BY IMA

These are reports for external users
a. Financial Accounting
b. Managerial Accounting

A
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17
Q

SEVEN KEY DIFFERENCES BETWEEN MANAGERIAL ACCOUNTING AND FINANCIAL ACCOUNTING AS NOTED BY IMA

These are reports for external users
a. Financial Accounting
b. Managerial Accounting

A

a. Financial Accounting

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18
Q

SEVEN KEY DIFFERENCES BETWEEN MANAGERIAL ACCOUNTING AND FINANCIAL ACCOUNTING AS NOTED BY IMA

These reports are for internal users
a. Financial Accounting
b. Managerial Accounting

A

b. Managerial Accounting

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19
Q

SEVEN KEY DIFFERENCES BETWEEN MANAGERIAL ACCOUNTING AND FINANCIAL ACCOUNTING AS NOTED BY IMA

This summarizes past transactions
a. Financial Accounting
b. Managerial Accounting

A

a. Financial Accounting

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20
Q

SEVEN KEY DIFFERENCES BETWEEN MANAGERIAL ACCOUNTING AND FINANCIAL ACCOUNTING AS NOTED BY IMA

This has a strong emphasis on the future
a. Financial Accounting
b. Managerial Accounting

A

b. Managerial Accounting

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21
Q

SEVEN KEY DIFFERENCES BETWEEN MANAGERIAL ACCOUNTING AND FINANCIAL ACCOUNTING AS NOTED BY IMA

This data should be objective and verifiable
a. Financial Accounting
b. Managerial Accounting

A

a. Financial Accounting

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22
Q

SEVEN KEY DIFFERENCES BETWEEN MANAGERIAL ACCOUNTING AND FINANCIAL ACCOUNTING AS NOTED BY IMA

This data should be relevant
a. Financial Accounting
b. Managerial Accounting

A

b. Managerial Accounting

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23
Q

SEVEN KEY DIFFERENCES BETWEEN MANAGERIAL ACCOUNTING AND FINANCIAL ACCOUNTING AS NOTED BY IMA

This focuses on precision
a. Financial Accounting
b. Managerial Accounting

A

a. Financial Accounting

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24
Q

SEVEN KEY DIFFERENCES BETWEEN MANAGERIAL ACCOUNTING AND FINANCIAL ACCOUNTING AS NOTED BY IMA

This focuses on timeliness of information
a. Financial Accounting
b. Managerial Accounting

A

b. Managerial Accounting

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25
Q

SEVEN KEY DIFFERENCES BETWEEN MANAGERIAL ACCOUNTING AND FINANCIAL ACCOUNTING AS NOTED BY IMA

This is concerned with reporting for a company as a whole
a. Financial Accounting
b. Managerial Accounting

A

a. Financial Accounting

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26
Q

SEVEN KEY DIFFERENCES BETWEEN MANAGERIAL ACCOUNTING AND FINANCIAL ACCOUNTING AS NOTED BY IMA

This focuses on segments of a company
a. Financial Accounting
b. Managerial Accounting

A

b. Managerial Accounting

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27
Q

SEVEN KEY DIFFERENCES BETWEEN MANAGERIAL ACCOUNTING AND FINANCIAL ACCOUNTING AS NOTED BY IMA

This must conform to financial accounting reporting standards
a. Financial Accounting
b. Managerial Accounting

A

a. Financial Accounting

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28
Q

SEVEN KEY DIFFERENCES BETWEEN MANAGERIAL ACCOUNTING AND FINANCIAL ACCOUNTING AS NOTED BY IMA

This does not bound by financial accounting standards
a. Financial Accounting
b. Managerial Accounting

A

b. Managerial Accounting

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29
Q

SEVEN KEY DIFFERENCES BETWEEN MANAGERIAL ACCOUNTING AND FINANCIAL ACCOUNTING AS NOTED BY IMA

This a mandatory
a. Financial Accounting
b. Managerial Accounting

A

a. Financial Accounting

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30
Q

SEVEN KEY DIFFERENCES BETWEEN MANAGERIAL ACCOUNTING AND FINANCIAL ACCOUNTING AS NOTED BY IMA

This is not mandatory
a. Financial Accounting
b. Managerial Accounting

A

b. Managerial Accounting

31
Q

FINANCIAL ACCOUNTING vs COST ACCOUNTING

This assist external users with business decisions centering on a variety of issues such as the purchase and sale of stock, issuance of loans, etc.
a. Financial Accounting
b. Cost Accounting

A

a. Financial Accounting

32
Q

FINANCIAL ACCOUNTING vs COST ACCOUNTING

This has an internal focus. It also identifies, collects, measures classifies, and reports information that is used by managers for costing purposes, planning, controlling, and decision making
a. Financial Accounting
b. Cost Accounting

A

b. Cost Accounting

33
Q

COST ACCOUNTING vs MANAGEMENT ACCOUNTING

This attempts to satisfy costing objectives for both financial and management accounting
a. Cost Accounting
b. Management Accounting

A

a. Cost Accounting

34
Q

COST ACCOUNTING vs MANAGEMENT ACCOUNTING

This is concerned specifically with how cost information and other financial and non-financial information should be used for planning, controlling, and decision-making.
a. Cost Accounting
b. Management Accounting

A

b. Management Accounting

35
Q

ROLES AND ACTIVITIES OF CONTROLLER AND TREASURER

Provision of capital
a. Controller
b. Treasurer

A

b. Treasurer

36
Q

ROLES AND ACTIVITIES OF CONTROLLER AND TREASURER

Investor relation
a. Controller
b. Treasurer

A

b. Treasurer

37
Q

ROLES AND ACTIVITIES OF CONTROLLER AND TREASURER

Short-term financing
a. Controller
b. Treasurer

A

b. Treasurer

38
Q

ROLES AND ACTIVITIES OF CONTROLLER AND TREASURER

Banking and custody
a. Controller
b. Treasurer

A

b. Treasurer

39
Q

ROLES AND ACTIVITIES OF CONTROLLER AND TREASURER

Credits and collection
a. Controller
b. Treasurer

A

b. Treasurer

40
Q

ROLES AND ACTIVITIES OF CONTROLLER AND TREASURER

Investments
a. Controller
b. Treasurer

A

b. Treasurer

41
Q

ROLES AND ACTIVITIES OF CONTROLLER AND TREASURER

Insurance
a. Controller
b. Treasurer

A

b. Treasurer

42
Q

ROLES AND ACTIVITIES OF CONTROLLER AND TREASURER

Planning and control
a. Controller
b. Treasurer

A

a. Controller

43
Q

ROLES AND ACTIVITIES OF CONTROLLER AND TREASURER

Reporting and interpreting
a. Controller
b. Treasurer

A

a. Controller

44
Q

ROLES AND ACTIVITIES OF CONTROLLER AND TREASURER

Evaluating and consulting
a. Controller
b. Treasurer

A

a. Controller

45
Q

ROLES AND ACTIVITIES OF CONTROLLER AND TREASURER

Tax administration
a. Controller
b. Treasurer

A

a. Controller

46
Q

ROLES AND ACTIVITIES OF CONTROLLER AND TREASURER

Government reporting
a. Controller
b. Treasurer

A

a. Controller

47
Q

ROLES AND ACTIVITIES OF CONTROLLER AND TREASURER

Protection of assets
a. Controller
b. Treasurer

A

a. Controller

48
Q

ROLES AND ACTIVITIES OF CONTROLLER AND TREASURER

Economical appraisal
a. Controller
b. Treasurer

A

a. Controller

49
Q

MISSION vs VISION

This decribes the desired future position of the company. (How do you forsee yourself in the future?)
a. Mission Statement
b. Vision Statement

A
50
Q

LINE vs STAFF AITHORITY

Those that have the responsibility and authority for achieving the major goals of the corporation. Typically, these goals are targets for revenues and profits. They are directly involved in the daily operations of the business by selling or producing a product or service.
a. Line Authority
b. Staff Authority

A

a. Line Authority

51
Q

LINE vs STAFF AUTHORITY

CFO
a. Line Authority
b. Staff Authority

A

a. Line Authority

52
Q

LINE vs STAFF AITHORITY

The primary purpose is to provide assistance and specialized advice and expertise to colleagues in line positions
a. Line Authority
b. Staff Authority

A

b. Staff Authority

53
Q

LINE vs STAFF AUTHORITY

Controller
a. Line Authority
b. Staff Authority

A

b. Staff Authority

54
Q

LINE vs STAFF AUTHORITY

Treasurer
a. Line Authority
b. Staff Authority

A

a. Line Authority

55
Q

LINE vs STAFF AUTHORITY

COO
a. Line Authority
b. Staff Authority

A

a. Line Authority

56
Q

LINE vs STAFF AUTHORITY

Marketing
a. Line Authority
b. Staff Authority

A

a. Line Authority

57
Q

LINE vs STAFF AUTHORITY

Production
a. Line Authority
b. Staff Authority

A

a. Line Authority

58
Q

LINE vs STAFF AUTHORITY

Foreman
a. Line Authority
b. Staff Authority

A

a. Line Authority

59
Q

LINE vs STAFF AUTHORITY

HR
a. Line Authority
b. Staff Authority

A

b. Staff Authority

60
Q

LINE vs STAFF AUTHORITY

IT
a. Line Authority
b. Staff Authority

A

b. Staff Authority

61
Q

MISSION vs VISION

This defines the company’s business, its objectives and its approach to reach those objectives. (Bakit ka nandito? Anong gusto mong mangyari?)
a. Mission Statement
b. Vision Statement

A

a. Mission Statement

62
Q

MISSION vs VISION

This decribes the desired future position of the company. (How do you forsee yourself in the future?)
a. Mission Statement
b. Vision Statement

A

b. Vision Statement

63
Q

SOURCES OF COMPETITIVE ADVANTAGE

MICHAEL PORTER’S THREE GENERIC STRATEGIES

Increasing by reducing costs, while charging industry-average prices. (Offer affordable products but the quality is high)
a. The Cost Leadership Strategy
b. The differentiation Strategy
c. The Focus Strategy

A

a. The Cost Leadership Strategy

64
Q

SOURCES OF COMPETITIVE ADVANTAGE

MICHAEL PORTER’S THREE GENERIC STRATEGIES

This involves making your product or services different from and more attractive than those of your competitors. (Unique products > can offer a very high price)
a. The Cost Leadership Strategy
b. The differentiation Strategy
c. The Focus Strategy

A

b. The differentiation Strategy

65
Q

SOURCES OF COMPETITIVE ADVANTAGE

MICHAEL PORTER’S THREE GENERIC STRATEGIES

This concentrate on particular niche markets and by understanding the dynamics of that market and the unique needs of customers. (Target Market)
a. The Cost Leadership Strategy
b. The differentiation Strategy
c. The Focus Strategy

A

c. The Focus Strategy

66
Q

MICHAEL PORTER’S THREE GENERIC STRATEGIES

TWO TYPES OF FOCUS STRATEGY

This is creating a product that will cater to mid-range and low-end consumers. (More on operating leverage)
a. Focus on Cost Leadership
b. Focus on Product Differentiation

A

a. Focus on Cost Leadership

67
Q

MICHAEL PORTER’S THREE GENERIC STRATEGIES

TWO TYPES OF FOCUS STRATEGY

The target market is the high-end market. (More on profit margin)
a. Focus on Cost Leadership
b. Focus on Product Differentiation

A

b. Focus on Product Differentiation

68
Q

IDENTIFYING AND BUILDING RESOURCES AND CAPABILITIES

This is matching knowledge of marketplace opportunities and threats with the company’s resources and capabilities.
a. Strategic Analysis
b. Balance sheet information about assets

A

a. Strategic Analysis

69
Q

IDENTIFYING AND BUILDING RESOURCES AND CAPABILITIES

BALANCE SHEET INFORMATION ABOUT ASSETS

This is intended to give management an idea of the company’s liquidity.
i. Cash adequacy
ii. Inventory management

a. Current resources
b. Long-term productive assets
c. Intangible Assets

A

a. Current resources

70
Q

IDENTIFYING AND BUILDING RESOURCES AND CAPABILITIES

BALANCE SHEET INFORMATION ABOUT ASSETS

This is an important strategic decisions for the right investments. These are needed to support operating activities long-term profitability. These are capital goods needed to produce the final product or service offered by the company
i. Analyze trends and measure efficiencies
ii. Develop network of relationships with customers and suppliers
iii. Identify financial and nonfinancial costs and benefits associated with alternative choices

a. Current resources
b. Long-term productive assets
c. Intangible Assets

A

b. Long-term productive assets

71
Q

IDENTIFYING AND BUILDING RESOURCES AND CAPABILITIES

BALANCE SHEET INFORMATION ABOUT ASSETS

These are assets that lack physical attributes or existence but generate cash flows for the company.

a. Current resources
b. Long-term productive assets
c. Intangible Assets

A

c. Intangible Assets

72
Q

MICHAEL PORTER’S 5 COMPETITIVE FORCES

This refers to the number of competitors and their ability to offer goods and services at a lower price than the company.
-Red ocean > too many competitors
-Blue ocean > Less competitors
-Position?
>Market leader - setting the standard
>Challenger - compete head to head with market leader
> Follower - low end market
>NIcher - special field

a. Competition in the Industry
b. Potential of New Entrants into an Industry
c. Power of Suppliers
d. Power of Customers
e. Threats of Substitutes

A

a. Competition in the Industry

73
Q

MICHAEL PORTER’S 5 COMPETITIVE FORCES

The less time and money its costs for a competitor to enter a company’s market and be an effective competitor, the more an established company’s position could be significantly weakened

-Possible competitors can enter the market
-Different Types of Market According to Economics
>Pure Competition - very easy to enter the market
>Monopoly - difficult to enter the competition
> Oligopoly - Difficult to control the market (few players)
>Monopolistoc competition - anyone can enter the market but offer unique product
a. Competition in the Industry
b. Potential of New Entrants into an Industry
c. Power of Suppliers
d. Power of Customers
e. Threats of Substitutes

A

b. Potential of New Entrants into an Industry

MAS REV (1 decks)

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