Chapter 1 Flashcards
1
Q
- application of appropriate technique and concept to economic data
A
management accounting
2
Q
- process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of financial information
A
management accounting
3
Q
- concerned with providing information to managers and inside the organization
A
management accounting
4
Q
- concerned primarily with providing information to internal manager who are charged to planning and controlling the operation
A
management accounting
5
Q
- data accumulation which enables both internal and external parties to evaluate organization performance
A
scorekeeping
6
Q
- helps the manager to focus on operating problems.
- commonly associated with current planning and contoll
A
Interpreting and report of information
7
Q
- quantification of the relative merit of possible course
A
problem solving
8
Q
- provides a system which allows management to receive necessary information
A
management accounting
9
Q
- setting of goals
- various ways to meet the goals
A
planning
10
Q
- evaluation of whether actual performance
A
controlling
11
Q
- determine of predictive information
A
decision making
12
Q
a key activity for all companies
A
planning
13
Q
the plans of management are often expressed formally
A
budgets
14
Q
cash budget, capital budgets and projected sfp are example which accounting can make
A
resource planning
15
Q
evaluating performance of manager and the operation
A
control
16
Q
who evaluated to determined how their performance should be rewarded or punished
A
managers
17
Q
cost variance analysis, financial statements analysis, gross profit variance analysis are
A
accounting control reports
18
Q
the report used to evaluate the performance of manager and operations are refer to
A
performance reports
19
Q
what is the manager follow principles when using performance report
A
management of exception
20
Q
play the important role in the control process
A
company plans
21
Q
- is an integral part of the planning and control process
- made to reward or punish to managers
A
Decision making
22
Q
- involves the systematic recording of business transaction by a body of IFRS
A
Financial reporting
23
Q
- concerned with financial information to person within organization
A
Management accounting
24
Q
Difference of FA and MA as to objective
A
FA: provide data to internal and external
MA: only internal
25
Difference of FA and MA as to compliance with IFRS
FA: accordance to IFRS
MA: not using IFRS
26
Difference of FA and MA as to emphasis on the future
FA: using past financial transaction
MA: strong future orientation
27
Difference of FA and MA as to relevance and flexibility of data
FA: historical data are prepared
MA: special reports include both historical data and projected data are prepared
28
Difference of FA and MA as to emphasis on precision and timelines of report
FA: past activities where precision are required
MA: timeliness is more important than to precision
29
Difference of FA and MA as to reporting requirements of an organization
FA: primarily concern to company reporting as a whole
MA: focuses reporting on the part or segment (product line, sales territories, divisions)
30
Difference of FA and MA as the requirement for compliance with law
FA: required by law
MA: not mandatory
31
Primarily at external users
Financial accounting
32
Primarily at internal users
Managerial accounting
33
Similarities of FA and MA
Managers use FA reports an external user to make financial information to internal users
34
- systematic set of procedures for recording and reporting measurement of the cost if manufacturing goods and performing services
Cost Accounting
35
- Newer interest of cost accounting
Management Accounting
36
- Concerned with the primary operating activities - manufacturing (or buying) and selling
Mangers of line function
37
- is a staff function, with management accountants
Accounting
38
What ate the management accountants responsibility?
1. Planning
2. Reporting
3. Controlling
4. Resource Management
5. Information system development
6. Technological Implementation
7. Verification
8. Administration
39
- involves quantifying and interpreting the effects on the organization of planned transactions and other economic events
Planning
40
- interpret all forms of internal and external information
Controlling
41
- implementing a system of reporting that is aligned with organizational responsibilities.
Resource Management
42
- must meet the needs of all people who require information
Information System Development
43
- Modern equipment and techniques should be employed to facilitate
Technological implementation
44
- assure the accuracy and reliability of Information
Verification
45
- includes development and maintenance of an effective and efficient management accounting
Administration
46
List of Operation Process
1. Identification
2. Measurement
3. Accumulation
4. Analysts
5. preparation and interpretation
6. Communication
47
- recognition and evaluation
Identification
48
- quantification, including estimates
Measurements
49
Disciplined and consistent
Accumulations
50
Determination of the reasons for the reported activity
Analysis
51
- meaningful coordination of accounting and/or planning data
Preparation and Interpretation
52
- reporting pertinent information
Communication
53
- authority to command action or give orders to subordinates.
Lime authority
54
- authority to advise but not command
Staff authority
55
- called the finance director
- responsible for overseeing the financial operation
Chief financial officer (cfo)
56
What is cfo responsibility
Controllership, treasury, risk management, taxation, internal audit
57
- the practice of the established science of control which is the process by which management assures itself
Controllership
58
- top management accounting position
Controller
59
Basic function of controllership
1. Planning
2. Control
3. Reporting
4. Accounting
5. Other primary responsibilities
60
- concerned with the acquisition,financing and management of assets of a business
Treasureship
61
- issued the Standards of Ethical Conduct for
Practitioners of Management Accounting and Financial Management
The Institute of Management Accounting (IMA)
62
Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management
1. Competence
2. Confidentiality
3. integrity
4. Objectivity
5. Resolution of ethical conflict
63
serve a very important practical function in an advance market economy
Ethical standards
64
- CMA
- passed the rigorous qualifying exam
Certified Management Accounting’s
65
- CPA
- met the pre-qualification educational requirements
Certified Public Accountant
66
- CIA
- pass a comprehensive examination
Certified Internal Auditor
67
- the principal organization of management accountants inthe UnitedStates,
Institute of Management Accountants (IMA)
68
- PAMA
- was established in 1972 as the National Association of Accountants hNAA) Philippine Chapter, Inc.
Philippine Association of Management Accountants
