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Management Acctg > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q
  • application of appropriate technique and concept to economic data
A

management accounting

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2
Q
  • process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of financial information
A

management accounting

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3
Q
  • concerned with providing information to managers and inside the organization
A

management accounting

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4
Q
  • concerned primarily with providing information to internal manager who are charged to planning and controlling the operation
A

management accounting

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5
Q
  • data accumulation which enables both internal and external parties to evaluate organization performance
A

scorekeeping

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6
Q
  • helps the manager to focus on operating problems.
  • commonly associated with current planning and contoll
A

Interpreting and report of information

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7
Q
  • quantification of the relative merit of possible course
A

problem solving

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8
Q
  • provides a system which allows management to receive necessary information
A

management accounting

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9
Q
  • setting of goals
  • various ways to meet the goals
A

planning

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10
Q
  • evaluation of whether actual performance
A

controlling

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11
Q
  • determine of predictive information
A

decision making

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12
Q

a key activity for all companies

A

planning

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13
Q

the plans of management are often expressed formally

A

budgets

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14
Q

cash budget, capital budgets and projected sfp are example which accounting can make

A

resource planning

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15
Q

evaluating performance of manager and the operation

A

control

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16
Q

who evaluated to determined how their performance should be rewarded or punished

A

managers

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17
Q

cost variance analysis, financial statements analysis, gross profit variance analysis are

A

accounting control reports

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18
Q

the report used to evaluate the performance of manager and operations are refer to

A

performance reports

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19
Q

what is the manager follow principles when using performance report

A

management of exception

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20
Q

play the important role in the control process

A

company plans

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21
Q
  • is an integral part of the planning and control process
  • made to reward or punish to managers
A

Decision making

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22
Q
  • involves the systematic recording of business transaction by a body of IFRS
A

Financial reporting

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23
Q
  • concerned with financial information to person within organization
A

Management accounting

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24
Q

Difference of FA and MA as to objective

A

FA: provide data to internal and external
MA: only internal

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25
Q

Difference of FA and MA as to compliance with IFRS

A

FA: accordance to IFRS
MA: not using IFRS

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26
Q

Difference of FA and MA as to emphasis on the future

A

FA: using past financial transaction
MA: strong future orientation

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27
Q

Difference of FA and MA as to relevance and flexibility of data

A

FA: historical data are prepared
MA: special reports include both historical data and projected data are prepared

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28
Q

Difference of FA and MA as to emphasis on precision and timelines of report

A

FA: past activities where precision are required
MA: timeliness is more important than to precision

29
Q

Difference of FA and MA as to reporting requirements of an organization

A

FA: primarily concern to company reporting as a whole
MA: focuses reporting on the part or segment (product line, sales territories, divisions)

30
Q

Difference of FA and MA as the requirement for compliance with law

A

FA: required by law
MA: not mandatory

31
Q

Primarily at external users

A

Financial accounting

32
Q

Primarily at internal users

A

Managerial accounting

33
Q

Similarities of FA and MA

A

Managers use FA reports an external user to make financial information to internal users

34
Q
  • systematic set of procedures for recording and reporting measurement of the cost if manufacturing goods and performing services
A

Cost Accounting

35
Q
  • Newer interest of cost accounting
A

Management Accounting

36
Q
  • Concerned with the primary operating activities - manufacturing (or buying) and selling
A

Mangers of line function

37
Q
  • is a staff function, with management accountants
A

Accounting

38
Q

What ate the management accountants responsibility?

A
  1. Planning
  2. Reporting
  3. Controlling
  4. Resource Management
  5. Information system development
  6. Technological Implementation
  7. Verification
  8. Administration
39
Q
  • involves quantifying and interpreting the effects on the organization of planned transactions and other economic events
A

Planning

40
Q
  • interpret all forms of internal and external information
A

Controlling

41
Q
  • implementing a system of reporting that is aligned with organizational responsibilities.
A

Resource Management

42
Q
  • must meet the needs of all people who require information
A

Information System Development

43
Q
  • Modern equipment and techniques should be employed to facilitate
A

Technological implementation

44
Q
  • assure the accuracy and reliability of Information
A

Verification

45
Q
  • includes development and maintenance of an effective and efficient management accounting
A

Administration

46
Q

List of Operation Process

A
  1. Identification
  2. Measurement
  3. Accumulation
  4. Analysts
  5. preparation and interpretation
  6. Communication
47
Q
  • recognition and evaluation
A

Identification

48
Q
  • quantification, including estimates
A

Measurements

49
Q

Disciplined and consistent

A

Accumulations

50
Q

Determination of the reasons for the reported activity

A

Analysis

51
Q
  • meaningful coordination of accounting and/or planning data
A

Preparation and Interpretation

52
Q
  • reporting pertinent information
A

Communication

53
Q
  • authority to command action or give orders to subordinates.
A

Lime authority

54
Q
  • authority to advise but not command
A

Staff authority

55
Q
  • called the finance director
  • responsible for overseeing the financial operation
A

Chief financial officer (cfo)

56
Q

What is cfo responsibility

A

Controllership, treasury, risk management, taxation, internal audit

57
Q
  • the practice of the established science of control which is the process by which management assures itself
A

Controllership

58
Q
  • top management accounting position
A

Controller

59
Q

Basic function of controllership

A
  1. Planning
  2. Control
  3. Reporting
  4. Accounting
  5. Other primary responsibilities
60
Q
  • concerned with the acquisition,financing and management of assets of a business
A

Treasureship

61
Q
  • issued the Standards of Ethical Conduct for
    Practitioners of Management Accounting and Financial Management
A

The Institute of Management Accounting (IMA)

62
Q

Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management

A
  1. Competence
  2. Confidentiality
  3. integrity
  4. Objectivity
  5. Resolution of ethical conflict
63
Q

serve a very important practical function in an advance market economy

A

Ethical standards

64
Q
  • CMA
  • passed the rigorous qualifying exam
A

Certified Management Accounting’s

65
Q
  • CPA
  • met the pre-qualification educational requirements
A

Certified Public Accountant

66
Q
  • CIA
  • pass a comprehensive examination
A

Certified Internal Auditor

67
Q
  • the principal organization of management accountants inthe UnitedStates,
A

Institute of Management Accountants (IMA)

68
Q
  • PAMA
  • was established in 1972 as the National Association of Accountants hNAA) Philippine Chapter, Inc.
A

Philippine Association of Management Accountants

Management Acctg (6 decks)

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