Chapter one

Question 1

What is planning?

Answer 1

Identify alternatives
Select best alternative for objectives
Develop budgets

Question 2

Directing and Motivating

Answer 2

Manage day to day activities to run smoothly

Question 3

Example of Directing and Motivating

Answer 3

Employee work assignment
Routine problem solving
Conflict resolution
Effective communication

Question 4

What is controlling?

Answer 4

Ensure plan being followed

Feedback in the form of performance reports to compare actual result to budget

Question 5

What is Decision Making

Answer 5

Ability to make intelligent, data, driven decision

Question 6

Questions related to Decision making

Answer 6

What should we be selling?
Who should we be serving?
How should we execute?

Question 7

Describe Big data

Answer 7

Large collection of data gathered from inside or outside company to provide opportunities for ongoing reporting analysis

Question 8

what two formats of Big data and give an example of each?

Answer 8

Structured: memo and reports

Unstructured: Videos, pictures, audio

Question 9

Discuss the 5 Vs

Answer 9

Variety
Volume - gather, clean, organize and analyze
Velocity - rate data received and acted on
Value - expenditure of time and money to analyze big data that give insights
Veracity - accurate and trustworthy

Question 10

What is Data analytics?

Answer 10

process of analyzing data with aid of specialized system and software to draw conclusions

Communicate through data visualization

Question 11

What is descriptive analytics?

Answer 11

What happened?

Question 12

What is Diagnostic analytics?

Answer 12

Why did it happen?

Question 13

What is Predictive analytics?

Answer 13

What will happen?

Question 14

What is prescriptive?

Answer 14

What should I do?

Question 15

Describe the 7 difference between Financial and Managerial

Answer 15

1. Reports to outside of organization vs reports inside the organization
2. Past activities vs decisions with future
3. objectivity and verifiability vs relevance
4. Precision vs Timeliness
5. Summary of data vs detailed segment for reports about departments
6. Must follow GAAP vs not following any rules
7. Mandatory vs not Mandatory

Question 16

what are the business functions making up the Value Chain

Answer 16

Research and development
Product Design
Manufactoring
Marketing
Distribution
Customer Service

Question 17

Ethics

Answer 17

Accountants must maintain a level
of competence appropriate to their
designation

Question 18

Confidentiality

Answer 18

is essential because of the
importance of the information they analyze

Question 19

Integrity

Answer 19

Maintained by avoiding conflict of interest, communicating the limits of professional competence, and by not accepting bribes

Question 20

Objectivity

Answer 20

Present to receive both favourable and unfavourable information

Question 21

What are the 2 common themes for leaders

Answer 21

Pursing strategic goals and making optimal decisions

Question 22

Intrinsic motivation

Answer 22

comes within us

Question 23

Extrinsic Motivation

Answer 23

type of reward

Question 24

Cognitive bias

Answer 24

Must recognize and help reduce it for others

Question 25

Enterprise Risk Management Examples

Answer 25

Customer information being stolen from computer files
- Create firewalls that prohibit computer hackers from corruption

Employee accessing unauthorized information
- Create passwords barriers that prohibit employees from obtaining information not needed to do their jobs