lesson 3 Flashcards
What is managerial accounting?
The system of recording and analyzing transactions for the purpose of making management decisions.
Requires skill, insight, experience, and intuition.
What characteristics are essential for effective managerial accounting?
Skill, insight, experience, and intuition.
These characteristics are also possessed by the best hospitality managers.
List the branches of accounting.
- Financial
- Cost
- Tax
- Auditing
- Managerial
What does CPA stand for?
Certified Public Accountant
Recognized as highly competent and professional in one or more branches of accounting.
What is the role of a CMA?
Certified Management Accountant
Assists businesses by integrating accounting information into the business decision process.
What does HFTP stand for?
Hospitality Financial & Technology Professionals
Offers certifications for hospitality professionals working in accounting and technology areas.
What is a CFA?
Chartered Financial Analyst
Focuses on investment tools, valuing assets, portfolio management, and wealth planning.
What qualifications do CFA charterholders possess?
Qualified to work in senior and executive positions in:
* Investment management
* Risk management
* Asset management
Fill in the blank: Managerial accounting requires _______ for effective use.
[skill, insight, experience, and intuition]
True or False: The primary purpose of managerial accounting is to prepare tax returns.
False
Its primary purpose includes making management decisions, not just preparing tax returns.
financial
record financial transactions
cost
identify and control costs
tax
compute taxes due
auditing
verify accounting and data procedures
managerial
make management decisions using accounting information
