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Updates Management > Orgz Controllers department > Flashcards

Orgz Controllers department Flashcards

1
Q

CHARACTERISTICS OF EFFECTIVE PERFORMANCE REPORTS: ( Bs, R, TA, Ce)

A
  1. Behaviorally sound
  2. Relevant
  3. Timely and accurate
  4. Cost effective
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2
Q

In most corporate organizations, is the Chief Accounting Officer Internally

A

Controller

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3
Q

providing information, to managers and usually oversees the company’s internal control system.

A

Controller

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4
Q

DUTIES OF THE CONTROLLER AND ITS STAFF: 4-5

A
  1. Designing, installing, and maintaining the cost accounting system.2. Forecasting future costs.
    3.Coordinating the development of the budget.4. Accumulating and analyzing actual costs. 5. Preparing and analyzing performance reports.
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5
Q

DUTIES OF THE CONTROLLER AND ITS STAFF: 6-10

A
  1. Preparing reports for external users.
  2. Providing information for special decisions.
  3. Consulting with management as to the meaning of cost information.
  4. Infernal auditing.
  5. Tax administration.
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6
Q

DISTINCTIONS BETWEEN (FUNCTIONS) CONTROLLER AND TREASURER:
CONTROLLERSHIP

A

Planning and control
Reporting and interpreting Evaluating and consulting
Tax administration
Protection of assets
Government Reporting
Economic appraisal

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7
Q

DISTINCTIONS BETWEEN (FUNCTIONS) CONTROLLER AND TREASURER:
Treasurer ship

A

Provides information to external generates general purpose financial statement
reports on past activities
must conform to externally imposed standards
Emphasize objective data

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8
Q

The functions of the ___ also include management audits, internal audits. development of accounting systems and computer data processing

A

controller

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9
Q

is based on a classification of managerial responsibilities at every level in the organization for the purpose of establishing a budget for each.

A

Responsibility accounting

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10
Q

True or False : Each department’s budget should clearly identify costs controllable by the person responsible.

A

True

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11
Q

T/F : The starting point for a responsibility accounting, information system rests with the organization chart in which the areas of jurisdiction have been determined.

A

True

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12
Q
  1. To inform managers and superiors of their performance in responsible areas.
  2. To motivate managers and superiors to generate the direct action necessary to improve performance.
A

PURPOSES OF PERFORMANCE REPORTS

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13
Q

-Fit report to recipient
-Fit report to organization chart
-Keep number of reports to a minimum
-Make reports timely
- Use Action Reports
- include only essential data
- Issue reports earlier
-Pinpoint responsibility
Standardize presentation and form
Simplify and Clarify facts and DAta

A

FUNDAMENTALS OF GOOD PERFORMANCE REPORTS:

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14
Q

Show comparisons, rations and trends
make the system flexible
consider cost
use visual aids
control distribution

A

FUNDAMENTALS OF GOOD PERFORMANCE REPORTS:

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15
Q

It is concerned with providing information to management that will be useful in making decisions about the operations of the business.

A

Management (Managerial) Accounting

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16
Q

It means that the executive’s attention and effort are concentrated on the significant deviations from expected results and that the information system highlights areas most in need of investigation.

A

Management By Exception

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17
Q

A management approach designed to focus on the definition and attainment of overall and individual objectives with the participation of all levels of management.

A

Management By Objective

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18
Q

involves the establishment of goals and the selection of courses of action (decision models) to achieve those goals.

A

Planning

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19
Q

involves the implementation of plans and the consideration of feedback that may influence future decisions or activities..

A

Control

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20
Q

The flow of management activities through the steps of planning, organizing and directing, controlling, and then back to planning again.

A

Planning and Control Cycle -

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21
Q

is the officer who has the overall responsibility for all the accounting activities within the organization.

A

Controller

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22
Q

The ___who has the authority for accounting within the organization and for external reporting.

A

Chief Accounting Officer

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23
Q

It is the practice of the established science of control, which is the process by which management assures itself that the resources utilized according to plans, in order to achieve the company’s the objectives.

A

Controllership

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24
Q

Is the person in charge of raising cash for operations and managing cash and near-cash assets.

A

Treasurer

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25
Q
  1. Measures the contribution to enterprise income that flows from specific products or services.
  2. Measures the contribution to income of individual organization segments (departments, divisions, ctc.).
A

NATURE AND PURPOSE OF RESPONSIBILITY ACCOUNTING:

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26
Q

It is a system design that recognizes various decision centers throughout an organization and traces costs (as well as revenues, assets and liabilities, where relevant) to the individual managers who are primarily responsible for making decisions about these variables.

A

Responsibility Accounting

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27
Q

is any point within an organization where control over the incurrence of costs or the generating of revenue is found.

A

Responsibility Center

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28
Q

are those costs that maybe influenced by unit managers in a given time period.

A

Controllable Costs

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29
Q

These costs are those over which departmental supervisor can exert influence over the amount spent, like direct materials, direct labor and variable overhead.

A

Controllable Costs

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30
Q

are costs assigned to a department or cost center by upper management and are therefore not under the control of the department supervisor

A

Uncontrollable Costs

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31
Q

are reports prepared according to responsibility levels in the organization.

A

Responsibility Performance Reports

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32
Q

A detailed report to management comparing budgeted data against actual data for a specific time period.

A

Performance Report

33
Q

TYPES OF RESPONSIBILITY CENTERS:

A
  1. Cost Center
  2. Profit Center
  3. Revenue Center
  4. Investment Center
34
Q
  1. Cost Center
  2. Profit Center
  3. Revenue Center
  4. Investment Center
A

TYPES OF RESPONSIBILITY CENTERS:

35
Q

The focus of control shifts from detailed analysis of revenues and expenses to the evaluation of the net profit.

A
  1. Profit Center
36
Q

Is a segment in which the manager’s responsibility is limited to control of costs. Reports on performance will show only controllable costs.

A
  1. Cost Center
37
Q

Organization units whose activities are primarily related to making sales. Performance is evaluated in terms of revenues achieved and direct costs incurred.

A
  1. Revenue Center
38
Q

It is a responsibility center in which the manager is held responsible not only for profit but also for the level of investment that is utilized to earn that profit.

A
  1. Investment Center
39
Q
  1. Assisting in the design of the organization’s information system.
  2. Ensuring that the system performs adequately.
  3. Periodically reporting information to interested managers, and
  4. Undertaking special analyses.
A

The specific duties of managerial accountants include:

40
Q

provide information to managers relating to financial statements, tax problems, dealings with government agencies and other matters

A

Managerial accountants

41
Q

have an obligation to the organizations they serve. their profession, the public. and themselves to maintain the highest standards of ethical conduct.

A

Management Accountants

42
Q

Standards of Ethical Conduct of Management Accounting.

A

Competence
Confidentiality
Integrity
Objectivity

43
Q

Management accountants have a responsibility to:
Maintain an appropriate level of professional competence by ongoing development of their knowledge and skills.

A

Competence

44
Q

Management accountants have a responsibility to:
Perform their professional duties in accordance with relevant laws, regulations and technical standards.

A

Competence

45
Q
A
46
Q

Management accountants have a responsibility to:
Prepare complete and clear reports and recommendations after appropriate analyses of relevant and reliable information.

A

Competence

47
Q

Management accountants have a responsibility to:
Inform subordinates as appropriate regarding the confidentiality of information acquired in the course of their work and monitor their activities to assure the maintenance of that confidentiality

A

Confidentiality

48
Q

Management accountants have a responsibility to:
Refrain from using or appearing to use confidential information acquired in the course of their work for unethical and illegal advantage either personally or through third parties

A

Confidentiality

49
Q

Management accountants have a responsibility to : Avoid actual or apparent conflicts of interest and advise all appropriate parties of any potential conflict

A

Integrity

50
Q

Management accountants have a responsibility to : Refrain from engaging in any activity that would prejudice their ability to carry out their duties ethically

A

Integrity

51
Q

Management accountants have a responsibility to : Refuse any gift favor or hospitality that would influence or would appear to influence their actions

A

Integrity

52
Q

Management accountants have a responsibility to : Refrain from engaging in or supporting any activity that would discredit the profession

A

Integrity

53
Q

Management accountants have a responsibility to : Refrain from other actively or passively subverting the attainment of the organization s legitimate and ethical objectives.

A

Integrity

54
Q

Management accountants have a responsibility to : Recognize and communicate professional limitations or other constraints that would preclude responsible judgment or successful performance of an activity

A

Integrity

55
Q

Management accountants have a responsibility to : Communicate information fairly and objectively

A

Objectivity

56
Q

Management accountants have a responsibility to : Disclose fully all-relevant information that could reasonably be expected to influence an intended user’s understanding of the reports. comments. and recommendations presented

A

Objectivity

57
Q
A
58
Q
  1. Identifying the decisions to be made.
  2. Identifying the information that is relevant to the decision making process, and
  3. Organizing the information so that it is most useful to management
A

AREAS NOT CONTROLLED IN MANAGEMENT ACCOUNTING BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES:

59
Q

AREAS NOT CONTROLLED IN MANAGEMENT ACCOUNTING

A
  1. Identifying the decisions to be made.
  2. Identifying the information that is relevant to the decision making process, and
  3. Organizing the information so that it is most useful to management
60
Q

The primary objective of ___is to assist in planning and control functions of internal decision makers (i.e., management).

A

Cost and Managerial Accounting

61
Q

is primarily concerned with the information needs external decision makers (stockholders, creditors, governmental authorities, etc.).

A

Financial Accounting

62
Q

plays an important role in the planning and control process The information generated in the decision-making process helps establish expectations of performance and provides actual results to compare with expectations.

A

Managerial Accounting

63
Q

plays an important role in the planning and control process The information generated in the decision-making process helps establish expectations of performance and provides actual results to compare with expectations.

A

Managerial Accounting

64
Q

is the link between planning and control in the decision making cycle. Part of the output (feedback) is transferred to the input (goals and decision models) so that the cycle is continuous and interacting.

A

Cost Accounting System

65
Q

T/f: Managerial accountants in businesses include personnel in the controller’s office, as well as budget analysts, cost analysts, and financial analysts.

A

True

66
Q

T/F In large companies many people perform managerial accounting functions.

A

True

67
Q

T/F In small businesses the controller and an assistant might carry out all of the managerial accounting functions.

A

True

68
Q

The chief management accountant or the chief accounting executive of an organization is called the (often called comptroller, especially in the government sector).

A

controller

69
Q

the (often called __, especially in the government sector).

A

comptroller

70
Q

The _is in charge of the accounting department.

A

controller

71
Q

T/F : The controller’s authority is basically staff authority in that the controller’s department gives advice and service to other departments. At the same time. the controller has line authority over members of his/her own department such as internal auditors. budget analysts. financial analysts, bookkeepers, etc.

A

True

72
Q

T/F : the controller has line authority over members of his/her own department such as internal auditors. budget analysts. financial analysts, bookkeepers, etc.

A

True

73
Q

focuses on providing information to managers to help them in fulfilling their functions of planning, controlling, performance evaluation, and decision making.

A

Management Accounting

74
Q
  1. Planning and controlling routine operations
  2. Non-routine decisions, policy making, and long-range planning. 3. Inventory valuation and income determination
A

PURPOSES OF MANAGEMENT ACCOUNTING:

75
Q
  1. Decide on a standard or budget specifying what actual performance should be.
  2. Measure the results of actual performance.
  3. Compare actual performance with the standard or budget.
A

PLANNING AND CONTROL PROCESS INCLUDES:

76
Q
  1. Identify the problem requiring managerial action.
  2. Specify the objective or goal to be achieved.
  3. List the possible alternative courses of action
    4 Gather information about the consequences of each alternative.
  4. Make a decision by selecting one of the alternatives
A

MANAGEMENT DECISION MAKING INCLUDES:

77
Q

DISTINCTION BETWEEN MANAGEMENT ACCOUNTING AND FINANCIAL ACCOUNTING:

1.Provides information to internal users..
2. Generates special purpose reports and statements.
3. Reports on past or Outline future plans.
4. Is not subject to externally imposed standards.
5. Allows a subjective data.

A

MANAGEMENT ACCOUNTING

78
Q

DISTINCTION BETWEEN MANAGEMENT ACCOUNTING AND FINANCIAL ACCOUNTING:

1.Provides information to external
2. Generates general purpose financial statements.
3. Reports on past activities.
4. Must conform to externally imposed standards.
5. Emphasizes on objective data

A

FINANCIAL ACCOUNTING

Updates Management (2 decks)

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