Questions and Answers
How many web visitors does BuyCostumes.com receive each month?
Jalem Getz is BuyCostumes.com's:
For which of the following business processes is Daniel Haight, Chief Operations Officer, NOT responsible?
At BuyCostumes.com, innovative managerial accountants add significant value to the company by:
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Which of the following is referred to as controlling?
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Which of the following is true of managerial accounting?
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Which of the following is true of financial accounting?
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Which of the following is a difference between financial accounting and managerial accounting?
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The set of activities required to design, develop, produce, market, and deliver products and services, as well as provide support services to customers is termed as a:
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Based on the information, which of the following is the most likely conclusion regarding Platanus Inc.'s management?
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Which of the following is true of lean accounting?
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Which of the following is true of line positions?
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Which of the following officers is responsible for the finance function?
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Which of the following is a standard of ethical conduct for managerial accountants as per the Institute of Management Accountants?
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The Statement of Ethical Professional Practice is issued by the:
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Which of the following is permitted by law to serve as an external auditor?
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A Certified Internal Auditor must pass a comprehensive examination designed to ensure technical competence and has _____ year(s) of experience.
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The users of managerial accounting information include:
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The provision of accounting information for internal users is known as:
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Setting objectives and identifying methods to achieve those objectives is called:
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The process of choosing among competing alternatives is called:
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Which of the following is a characteristic of managerial accounting?
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An effective managerial accounting system should track information about an organization's activities in which of the following areas?
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In terms of strategic positioning, which two general strategies may be chosen by a company?
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Which of the following is not a common form of certification for managerial accountants?
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The chief accounting officer for a firm is the:
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Which of the following is typically found in a corporation's code of ethics?
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Study Notes
BuyCostumes Case Study
- BuyCostumes.com receives 2 million web visitors monthly.
- Jalem Getz is the founder, CEO, and president of BuyCostumes.com.
- Chief Operations Officer Daniel Haight is not responsible for costume design.
- Managerial accountants at BuyCostumes enhance value by interpreting nonfinancial measures into financial metrics.
Managerial Accounting
- Controlling involves monitoring a plan's implementation and making necessary corrections.
- Managerial accounting caters solely to a company's internal users and is not bound by GAAP (Generally Accepted Accounting Principles).
Financial vs. Managerial Accounting
- Financial accounting focuses on overall firm performance with aggregation, while managerial accounting looks toward future implications and decision-making.
- Financial accounting has a historical focus, contrasting with managerial accounting's future-oriented approach.
Supply vs. Value Chain
- The value chain encompasses activities necessary for product and service delivery, including design and production.
- Platanus Inc. follows total quality management by minimizing defects and rewarding employees for achieving quality outputs, while managing related costs.
Positions in Organizations
- Line positions directly contribute to a company's core objectives, comprising more than 40% of the workforce.
- The treasurer is notably responsible for finance within an organization.
Ethical Standards in Accounting
- Managerial accountants must adhere to standards of competence as outlined by the Institute of Management Accountants.
- The Statement of Ethical Professional Practice is issued by the Institute of Management Accountants.
External Auditors and Certification
- Only Certified Public Accountants (CPAs) can serve as external auditors.
- A Certified Internal Auditor must pass a comprehensive exam and possess two years of experience.
Users of Managerial Accounting Information
- Managerial accounting information serves a variety of internal users, including CEOs and HR managers.
Key Concepts in Managerial Accounting
- Managerial accounting focuses on planning and internal control, utilizing both financial and nonfinancial data for strategic decision-making.
- Objectives setting and method identification for achieving those objectives is a key function of managerial accounting.
Strategic Positioning
- Companies may adopt cost leadership and product differentiation as general strategies for competitive advantage.
Certifications for Managerial Accountants
- Common certifications include Management Accounting and Internal Auditing certificates, but a Certificate in Inventory Control is not recognized.
Chief Accounting Officer
- The controller is the chief accounting officer responsible for managing the firm's financial reporting and accounting functions.
Corporate Code of Ethics
- Corporate ethical guidelines commonly include prohibitions against bribery, honesty, conflict of interest avoidance, and transparency.
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Description
This quiz focuses on the key concepts from Chapter 1 of the Cengage Accounting Homework. You'll watch a video related to business strategy at BuyCostumes.com and answer questions regarding the business's operations and leadership. Test your understanding and application of accounting principles.
