Management Accounting Chapter 1

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Questions and Answers

What is the duration of the unseen written examination?

2 hours 45 minutes

3 hours 30 minutes

3 hours

3 hours 15 minutes (correct)

How many questions must be answered from Section A of the examination paper?

Two questions

Three questions (correct)

Five questions

Four questions

What type of questions does Section B of the examination include?

A mix of calculation and written questions

Only calculation-based questions

Only multiple-choice questions

Only essay questions (correct)

What is the maximum mark for each topic in the first Section B question?

5 marks Signup and view all the answers

What resource is recommended for examination preparation?

Past examination papers and Exam commentaries Signup and view all the answers

What should students ensure to check before the examination?

The current Programme Regulations and VLE Signup and view all the answers

From when did the new requirement and structure of the examination paper come into effect?

2022 Signup and view all the answers

What must students typically do with their calculation results?

Interpret the results Signup and view all the answers

What key aspect has been emphasized in the revised syllabus for management accounting?

Calculation and practical skills Signup and view all the answers

Which textbook has been adopted for the most recent edition of the management accounting syllabus?

Bhimani, A. et al. Management and Cost Accounting Signup and view all the answers

What is Marco Mongiello's perspective on traditional and new management accounting techniques?

Both sets of techniques can work together in synergy. Signup and view all the answers

How is the subject guide structured to facilitate learning?

Into 20 chapters for incremental learning Signup and view all the answers

In the context of the updated management accounting syllabus, what is a significant influence throughout the guide?

Organizational strategy Signup and view all the answers

What type of organizations does the field of management accounting apply to?

All types, including small, local and not-for-profit organizations Signup and view all the answers

What does the subject guide utilize to assist students in understanding examination questions?

Sample examination papers and commentaries Signup and view all the answers

In which chapter does the subject guide first introduce the influence of organizational strategy?

Chapter 1 Signup and view all the answers

What is the primary benefit of practicing exercises at the end of each chapter?

It consolidates learning. Signup and view all the answers

Which concept is specifically highlighted as having a standalone chapter while also being referenced in another?

Activity-Based Costing Signup and view all the answers

What should a student do if they want to learn more about a particular management accounting topic?

Consult the glossary and index. Signup and view all the answers

Why is it recommended to revisit earlier chapters regularly?

To refresh and reinforce understanding. Signup and view all the answers

What is suggested for after completing a lecture in a taught program?

Organize your notes. Signup and view all the answers

How should a student gauge the time required to study further?

By evaluating their own study progress. Signup and view all the answers

What resources should a student follow up on besides the textbook?

References and suggestions for further reading. Signup and view all the answers

What approach is emphasized in both the subject guide and textbooks regarding management accounting?

A holistic approach. Signup and view all the answers

Why is it not advisable to buy the textbook second hand?

Access codes will only work for one user and for a limited period. Signup and view all the answers

What is the main purpose of the Study skills module available on the VLE?

To assist in revision and examination preparation. Signup and view all the answers

Which of the following texts is highlighted as a recommended further reading?

Drury, C. Management and cost accounting. Signup and view all the answers

What should students do to ensure they can access all necessary resources for their course?

Read widely and utilize the VLE and Online Library. Signup and view all the answers

What should students regularly check to stay updated on their readings?

The virtual learning environment (VLE). Signup and view all the answers

What is a key guideline regarding reading the Essential reading for the course?

You are free to explore other texts, papers, or online resources. Signup and view all the answers

What does the reference to access codes imply about the use of the textbook?

They are required to access online features. Signup and view all the answers

What is suggested about the availability of the websites listed in the subject guide?

They need to be searched periodically for relevance. Signup and view all the answers

What emphasis has been placed on the design of budgetary slack in entrepreneurial companies?

Explicit design Signup and view all the answers

Which accounting technique is associated with the decline of traditional roles in accounting?

Activity-based techniques Signup and view all the answers

What do Ittner and Larcker identify as a limitation in the realm of performance measurement?

Nonfinancial performance measures are often underutilized Signup and view all the answers

What is the central theme of Friedman and Lyne's work regarding traditional accounting practices?

The obsolescence of traditional accounting methods Signup and view all the answers

Which publication discusses the relevance of budget systems in modern management?

Who needs budgets? Signup and view all the answers

What is a significant focus area in the research conducted by Hopper, Koga, and Goto?

Cost accounting in small and medium-sized companies Signup and view all the answers

In their work on management accounting, Johnson and Kaplan highlight the impact of which event?

Rise and fall of management accounting relevance Signup and view all the answers

What do Fitzgerald and Moon suggest is essential for effective performance management in service industries?

Integration of service delivery and performance metrics Signup and view all the answers

Study Notes

Textbook and Resources

The main textbook for management accounting is Bhimani et al., Management and Cost Accounting (2023), 8th Edition.
The textbook provides worked examples of the techniques being learned, along with real-world case studies.
Students have full access to the online learning environment (VLE) which includes sample examination papers, commentaries, and answers to practice assessments.

Course Structure and Content

The course is structured into 20 chapters, designed to be digestible in small chunks.
Regular reference is made to strategy and its influence on organizational performance as it is a core component of management accounting.
Chapter 1 introduces the impact of strategy on management accounting.
Chapter 20 compares traditional approaches to management accounting with its application in strategic contexts.

Assessment

Assessment is through a three-hour, 15-minute unseen examination.
The examination requires students to answer five calculation-based questions from Section A (25 marks each) and two written questions from Section B.
Section B requires students to write bullet points on two topics from a choice four (5 marks each) and an essay on a relevant topic from two choices (15 marks).
The exam uses a holistic approach integrating material from across different chapters and the previous course (AC1025).
Past exam papers and the accompanying examiners' commentaries are valuable resources for examination preparation.

Course Methodology

The course encourages students to reflect on the topics and to make connections between their learning and their own experiences.
Students should practice the exercises at the end of each chapter to consolidate their understanding.
The subject guide and the textbook take a holistic approach to management accounting, exploring the interrelationships between topics.
Students are encouraged to consult the glossary and index of the textbook to understand the relevance of techniques and how they relate to different ideas.
Reviewing earlier chapters regularly and following up on relevant references cited in the textbook and further reading are crucial for effective learning.
It is recommended to allow sufficient time to fully prepare for lectures or study sessions, organize notes, engage with the materials, and practice exercises.
Students are encouraged to read widely and consider how the principles of management accounting apply in the real world.

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Description

This quiz covers Chapter 1 from the textbook Management and Cost Accounting, focusing on the impact of strategy on management accounting. It will assess your understanding of key concepts and their applications in organizational performance. Prepare to engage with worked examples and real-world case studies.