Podcast
Questions and Answers
What is the primary role of management accountants?
What is the primary role of management accountants?
- Performing administrative functions
- Providing information to managers to direct and control operations (correct)
- Evaluating organizational performance and position
- Providing financial reports to external parties
Cost management is the same as cost accounting.
Cost management is the same as cost accounting.
False (B)
What is the main purpose of cost management?
What is the main purpose of cost management?
To provide managers with information which aids decision.
Management accountants provide a system which allows management to receive the necessary information used in performing its administrative functions of planning, controlling, and _______________________.
Management accountants provide a system which allows management to receive the necessary information used in performing its administrative functions of planning, controlling, and _______________________.
Match the following administrative functions with their descriptions:
Match the following administrative functions with their descriptions:
What is the primary focus of cost accounting?
What is the primary focus of cost accounting?
Management accountants are only concerned with providing financial reports to external parties.
Management accountants are only concerned with providing financial reports to external parties.
What is the purpose of scorekeeping or data accumulation in management accounting?
What is the purpose of scorekeeping or data accumulation in management accounting?
What type of organizations can benefit from cost management information?
What type of organizations can benefit from cost management information?
Cost management information is only used for strategic management.
Cost management information is only used for strategic management.
What is one of the strategic decisions that management must make regarding cost management?
What is one of the strategic decisions that management must make regarding cost management?
Cost management information is needed to support recurring decisions such as _______________ equipment.
Cost management information is needed to support recurring decisions such as _______________ equipment.
Match the following types of management with their corresponding uses of cost management information:
Match the following types of management with their corresponding uses of cost management information:
Who develops and analyzes cost management information?
Who develops and analyzes cost management information?
Cost management information is not used for financial reporting.
Cost management information is not used for financial reporting.
What is one of the reportorial and compliance responsibilities of management?
What is one of the reportorial and compliance responsibilities of management?
Which of the following perspectives is concerned with identifying risks and developing responses to them?
Which of the following perspectives is concerned with identifying risks and developing responses to them?
The Ethical Perspective is concerned with creating value for customers.
The Ethical Perspective is concerned with creating value for customers.
What is the key to a company's success according to the Strategic Management Perspective?
What is the key to a company's success according to the Strategic Management Perspective?
The management accountant provides input that aids in developing ___________, building resources and capabilities, and implementing strategy.
The management accountant provides input that aids in developing ___________, building resources and capabilities, and implementing strategy.
Which of the following perspectives is concerned with understanding that business processes serve the needs of the company's most important stakeholders – its customers?
Which of the following perspectives is concerned with understanding that business processes serve the needs of the company's most important stakeholders – its customers?
The Corporate Social Responsibility Perspective is concerned with creating value for customers.
The Corporate Social Responsibility Perspective is concerned with creating value for customers.
Match the following perspectives with their definitions:
Match the following perspectives with their definitions:
What is the role of the management accountant in the Strategic Management Perspective?
What is the role of the management accountant in the Strategic Management Perspective?
Study Notes
Strategic Management Perspective
- Creating value for customers while differentiating from competitors is key to a company's success.
- Management accountants provide input for developing strategy, building resources, and implementing strategy.
Enterprise Risk Management Perspective
- Enterprise Risk Management is a process to identify risks and develop responses to meet goals.
Corporate Social Responsibility Perspective
- Corporate Social Responsibility involves considering the needs of all stakeholders when making decisions.
Process Management Perspective
- Effective managers understand that business processes serve the needs of customers.
- A business process is a series of steps to carry out tasks.
Leadership Perspective
- Organizational leaders must unite diverse employee behaviors to achieve success.
Ethical Perspective
- Ethical behavior is essential for the economy to operate efficiently.
Users of Cost Management Information
- Cost management information is useful in all organizations, including business firms, government units, and non-profit organizations.
Uses of Cost Management Information
- Strategic management: making sound strategic decisions regarding products, manufacturing methods, and marketing techniques.
- Planning and decision-making: supporting recurring decisions such as equipment replacement, cash flow management, and budgeting.
- Management and operational control: providing a fair and effective basis for identifying inefficient operations and rewarding effective managers.
- Reportorial and compliance: complying with financial reporting requirements to regulatory agencies.
Management Accountant's Role
- Management accountants develop and analyze cost management information to provide information to managers.
- They are concerned with providing information for internal decision-making.
Tasks of Management Accountants
- Scorekeeping or data accumulation to evaluate organizational performance.
- Interpreting and reporting information to help managers focus on operating problems and opportunities.
- Problem-solving or quantification of the relative merits of possible courses of action.
Cost Management System
- The management accountant provides a system that allows management to receive necessary information for performing administrative functions.
- The system involves planning, controlling, and decision-making.
Relationship Between Cost Accounting and Cost Management
- Cost accounting is a systematic set of procedures for recording and reporting cost measurements.
- Cost management needs the output of cost accounting to provide managers with information for decision-making.
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Description
This quiz covers the strategic management perspective, including creating value for customers, enterprise risk management, corporate social responsibility, and more.
