ACC 202 chapter 1

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ACC 202 chapter 1
2015-01-31 18:38:25


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  1. The following apply to managerial accounting
    • emphasizes the future
    • not mandatory
    • reports to managers inside the organization
    • emphasizes segment reports
  2. the leadership component of ______ includes specifying how to achieve established goals.
  3. ____ includes gathering feedback needed to ensure that expectations are being met
  4. what are the three activities vital to the role of managerial accounting?
    Planning, controlling and decision making
  5. management's detailed plans for the future are often expressed formally in ____
  6. planning involves
    establishing a strategic plan and selecting a course of action
  7. controlling involves
    utilizing information to ensure that company plans are being followed
  8. A value chain adds value by focusing on the major functions of the business such as
    • manufacturing
    • customer service
    • research and development
  9. the lean production management approach
    • is sometimes called just-in-time production
    • tends to result in fewer defects
    • organizes resources around the flow of business process
  10. companies have a social responsibility to serve
    • suppliers
    • employees
    • communities
    • customers
  11. the categories of customer value propositions include
    • product leadership
    • customer intimacy
    • operational excellence
  12. the _____  ______ model organizes resources, such as people and machines, around the flow of business process and pulls units through these processes in response to customer orders
    lean thinking
  13. what is a likely result of abandoning ethical standards?
    a less efficient economy
  14. an area in which a management accountant has ethical responsibility is ____
    maintaining a high level of professional competence
  15. Value chain:
    consists of major business functions that add value to a company's products and services
  16. customers, employees, suppliers, communities, and environmental and human rights advocates are all stakeholders which a company might have a corporate ___ ____ to serve
    social responsibility
  17. ____ ____ propositions are the essence of strategy
    customer value
  18. Lean production model is
    A five-step approach that organizes resources, such as people and machines, around the flow of business process and pulls units through these processes in response to customer orders.
  19. companies should provide ____ with reasonable times to prepare orders and hassle free acceptance of timely and complete deliveries
  20. What managerial accounting functions are relevant to business majors, such as marketing and human resource management?
    • controlling
    • planning
    • decision making
  21. a ___ ____ consists of major business functions that add value to a company's products and services
    value chain
  22. a performance report
    • is one example of feedback
    • suggests areas of the organization that may need improvement
  23. a customer chooses one company over another because of
    customer value propositions
  24. management accounts are responsible for
    • maintaining a high level of professional competence
    • treating sensitive matters with confidentiality
    • maintaining personal integrity
    • disclosing information in a credible fashion
  25. a benefit of the lean thinking model is
    fewer defects
  26. what ethical code did the institute of management accountants adopt?
    statement of ethical professional practice
  27. a ____ is a game plan that enables a company to attract customers by distinguishing itself from competitors
  28. a ____ report compares actual results to budgeted amounts
  29. the most important things companies should provide to customers in terms of social responsibility is:
    full disclosure of product-related risks
  30. Companies should provide ___ and human rights advocates with greenhouse gas emissions data, child labor transparency, and recycling and resource conservation data
  31. companies have a corporate social responsibility to provide____ with competent management and easy access to complete and accurate financial information
  32. giving employees a bonus for meeting a specific goal is an example of a(n) ____ incentive
  33. if investors were reluctant to invest in companies with untrustworthy financial statements, what would happen to the prices of goods and services?
    They would go up
  34. a part of an organization that managers want to gather cost, revenue or profit data about is known as a
  35. what is the process used by a company to proactively identify and manage risks?
    enterprise risk management
  36. to become a(n) ____, a test is required that focuses on financial planning, and decision-making skils
  37. when a company says to its targeted customers, " you should choose us because we understand and respond to your individual needs better than our competitors," the company is following the customer value proposition called ____ ____ strategy
    customer intimacy
  38. distorted thought processes, that can adversely affect planning, controlling, and decision making are referred to as ____ ____
    cognitive biases
  39. companies should provide ____ with nondiscriminatory treatment, the right to organize and file grievances, and fair compensation
  40. ____ incentives can produce dysfunctional behavior in employees
  41. ____ motivation comes from within
  42. The basic questions asked during the decision making process are:
    • who should we be serving?
    • what should we be selling?
    • how should we execute?
  43. to meet the goal of corporate social responsibility, companies should provide communities with:
    resources that support charities, schools, and civic activities
  44. which strategy is a company employing when it says to customers, " you should choose us because we offer higher quality than our competitors"?
    product leadership
  45. a series of steps followed to carry out a business task that can span departmental boundaries
    Business process
  46. what are some positions within a company that do not require the employee to use management accounting?
  47. what is personal management accounting?
    using numbers to help live life better
  48. a plan with numbers is called a____
  49. comparing actual to budgets and seeing whether you're positive or negative is called_____
  50. when we ask ourselves if our plans are working like we thought it would, we are____
  51. an example of a company that uses customer intimacy strategy is :
  52. an example of a company that uses operational excellence strategy is___
  53. an example of companies that use product leadership strategy are ___
    apple and tesla
  54. what is leadership?
    working within a shared mission, shared purpose and working as a team exhibiting the six skills of an effective leader.
  55. what are the six skills of an effective leader?
    • technical competence
    • high integrity-shared norms
    • strong communication skills
    • capable of motivating and mentoring other people
    • effectively manage team-based decision process
  56. benefiting from doing the wrong thing like breaking the law are ___ violations