Chapter 1 - Exercise 1-1 The Roles of Managers and...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Exercise 1-1 The Roles of Managers and Management Accountants [LO1, LO2] Choose the term or terms that most appropriately complete the following statements. 1. Managerial accounting the organization, whereas financial accounting use of those who are outside the organization. 2. Planning (7%) consists of identifying alternatives, selecting from among the alternatives the one that is best for the organization, and specifying what actions will be taken to implement the chosen alternative. 3. When directing and motivating organization functioning smoothly. 4. The accounting and other reports coming to management that are used in controlling the organization are called feedback (7%). 5. The delegation of decision-making authority throughout an organization by allowing managers at various operating levels to make key decisions relating to their area of responsibility is called decentralization (7%). 6. A position on the organization chart that is directly related to achieving the basic objectives of an organization is called a line (7%) position. 7. A staff (7%) position provides service or assistance to other parts of the organization and does not directly achieve the basic objectives of the organization. 8. The manager in charge of the accounting department is generally known as the 9. The plans of management are expressed formally in 10. A detailed report to management comparing budgeted data to actual data for a specific time period is called a performance report (7%). 11. The Chief Financial Officer providing timely and relevant data to support planning and control activities and for preparing financial statements for external users. 12. Managerial accounting places less emphasis on data (7%) than financial accounting.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Exercise 1-2 The Business Environment [LO3] Choose the term or terms that most appropriately completes each of the following statements: 1. A(n) strategy (6%) is a game plan that enables a company to attract customers by distinguishing itself from competitors. 2. Six Sigma (6%) is a method that relies on customer feedback and objective data gathering and analysis techniques to drive process improvement. 3. A(n) business process (6%) is a series of steps that are followed to carry out some task in a business. 4. The system by which a company is directed and controlled is called corporate governance (6%). 5. The process used by a company to help identify the risks that it faces and to develop responses to those risks so that the company is reasonably assured of meeting its goals is known as enterprise risk management (6%). 6. A production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand is known as just-in-time (6%). 7. The
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/19/2008 for the course ACG 2071 taught by Professor Smith during the Fall '07 term at University of Central Florida.

Page1 / 9

Chapter 1 - Exercise 1-1 The Roles of Managers and...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online