Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
24 Cards in this Set
- Front
- Back
in comparing financial and management accounting, what accurately describes management accounting information |
budgeted, informative, adaptable |
|
management accounting is used for what purposes |
internal |
|
financial accounting is used for what purposed |
external |
|
one major difference between financial and management accounting is that |
financial accounting reports are prepared primarily for users external to the company, management accounting is not under the jurisdiction of the securities and Exchange Commission, and government regulations do not apply to management accounting |
|
is management or financial accounting more concerned with the future |
management |
|
broadly speaking, cost accounting can be defined as |
internal reporting system that provides product cost and other information used by managers in performing their functions |
|
cost accounting is directed toward the needs of |
internal users |
|
subset of management and financial accounting |
cost accounting |
|
a managerial accountant who communicate information objectively is exercising which standard |
objectivity |
|
a managerial accountant who prepares clear reports and recommendations after analyzing relevant facts is exercising which standard |
competence |
|
cost accounting standards |
do not exist except for those legal pronouncements for companies bidding or pricing cost-related contracts with the government |
|
which US legislation relates to bribes being offered to foreign officials |
Foreign Corrupt Practices Act |
|
the institute of Management Accountants' Code of Ethics |
should be viewed as a goal for professional behavior |
|
the foreign corrupt practices act is directed at |
US corporations operating overseas |
|
the Institute of Management Accountants issues |
statements on management accounting |
|
the ethical standards established for management accountants are in the areas of |
competence, confidentiality, integrity, and credibility |
|
primary function of the Institute of Management Accountants |
provide a means to share information among cost and management accountants in the US |
|
value chain |
set of processes that convert inputs into services and products that consumers use |
|
strategy |
long-term plan that fulfills the goals and objectives of an organization |
|
foundation of strategic resource management |
value chain |
|
financial perspective |
addresses concerns about organizational growth |
|
customer value perspective |
addresses how well the organization is meeting specific customer-based criteria |
|
learning and growth perspective |
focuses on using a firm's intellectual capital to adapt to customer needs through product or service innovations |
|
internal business perspective |
addresses things that an organization needs to do well to meet customer needs and expectations |