Certified Management Accountant Exam With 100% Correct And Verified Answers

Certified Management Accountant Exam With 100% Correct And Verified Answers Budget - Correct Answer-A planning tool, control tool, motivational tool, and a communication tool. Helps communicate to all employees what goals the firm is trying to accomplish. Incremental goals - Correct Answer-must be achieved each month or week. especcially important in seasonal business controllability - Correct Answer-Extent to which a manager can influence activities and related revenues and costs. Controllable costs - Correct Answer-Costs that are under the discretion of a particular manager Noncontrollable costs - Correct Answer-Costs to which another level of the organization has committed, removing the manager's discretion. The planning process... - Correct Answer-Coordinates the efficeint allocation of organization resources Standard costs - Correct Answer-Predetermined expectation about how much a unit of input, a unit of output, or a given activity should cost. Authoritative(top-down) Approach to standard setting - Correct Answer-Ensures total consistency accross all functional areas. Far less complex and time-consuming than coordinating input from the middle and lower levels Participative(Grass Roots) Approach - Correct Answer-Uses input from middle- and lower-level employees. Participation encourages employees too have a sense of ownersip of the output of the process. Correlation - Correct Answer-Linear relationship between two variables, expressed mathematically in terms of the coeffcient of correlation(r). Range from 1(perfect correlation) to -1(perfect inverse correlation) Coefficient of determination - Correct Answer-R^2. A measure of how good the fit is between the two variables. The proportion of the totla variation in the dependent varialbe that is account for by the independent variable. Regression(least-squares) analysis - Correct Answer-process of deriving the liner equation that describes the relationship btwn two variables with a nonzero coeffcient of correlation. y=a+bx. Good for