BUS 215 Chapter 1 || Well-Enlightened.
managerial accounting correct answers concerned with with providing information to
managers for use within the organization
segment correct answers a part or activity of an organization about which managers would
like cost, revenue, or profit data
Managerial accounting helps managers perform three vital activities correct answers planning
(establishing goals and specifying how to achieve them), controlling (gathering feedback to
ensure that the plan is being properly executed), decision making (selecting a course of action
from competing alternatives)
budget correct answers a detailed plan for the future that is usually expressed in formal
quantitative terms.
performance report correct answers compares budgeted data to actual data in an effort to
identify and learn from excellent performance and to identify and eliminate sources of
unsatisfactory performance. Can be used as one of many inputs to help evaluate and reward
employees
Decision making correct answers revolve around what should we be selling? who should we
be serving? how should we execute?
Ethical behavior correct answers without it: less available to consumers, quality would be
lower, and prices would be higher
Institute of Management Accountants correct answers adopted ethical code The statement of
Ethical Professional Practice that describes ethical responsibilities of accountants
statement of Ethical Professional Practice correct answers maintain high level of professional
competence, treat sensitive matters with confidentiality, personal integrity, and disclose
information in credible fashion
strategy correct answers "game plan" that enables a company to attract customers by
distinguishing itself from competitors
customer value propostions correct answers customer intimacy, operational excellence, and
product leadership
customer intimacy correct answers choose us bc we can customize our products/services to
meet individual needs
operational excellence correct answers choose us bc deliver products and services faster and
conveniently at lower price
product leadership correct answers choose us bc offer high quality products
Enterprise risk management correct answers process used by company to identify risks and
develop responses that enable it to be reasonably assured of meeting its goals
managerial accounting correct answers concerned with with providing information to
managers for use within the organization
segment correct answers a part or activity of an organization about which managers would
like cost, revenue, or profit data
Managerial accounting helps managers perform three vital activities correct answers planning
(establishing goals and specifying how to achieve them), controlling (gathering feedback to
ensure that the plan is being properly executed), decision making (selecting a course of action
from competing alternatives)
budget correct answers a detailed plan for the future that is usually expressed in formal
quantitative terms.
performance report correct answers compares budgeted data to actual data in an effort to
identify and learn from excellent performance and to identify and eliminate sources of
unsatisfactory performance. Can be used as one of many inputs to help evaluate and reward
employees
Decision making correct answers revolve around what should we be selling? who should we
be serving? how should we execute?
Ethical behavior correct answers without it: less available to consumers, quality would be
lower, and prices would be higher
Institute of Management Accountants correct answers adopted ethical code The statement of
Ethical Professional Practice that describes ethical responsibilities of accountants
statement of Ethical Professional Practice correct answers maintain high level of professional
competence, treat sensitive matters with confidentiality, personal integrity, and disclose
information in credible fashion
strategy correct answers "game plan" that enables a company to attract customers by
distinguishing itself from competitors
customer value propostions correct answers customer intimacy, operational excellence, and
product leadership
customer intimacy correct answers choose us bc we can customize our products/services to
meet individual needs
operational excellence correct answers choose us bc deliver products and services faster and
conveniently at lower price
product leadership correct answers choose us bc offer high quality products
Enterprise risk management correct answers process used by company to identify risks and
develop responses that enable it to be reasonably assured of meeting its goals
