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BUS 215 CHAPTER 1

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BUS 215 CHAPTER 1 managerial accounting - CORRECT ANSWER-concerned with with providing information to managers for use within the organization segment - CORRECT ANSWER-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 ANSWER-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 ANSWER-a detailed plan for the future that is usually expressed in formal quantitative terms. performance report - CORRECT ANSWER-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 ANSWER-revolve around what should we be selling? who should we be serving? how should we execute? Ethical behavior - CORRECT ANSWER-without it: less available to consumers, quality would be lower, and prices would be higher Institute of Management Accountants - CORRECT ANSWER-adopted ethical code The statement of Ethical Professional Practice that describes ethical responsibilities of accountants statement of Ethical Professional Practice - CORRECT ANSWER-maintain high level of professional competence, treat sensitive matters with confidentiality, personal integrity, and disclose information

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