Mng Acc Prep Exam Guide Questions Fully Solved.

Managerial accounting - correct answer is concerned with providing information for the use of people inside the organization, whereas financial accounting is concerned with providing information for the use of people outside the organization. Planning - correct answer 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. Directing and Motivating - correct answer managers oversee day-to-day activities and keep the organization functioning smoothly. Feedback - correct answer The accounting and other reports coming to management that are used in controlling the organization are called Decentralization - correct answer 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 Line - correct answer A position on the organization chart that is directly related to achieving the basic objectives of an organization is called Staff - correct answer provides service or assistance to other parts of the organization and does not directly achieve the basic objectives of the organization. Controller - correct answer The manager in charge of the accounting department is generally known as Budgets - correct answer The plans of management formally expressed. Performance Report - correct answer A detailed report to management comparing budgeted data to actual data for a specific time period Chief Financial Officer - correct answer the member of the top management team who is responsible for providing timely and relevant data to support planning and control activities and for preparing financial statements for external users. Work in Process - correct answer Inventory consisting of units of product that are only partially complete at the end of a period is known as Six Sigma - correct answer a method that relies on customer feedback and objective data gathering and analysis techniques to drive process improvement. Business Process - correct answer a series of steps that are followed to carry out some task in a business. Corporate Governance - correct answer The system by which a company is directed and controlled is called Enterprise Risk Management - correct answer 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 Just-In-Time - correct answer 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 Business Risks - correct answer Poorly designed products that cause health problems for customers and financial statements that overstate the amount of revenue generated by the organization Non Value Added Activity - correct answer Increasing the output of something unlikely to generate more profit Value Chain - correct answer consists of business functions that add value to a company's products and services, such as research and development, product design, manufacturing, marketing, distribution, and customer service. Enterprise System - correct answer integrates data from across an organization into a single centralized database that enables all employees to access a common set of data. Code of Professional Ethics - correct answer contains details of how its members should conduct themselves in their dealings with the public. Lean Thinking Model - correct answer a five-step management approach that organizes resources around the flow of business processes and that pulls units through those processes in response to customer orders. Customer Value Proposition - correct answer A company can succeed only if it creates a reason for customers to choose it over a competitor Sarbanes-Oxley Act of 2002 - correct answer represents an important reform of corporate governance practices and among other things requires the CEO and CFO to certify in writing that financial statements fairly represent the results of operations. Corporate Social Responsibility - correct answer organizations considering the needs of all stakeholders when making decisions