The term strategic management accounting involves:Select one:O A. The identification, measurement and communication of cost data in all those situations where the organisation is being judged against the performance of competitorsOB. The identification of inefficient internal operationsO C. The preparation of historic financial accountsO D. a) and b) above

The term strategic management accounting involves: (D) a and b above Strategic management accounting…

Answered: The term strategic management…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The two dimensions of managerial accounting are:a. decision-facilitating and decision-influencingb. decision-facilitating and financial-influencingc. decision-influencing and profit-maximizingd. cost-minimizing and profit-maximizinge. decision-influencing and cost-minimizing
. It is an important use of managerial accounting a. determine direct cost by adding direct materials b. understand customer orientation c. recast budgeted statements according to a situation d. change variables of risk internally and externally
Management accountants are generally responsible for: Select one: O A. Detailed financial planning OB. Identifying problems within the business firm by way of variances O C. Designing and modifying the business' accounting information system O D. All of the above
Which of the following statements about responsibility accounting are correct? Select one: a. Responsibility accounting systems differ widely across organizations. b. The structure for accumulating cost information generally mirrors the structure for accumulating responsibility center information. c. Responsibility accounting is the primary responsibility of accounting staff.
Choose whether the following characteristics are most often associated with managerial accounting or financial accounting. Managerial Accounting Financial Accounting Primarily used for internal decision making Generally Accepted Accounting Principles (GAAP) must be used Prepared statements usually pertain to the company as a whole rather than individual departments or products Information provided will often be subjective, such as estimated future results Often prepared on an as-needed basis rather than at fixed intervals Use principles of the Sustainability Accounting Standards Board (SASB) to provide sustainability, information to external financial statement users Consideration of sustainability practices to contribute to the company's long-term success Using eco-efficiency measures to reduce expenses OOOO
Which of the following is not a characteristic of an effective responsibility accounting system? a) Reports that set goals for long-term strategic performance b) Reports that show revenue and/or expense items under a manager's control c) Reports that show budgeted and actual amounts of controllable revenue and expense items d) Reports that highlight areas that need corrective action

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