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ACC 321 Chapter 1 Exam Questions and Answers 2024/2025( A+ GRADED 100% VERIFIED).
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ACC 321 Chapter 1 Exam Questions and Answers 2024/2025( A+ GRADED 100% VERIFIED).
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ACC 321 Chapter 1management accounting is a profession that involves partnering in
-management decision making
-devising, planning, and performance management systems
-providing expertise in financial reporting and control
role of management accountant is to
assist management in the formulation and implementation of an organization's strategy
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traditionally the focus of management accounting has been on cost management but as the
business environment has become more competitive the
role of the management accountant has grown in scope and depth
the type of information used in management accounting has expanded to include
both financial and nonfinancial information
-developed and used to implement the organization's strategy
four functions of management
Strategic management
Planning and decision-making
Management and operational control
Preparation of financial statements
, strategic management
involves identifying and implementing goals and action plans to maintain a competitive
advantage
-most important management function
planning and decision making
Information is needed to support recurring decisions such as scheduling production, pricing,
repairing and replacing equipment
management and operational control
Information is needed to identify inefficient operations and reward effective management
practices
preparation of FS
information is needed to guarantee compliance with regulatory reporting requirements
the focus of cost management is on
working with management to achieve the organization's goals, through understanding the
organizations competitive environment and implementing the organization's strategy to succeed
in this environment
-often means using all of the organizations resources to identify and satisfy the customers
needs
strategic emphasis often requires
creative and integrative thinking from a cross functional viewpoint
a firm succeeds by
implementing a strategy ( a plan for using resources to achieve sustainable goals within a
competitive environment)
-strategy must have a long term focus and be adaptable to the changing environment
management accounting develops and analyzes
cost and other information to help an organization achieve its strategic goals
cost leadership
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