Managerial Accounting 2020 - Ch. 1
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18 terms
Terms | Definitions |
|---|---|
 Planning | Setting goals and objectives for the company and determining strategies to achieve them. |
| Decision Making | Identifying alternative courses of action and choosing among them. |
| Directing | Running the company on a day-to-day basis. |
| Controlling | Determining whether the company's units are operating according to plan. |
| Competence | Continuing to develop skills and knowledge. |
| Confidentiality | One does not disclose company information unless authorized to do so. |
| Integrity | Avoid actual and apparent conflicts of interest. |
| Credibility | One does not bias the information and reports presented to management. |
| Costing | Not one of the four primary responsibilities of management. |
| Internal Decision-Maker | An example of one who uses managerial accounting. |
| Characteristics of managerial accounting information | Emphasizes relevance; Focus is on the future; Provides detailed information about parts of the company. |
| Treasurer | A company position that is in charge of raising the firm's capital. |
| Internal Audit Department | Reports to the audit committee. |
| Management Accountant skills | Include written and oral communication skills; knowledge of how a business functions; analytical skills; ability to work on a team. |
| Integrity example | An accountant refuses an expensive gift from a software salesperson. |
| Provisions of the SOX Act of 2002 | The penalties for corporate fraud have increased; At least one audit committee member should be a financial expert; CEO and CFO must certify that the financial statements fairly present the company's operation and financial condition. |
| Helpful tools in today's market | Include JIT, ERP, and TQM. |
| IMA's Ethical Principles | Include honesty, fairness, objectivity, and responsibility. |
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