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24 Cards in this Set

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  • Back

in comparing financial and management accounting, what accurately describes management accounting information

budgeted, informative, adaptable

management accounting is used for what purposes

internal

financial accounting is used for what purposed

external

one major difference between financial and management accounting is that

financial accounting reports are prepared primarily for users external to the company, management accounting is not under the jurisdiction of the securities and Exchange Commission, and government regulations do not apply to management accounting

is management or financial accounting more concerned with the future

management

broadly speaking, cost accounting can be defined as

internal reporting system that provides product cost and other information used by managers in performing their functions

cost accounting is directed toward the needs of

internal users

subset of management and financial accounting

cost accounting

a managerial accountant who communicate information objectively is exercising which standard

objectivity

a managerial accountant who prepares clear reports and recommendations after analyzing relevant facts is exercising which standard

competence

cost accounting standards

do not exist except for those legal pronouncements for companies bidding or pricing cost-related contracts with the government

which US legislation relates to bribes being offered to foreign officials

Foreign Corrupt Practices Act

the institute of Management Accountants' Code of Ethics

should be viewed as a goal for professional behavior

the foreign corrupt practices act is directed at

US corporations operating overseas

the Institute of Management Accountants issues

statements on management accounting

the ethical standards established for management accountants are in the areas of

competence, confidentiality, integrity, and credibility

primary function of the Institute of Management Accountants

provide a means to share information among cost and management accountants in the US

value chain

set of processes that convert inputs into services and products that consumers use

strategy

long-term plan that fulfills the goals and objectives of an organization

foundation of strategic resource management

value chain

financial perspective

addresses concerns about organizational growth

customer value perspective

addresses how well the organization is meeting specific customer-based criteria

learning and growth perspective

focuses on using a firm's intellectual capital to adapt to customer needs through product or service innovations

internal business perspective

addresses things that an organization needs to do well to meet customer needs and expectations