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Management Accounting System > Introduction to Management Accounting > Flashcards

Introduction to Management Accounting Flashcards

1
Q

What is the process of management?

A

Planning, Organizing and Controlling. These are the main objectives

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2
Q

What is setting the objectives

A

Planning, future

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3
Q

Once objectives are set, translate to staffing, directing and motivating

A

Organizing

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4
Q

Checking the results. Actual vs. Standard. This is the main aspect. Evaluating the performance

A

Controlling. Past. Comparing actions

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5
Q

Do you need license for consulting?

A

No Just competence through Education, Continuing professional development, experience

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6
Q

goal of setting up a business

A

maximize shareholder’s wealth. it also focuses on resource utilization

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7
Q

difference of management accounting and management advisory services

A

ManAcct - users. Internal Users and BOD and management
- also an employee. independence is compromised

Management Advisory Services - Owners, BOD and management.
- consultants

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8
Q

Users of Management Accounting and Financial Accounting

A

MA - Management
FA - External Users

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9
Q

Applicable Standards of Management Accounting and Financial Accounting

A

MA - Best practice
FA - IFRS

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10
Q

Information being processed of Management Accounting and Financial Accounting

A

MA - Quantitative and Qualitative
FA - Quantitative

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11
Q

Emphasized quality of information of Management Accounting and Financial Accounting

A

MA- Relevance - okay for estimates because it is sometimes needed immediately
FA - Reliability

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12
Q

Purpose of Management Accounting and Financial Accounting

A

MA - decision making
FA - Financial Reporting

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13
Q

Detail of Information of Management Accounting and Financial Accounting

A

MA - Extensive
FA - summarized

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14
Q

Scope of Information of Management Accounting and Financial Accounting

A

MA - Specific segments
FA - business as a whole

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15
Q

Frequency of Management Accounting and Financial Accounting

A

MA - as the need arises
FA - periodically

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16
Q

What are the fundamental qualitative characteristics?

A

FQC = R + FC (Relevance and Faithful Representation)

17
Q

What are the enhancing qualitative characteristics

A

VCUT: Verifiability, Comparability, Understandability, and Timeliness

18
Q

Magnitude of estimates of Management Accounting and Financial Accounting

A

MA - highly used
FA - moderately used (note 3. disclosure of significant estimates)

19
Q

What is IMA

A

Institute of Management Accountants. US Based. For management accounting, this is used.

20
Q

What is IESBA?

A

For Financial Accounting, this is used. a Europe based
International Ethics Standards Board of Accountants

21
Q

IMA Principles

A

IC3
Integrity, Credibility, Competence, Confidentiality

Objectivity in IMA is just a concept, an idea. Idea of one is different to another

Principle is a universal truth and cannot be avoided.

22
Q

IESBA Principles

A

Integrity,
Objectivity - wala sa IMA
Confidentiality,
Professional behavior, - counter part of credibility in IMA
Professional competence and due care.

23
Q

IESBA Principles

A

Integrity,
Objectivity - wala sa IMA
Confidentiality, Professional behavior, Professional competence and due care.

24
Q

Established science of control which promotes the efficient use of an entity’s resources in accordance with its planned objectives

A

Controllership - working within bounds of the management. making sure resources is used efficiently

25
Q

involves the management of money and financial risks

A

Treasury Function - all money

26
Q

What accounting where engagements are recurring?

A

Financial Accounting that is why we have audit.

27
Q

What is line position

A

Vertical Position - with seniority and protocol. supervisor and subordinate

position in organization directly related to achieving basic objectives of an organization

28
Q

What is staff position

A

Horizontal - pantay pantay. This is more on support. Controller cannot be dictated on what to do,

29
Q

Define Management Accounting

A
30
Q

Management Accountant

A

not independent. staff of the business

31
Q

Management Consultancy

A

Independent.

Management Accounting System (3 decks)

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