Pdf Management Accountants Participation In Strategic Management Processes

Although the CEO was not accused of wrongdoing, he settled with the SEC and agreed to pay back cash bonuses, stock, and stock options received during the periods when the financial fraud was committed. Use standards of ethical conduct to resolve ethical conflicts facing accountants. The tax accountant is responsible for determining the income taxes to be paid to various government agencies. For each of the six questions listed at the beginning of this section for Sportswear Company, determine who within the company would be responsible for providing the appropriate information. Assume Sportswear has the same organizational structure as the one shown in Figure 1.1 “A Typical Organization Chart”. The person who assists in preparing tax reports for governmental agencies.

Give three examples of actions that might result from such an analysis. Explain why it is necessary for an organisation to undertake a PEST analysis. Making the product available in the right place at the right time – including choosing appropriate distribution channels. Promoting the product in a way which creates maximum customer awareness and persuades potential customers to make the decision to purchase the product.

For which, he has to consult the same with functional managers and top executives. In nutshell, management accountant is the person preparing the information according to the needs of the management in an intelligible form and submitted at required time. These reports are presented before each level of management with the most useful data at the most appropriate time.

LO 1.5An inventory system that organizations use to increase efficiency and decrease waste is ________. LO 1.5A company’s attempts to utilize sustainable business practices with regard to its employees, the environment, and society are known as ________. amesoftware LO 1.4When a representative of an organization gives money to another business official in order to gain favor and/or manipulate a business decision, this is known as ________. LO 1.2External users of accounting information would include ________.

They must be introduced into the process in both work-in-process inventories and finished goods inventories. They must be an integral part of the finished product, but can be an insignificant portion of the total product cost. They must be an integral part of the finished product and be a significant portion of the total product cost. Indicate whether each item should be categorized as direct materials, direct labor, manufacturing overhead, selling, or general and administrative. Describe the three inventory accounts used to record product costs.

To help managers to decide on new capital budgeting decisions. Break-even point refers to the situation where a company’s revenues and expenses were equal within a specific accounting period. The preparation as budget director, in conjunction with other officers and department heads, of an annual budget covering all activities of the corporation of submission to the Board of Directors prior to the beginning of the fiscal year. The authority of the Controller, with respect to the veto of commitments of expenditures not authorized by the budget shall, from time to time, be fixed by the board of Directors. A diagram of the operating structure of an organization is called an organization chart.

The cost of completed goods transferred from work-in-process inventory into finished goods inventory. Examples of general and administrative costs include salaries and bonuses of top executives and the costs of administrative departments, including personnel, accounting, legal, and information technology. These costs have two components—selling costs and general and administrative costs—which are described next.

The company will recognize sales on the balance sheet of $150,000. The company will recognize $90,000 gross profit on the balance sheet. Which of the following is false in regards to direct materials for an auto manufacturer?

Also indicate whether the cost should be recorded as an expense when the cost is incurred or as an expense when the goods are sold. The cost of materials necessary to manufacture a product that are not easily traced to the product or not worth tracing to the product. The costs of materials necessary to manufacture a product that are not easily traced to the product or that are not worth tracing to the product. Labor performed by workers who convert materials into a finished product and whose time is easily traced to the product. Raw materials used in the production process that are easily traced to the product. If the immediate superior cannot reach a satisfactory resolution, the problem should be presented to the next higher managerial level.

All costs related to the production of goods; also called manufacturing costs. Assume you are the CFO for an electronics consulting firm with annual revenues of $30,000,000 and annual profit of $5,000,000. The current accounting system is used for basic functions, such as issuing checks, creating invoices, and processing payroll. The company is considering upgrading its accounting system by purchasing an ERP system. Describe the factors to be considered by the company in making this decision. Although several personnel would likely be involved, the managerial accountant is responsible for providing financial projections.