MAS (Day 1)

The manager in charge of the accounting department in an organization.

• Chief Financial Officer

• Controller

• Treasurer

• President

Management and financial accounting are used for which of the following purposes?

• MA: Internal; FA: External

• MA: External; FA: Internal

• MA: Internal; FA: Internal

• MA: External; FA: External

This consists of identifying alternatives, selecting from among the alternatives the one that is best for the organization, and specifying what actions will be taken to implement the chosen alternative.

• Planning

• Controlling

• Directing

• Motivating

This consists of preparing variance analysis to help management identify weaknesses in operations and areas for improvement.

• Planning

• Controlling

• Directing

• Motivating

A member of top management team who is responsible for providing timely and relevant data to support planning and control activities and for preparing financial statements for external users.

• Chief Financial Officer

• Controller

• Management Accountant

• Treasurer

The phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making.

• Financial Accounting

• Cost Accounting

• Corporate Finance

• Managerial Accounting

Managerial accounting places considerable weight on:

• International Financial Reporting Standards

• the historical background of the entity

• the proper bookkeeping and recording of transactions

• detailed segment reports about departments

Management accounting places more emphasis on ________ and less emphasis on ________ than financial accounting.

• nonfinancial data; precision

• actual data; estimates

• estimated data; budgets

• nonfinancial data; planning

The following are functions of a Treasurer:

• Provision for capital

• Investor Relations

• Short term financing

• All of the choices

The following are functions of a Controller, except:

• Planning for control

• Financial reporting

• Investments

• Economic Appraisal