Data
What kind of data do managerial accountants look at to see if the company met its budget?
They look at costs, sales, and actual results and compare them to the budget.
What is one job a managerial accountant can have?
A managerial accountant can work as a controller.
What is one-way companies try to stop fraud?
They create strong internal controls.
What do organization charts show?
They show who reports to whom in a company.
What is the main purpose of managerial accounting?
To help managers make decisions for the future.
(Financial accounting is for external users and looks at the past.)
What does data analytics help managers find?
Its help them find patterns and information in data.
What skill is important for managerial accountants?
Being able to analyze financial information.
Why is ethics important for managerial accountants?
Because managers depend on honest information. If reports are false, it can lead to bad decisions and fraud.
Who is usually at the top of an organization chart?
The Chief Executive Officer (CEO).
What type of information does managerial accounting provide?
It provides information to help managers run the business.
What is one reason companies compare actual results to their budget?
To see if they are spending too much or staying on track.
Which parts of the management process do managerial accountants help with?
They help with all parts: planning, making decisions, directing, controlling, and improving.
What is one way fraud can happen?
Fraud can happen when someone has an opportunity to steal or cheat.
What is one thing an organization chart helps employees understand?
It shows who they report to and who is in charge.
What does managerial accounting help managers do?
It helps managers plan and make decisions.
What does data visualization help people do?
Its helps people see information clearly using charts and graphs.
What is one industry where managerial accountants can work?
They can work in manufacturing, healthcare, tech, or almost any business.
What percentage of business does fraud effect?
100%
Who uses managerial accounting information inside a company?
Managers and employees inside the company.
What does the managerial accounting system collect?
Cost information.
What’s the fifth level of cognitive analysis?
Prescriptive.
What's the top-level financial manager called?
CFO (Chief financial Officer)
How can a company reduce the chance of fraud?
By having strong internal controls, like requiring approval for payments.
What does the board of directors do?
Sets goals and hires CEO.
Why do managers use managerial accounting information?
To help them plan for the future and make better decisions.