Functions of Organization
Types of Management
Managerial vs Financial Accounting
Cost Accounting Basics
IMA Code of Ethics
100

Enumerate the 2 broad functions of an organization.

line function

staff function

100

sometimes called as administrative level

•Top Management

100

They both deals processing information which is useful in decision-making.

Managerial Accounting and Financial Accounting

100

Cost accounting is a systematic set of procedures for recording and reporting measurements of the ______________  and performing services in the aggregate and in detail

cost of manufacturing goods

100

What does IMA stands for?

Institute of Management Accountants

200

It is the one that is directly involved in the core operations of the company such as sales and production.

•Line Function

200

What does the top management consists?

Chief Executive Officer(CEO) and the Board of Directors (BOD)

200

What does a Managerial Accounting processes?

It processes economic information to be used by management in making decisions.

200

________ utilizes cost accounting concepts. Cost accounting provides the needed values to be reported in the financial statements, especially in the computation and presentation of cost of sales.

FINANCIAL ACCOUNTING

200

Give the four standards of IMA Code of Ethics

Competence

  -Confidentiality

  -Integrity

  -Credibility

300

It provides advisory and support to the organization.

•Staff Function

300

Enumerate the levels of management. (in order)

•Top Management

•Middle Management

•Low level Management

300

________ involves preparation of general-purpose financial statements used by various users in making informed decisions

Financial Accounting

300

•MANAGERIAL ACCOUNTING provides information to the members of the management for ______ purposes, and this information may include cost information from cost accounting.

decision-making

300

A standard that requires of being updated on industry knowledge and skills.

competence

400

How does the management accountants performs Staff function?

They support the company by providing information to enable decisions which are vital for the company’s performance and continuity.

400

They implement and execute the plans and policies set by the top managements.

•Middle Management

400

Who are the users of managerial accounting?

Internal

400

WHat is the main function of COST ACCOUNTING?

the cost accumulation and allocation to determine cost values

400

A standard that asks to Act with honesty and fairness

integrity

500

•Is the branch of accounting that focuses on providing information for internal parties-i.e. the company’s management, to aid in decision-making

Managerial Accounting

500

What is the responsibility of those under the low level management?

responsible in directing and controlling the day-to-day operations of the company.

500

Differentiate managerial and financial accounting in terms of Compliance with Accounting Standards and Time Orientation.

financial accounting-Required;Historical

managerial accounting-Not Required;Current and Future

 

500

Differentiate Cost accounting to Managerial and Financial Accounting

COST ACCOUNTING is in itself a separate subset, but is present in both managerial accounting and financial accounting

500

Name atleast one standard for COde of Ethics that you will explain and support it with example.

1.Competence:

1.Stay updated on industry knowledge and skills.

2.Example: Regularly attending professional development courses to ensure accurate financial reporting.

2.Confidentiality:

1.Protect sensitive information.

2.Example: Not sharing a company's upcoming merger details outside of work.

3.Integrity:

1.Act with honesty and fairness.

2.Example: Declining gifts from a vendor to avoid conflicts of interest.

4.Credibility:

1.Provide clear and accurate information.

2.Example: Ensuring financial statements are free of misleading data.