Quantitative-methods MCQ, Assignments of Strategic Management

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ACC 213(2903) WEEK 2 Let’s Check

1. A
2. C
3. C
4. C
5. D
6. D
7. A
8. B
9. C
10. D
11. A
12. A
13. B
14. D
15. B

ACC 213(2903) WEEK 2 Let’s Analyze Activity 1.

1. If you become a management accountant, what do you think would be your role in the organization that you will be joining? What principles and standards should you observe to become an effective management accountant? As a management accountant, my duties are composed of collecting, recording and reporting financial data from several units of an organization, observe and analyze their budget and suggest their funding and allocation, also identify trends and opportunities for improvement, analyze and manage risk, arrange the funding and financing of operations, and monitor and enforce compliance. We also need to coordinate with all concerned departments to make an overall analysis of the company’s functioning capital and availability of funds and then report all the information to senior management and board of directors. To become an effective management accountant I should observe honesty which means an accountant should be straightforward and honest in all professional and business relationship, objectivity which means should not allow bias, conflict of interest or undue influence of others to override professional or business judgments, confidentiality which means information acquired should not be to any third parties, credibility or a client or employer receives competent professional service, fairness, responsibility, confidence. To abide by ethical principles and standards is important to become effective management since it has a big impact on the organization's decision making.
2. Explain why having an ethical behavior important for a management accountant. Ethical behavior for the workplace is a moral code or professional standard that guides how someone performs her job or applied to employees' conduct regarding profession matters. It is an important attribute for professionals such as a management accountant to demonstrate integrity, keep things confidentiality, act professionally, maintain public trust, and demonstrate honesty and fairness to their profession since it will show their attitude, behavior, respect for others, and communication. As professional it is expected to act like one when you’re running a business and handling your books. Ethical behavior also drives interactions with other employees, customers, and leadership.

ACC 213(2903) WEEK 2 Research CONTRAST COMPARE FINANCIAL ACCOUNTING  Focused on issuing financial statements to outside parties.  Only deals in historical costs (only actual costs and figures)  There is no aspect of forecasting. It is simply a record of the financial position of the firm.  Financial accounting is recorded at the end of a particular financial period.  The recording is always done on the actual transactions only. There’s no place for estimation. Financial and Cost Acc: Both cost accounts and financial accounts involve the process of matching the costs and revenues of the related activity for the current period. Both cost accounts and financial accounts disclose the profit or loss of the business COST ACCOUNTING  Inwardly focused on management decisions.  Uses both historical and pre-determined costs (standard costs, estimates etc.)  Cost accounting is restricted to cost-related data.  Forecasting is possible using some of the budgeting technique.  Cost accounting system uses quantitative cost data that can be measured in monitory terms. Cost and Management Acc: Both used by internal management at different level. A timely forecasting is needed with taking consideration of market uncertainties to budgeting. MANAGEMENT ACCOUNTING  To assist the management in taking rational policy decisions and to evaluate the impact of its decisions and actions.  Provides historical and predictive information for future decision-making.  Uses financial accounting data as well as cost accounting data.  Uses both quantitative and qualitative data. It also uses those data that cannot be measured in terms of money.  Efficient and effective performance of a concern is the primary role of management accounting. Management and Fin Acc: Both deal with economic and business events. Both try to quantify the results of business activity and transactions. Both use the same set of data and information systems to produce their required results. Every report generated in both systems has a direct or indirect influence on each other.

FINANCIAL

ACCOUNTING

ACC 213(2903) WEEK 2 REFERENCES: Bragg, S. (2020, January 04). The difference between cost accounting and financial accounting. Retrieved August 28, 2020, from https://www.accountingtools.com/articles/what-is-the-difference-between-cost- accounting-and-financial.html Difference Between Cost Accounting and Financial Accounting. (2020, July 16). Retrieved August 28, 2020, from https://www.wallstreetmojo.com/cost- accounting-vs-financial-accounting/ Chandran, M. (2016, November 03). Difference between financial,cost and management accounting. Retrieved August 28, 2020, from https://www.slideshare.net/MidhunChandran1/difference-between-financialcost- and-management-accounting