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19 Cards in this Set

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  • Back
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Define Management Accounting:

Management Accounting is the application of the principles of accounting and financial management to create, protect, preserve and increase value of the stakeholders of for profit and not for profit enterprises in the public and private sectors.

CIMA Definition

What are the four main characteristics of management accounting?

1. Internal focus


2. No legal requirement


3. No set formats or rules


4. Main purposes are planning, controlling and decision making.

What are the four main characteristics of financial accounting?

1. External focus


2. Required by law


3. Governed by rules and regulations


4. Purpose is the production of statutory accounts

What are three different levels of planning within an organisation?

1. Strategic


2. Management


3. Operational

Name the five main characteristics of information at strategic level planning:

1. Forecast


2. Long term


3. Subjective


4. Wide


5. Summarised

Name the five main characteristics of information at operational level planning:

1. Historic


2. Short term


3. Objective


4. Narrow


5. Detailed

Information should be ACCURATE. In the ACCURATE acronym what do the two A's stand for?

Accurate


Authoritative

Information should be ACCURATE. In the ACCURATE acronym what do the two C's stand for?

Cost beneficial


Complete

Information should be ACCURATE. In the ACCURATE acronym what does the U stand for?

Understandable

Information should be ACCURATE. In the ACCURATE acronym what does the R stand for?

Relevant

Information should be ACCURATE. In the ACCURATE acronym what does the T stand for?

Timely

Information should be ACCURATE. In the ACCURATE acronym what does the E stand for?

Easy to use

List the five fundamental principles of CIMA ethics:

1. Integrity


2. Professional behaviour


3. Objectivity


4. Professional competence and due care


5. Confidentiality

When was CIMA established?

1919

What is the world's largest professional body of management accountants?

CIMA

List the three main finance function roles of management accountants:

1. Dedicated business partners


2. Shared service centre (SSC)


3. Business process outsourcing (BPO)

List the the three main attributes of dedicated business partners:

1. Part of business


2. Strong business relationships


3. Detailed knowledge

List the the three main attributes of shared service centres (SSC):

1. Cost saving


2. Best practice


3. Consistency

List the the three main attributes of business process outsourcing (BPO):

1. Cost saving


2. Specialists


3. Releases capacity