The IMA definition of management accounting states that
A) management accounting is the process of gathering, reporting, and analyzing information for management decision making.
B) management accounting is a profession that involves preparation and analysis of cost information, budgeting, and performance measurement and analysis to assist managers in decision making.
C) management accounting involves partnering in management decision making, planning, and performance measurement to assist in the formulation and implementation of an organization's strategy.
D) management accounting is a set of practices in which accountants, working within companies, help managers to make better decisions based on accurate financial information.
Answer: C) management accounting involves partnering in management decision making, planning, and performance measurement to assist in the formulation and implementation of an organization's strategy.
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Cost Accounting Chapter 1
- The IMA ethical standard that requires the management accountant to act with integrity
- The strategy map can be compared to the balanced scorecard (BSC) in that
- Firms that want to grow quickly in the global marketplace often employ the cost leadership strategy because
- To determine whether a particular action is professionally ethical or not, using the Institute of Management Accountants Statement of Ethical Professional Practice, it is necessary to know:
- Professional certifications are issued by the American Institute of Certified Public Accountants (AICPA), the Institute of Management Accountants (IMA), the Chartered Institute of Management Accountants (CIMA), and the Chartered Professional Accountants of Canada (CPA-Canada), among other professional accounting organizations. The Certificate in Management Accounting (CMA) is issued by the
- A management method in which managers and employees commit to a process of continuous improvement is best described as
- Cost management has evolved from a focus on measurement to one of identifying those measures that are critical to the organization's success. Given this new focus, indicate which one of the following types of cost management systems cost managers are likely to be striving for.
- Walmart, Costco, and Dollar General are retailers that probably compete on the basis of
- The management accountants in an organization probably report directly to the
- Management accounting, as defined by the IMA, uses the expertise of the management accountant to
- Which of the following is the correct sequence in which cost management information is developed and used?
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