Managerial accounting questio

Time Value of Money Appendix B: Based on cognitive science, WileyPLUS with ORION provides students with a personal, adaptive learning experience so they can build subject matter proficiency and use their study time most effectively. New Review and Practice section in the book offers students more opportunities for self-guided practice. New streamlined Learning Objectives help students work through the course material more efficiently.

Managerial accounting questio

Managerial accounting questio

Ensures procurement rules are followed. Ethics and Channel Stuffing: As a management accountant, Maria has a responsibility to perform her professional duties with competence in accordance with relevant laws and regulations. Channel stuffing borders on illegal activity, especially if it is done to defraud investors by presenting results that are not achieved.

As a professional, she must communicate both favorable and unfavorable information in an objective and fair manner.

Managerial accounting questio

Thus, she cannot simply ignore the fact that the managers are engaging in this behavior. This could be the Controller or the CFO. If the matter remains unresolved she should take the issue to the Audit Committee and the Board of Directors.

Perhaps Maria should seek a confidential discussion with an objective advisor, such as her personal attorney. When all levels of internal review have been exhausted without satisfactory results, Maria should resign and submit an informative memorandum to the chairman of the Board of Directors.

Ethics and Cost Analysis: State University Business School. Choosing a location in which the decision maker has a financial interest when a lower cost equivalent location is unethical and may be illegal.

As a professional, he must communicate both favorable and unfavorable information in an objective and fair manner. Thus, he cannot simply ignore the fact that the dean is engaging in this behavior. If the matter remains unresolved she should take the issue to the oversight board for the University Regents or Trustees, for example.

Solutions to Problems Responsibility for Ethical Action: As a management accountant Dewi has a responsibility to perform her professional duties with competence in accordance with relevant laws and regulations. Clearly, overbilling the federal government is a violation of the law.

As such, Dewi might have both a legal and ethical responsibility to take some action. Thus, she cannot simply ignore the fact that Giant is involved in illegal contracting activities.

The first possible course of action is to discuss the situation with the controller. This is an appropriate approach to the problem. Always take a problem to your immediate supervisor first.

Move up the layers of management until someone is concerned and will deal with the problem. She should also consult her personal attorney to learn her legal rights and responsibilities in this situation. As for the second course of action, the proper authorities should be notified by someone in the company.

Dewi should discuss the matter with the Board of Directors only after exhausting possibilities of discussing the matter with internal management.

Cost Data for Managerial Purposes: The key is to negotiate the cost-based price prior to the signing of the contract. Considerations that affect the base costs are reflected in the following options: Only the differential production costs could be considered as the cost basis.The main objective of managerial accounting is to produce useful information for a company's internal use.

Business managers collect information that encourages strategic planning, helps them set. Below are a number of past paper questions and answers from the Syllabus that are still relevant to the CIMA P1 exam.

Whilst the same question styles may no longer be available under the CIMA syllabus they are still very useful in testing your understanding. question four The Vernom Corporation, which produces and sells to wholesalers a highly successful line of summer lotions and insect repellents, has decided to diversify in order to stabilize sales.

Chapter: Chapter Title: 1. Managerial Accounting and the Business Environment. True/False Java-based Quiz; Publisher's Multiple Choice Self-Test.; Publisher's Practice srmvision.com is a microsoft Word document and must be downloaded to your computer. 7 ‒ Use managerial accounting for decision-making.

(CLO 1, 2, 5, 8; DLO 1, 4, 5, 6; ILO 3, 5) Accounting Concentration Learning Outcomes (CLO): questions is for you to master the learning objectives for the chapter. Reread the chapter for the topics you have difficulty in answering. Meaning of gains: In financial accounting, gains often pertain to some of a company’s transactions which occur outside of the company’s main business activities.

Transactions that are outside of a company’s main business activities are referred to as nonoperating activities.

CIMA P1 Past Paper Questions and Answers - Management Accounting Mastery