Review Questions :

1. Certificate of Management Accounting (CMA) Certificate in Public Accounting (CPA) Certificate in

Internal Auditing (CIA)

2. Ultimately, there isn't one absolute best accounting certification. They're all good for different things.
However, the Certified Public Accountant credential is the oldest and most respected accounting
designation in the profession. CPAs are known and respected across all industries because the CPA
license is the most popular and useful certification in the accounting industry.

3. Strategic management is the most important of the management fufunction Involves identifying and
implementing goals and action plans to maintain a competitive advantage.

4. Management accountants are actively involved in the process of managing the entity. This process
includes making strategic, tactical, and operating decisions while helping to coordinate the efforts of the
entire organization. To fulfill these objectives, the management accountant accepts certain
responsibilities that can be identified as (1) planning, (2) controlling, (3) evaluating performance, (4)
ensuring accountability of resources, and (5) external reporting.

5. Management accounting is an integral part of the controller's function. In most organizations, the
controller reports to the chief financial officer, who is a key member of the top management team.

6. There are 3 guidelines help management accountants increase their value to managers are: 1)
Employing a cost-benefit approach 2) Recognizing behavioral as well as technical considerations 3)
Identifying different costs for different purposes

7. Management accounts have ethical responsibilities that relate to competence, confidentiality,

integrity, and credibility.

8. YES, Planning is really much more vital than control because iy establish and maintain an integrated
plan of operation consistent with the company's goals and objectives, both short and long term,
analyzed and revised, as required, communicated to all levels of management, with appropriate systems
and procedures installed.

9. Staff and line are names given to different types of functions in organizations. And the Modem
controllers do not do any controlling in terms of line authority except over ther own departments. Yet,
the modern concept of controllership maintains that controller does control in a special sense. That is,
by reporting and interpreting relevant data (problem-solving and attention-directing roles), the
controller exerts a force or influence that impels management toward making better-informed
decisions.

11.