Session:1 Accounting as a Tool for Managers
Questions
Principles of Accounting, Volume 2: Managerial Accounting | Leadership Development – Micro-Learning Session
Rice University 2020 | Michael Laverty, Colorado State University Global Chris Littel, North Carolina State University| https://openstax.org/details/books/principles-managerial-accounting
1. 1.1 Carlita believes an important part of the planning process for managers is being sure to position the
company to achieve its goals. She thinks that positioning is an extensive concept and can depend on the right
information and that managerial accountants assist in positioning the company. Is she correct? Explain.
2. 1.1 What are some activities and tasks a manager might perform when engaging in the controlling
function of management responsibilities?
3. 1.1 If there are deviations from the stated goals and objectives, what steps can managers take to get
back on track? Provide at least two specific examples.
4. 1.1 Explain how managerial accountants help managers plan, control, and evaluate.
5. 1.1 How do the subject matter of reports and the verification of reports differ between financial
accounting and managerial accounting?
6. 1.2 What is the purpose of management accounting?
7. 1.2 Who are the primary users of the information gathered by managerial accountants?
8. 1.2 What are the key differences between financial accounting and managerial accounting?
9. 1.3 Other than accounting skills, what six qualities must be prevalent in a managerial accountant?
10. 1.3 Explain how having more than one of the accounting credentials would be beneficial to an
accounting career.
11. 1.3 Briefly discuss the chain of command for someone being hired into an organization as a staff
managerial accountant.
12. 1.3 According to the information available at http://www.accounting.com/careers/, what are six
different areas of accounting on which you can focus your career?
13. 1.3 According to the information on management accounting available at http://www.accounting.com/
careers/, what are some areas of specialization?
14. 1.3 Go to http://www.accounting.com/careers/ and look up your state to find projected job growth and
projected salaries.
15. 1.4 What other professional business organizations have a code of ethics?
16. 1.4 How can having a bonus system based purely on sales goals create an environment that
encourages unethical behavior?
17. 1.4 What led to the United States Congress passing the public accounting reform act called SarbanesOxley?
18. 1.5 What is an enterprise resource planning (ERP) system? What are the principal benefits of such a
system?
19. 1.5 Describe what is meant by the term “balanced” in the term balanced scorecard method.
20. 1.5 What is corporate social responsibility, and who are the stakeholders?