Managerial Accounting (Ch 1.1) Part 2

What must managerial accountants decide?

What types of MA info to provide managers, how to measure the info, when and whom to communicate info

What is the board of directors?

Elected by stockholders and responsible for developing strategic goals of the corporation

What are line positions?

Directly involved in providing g/s to customers

What are staff positions?

Support the line positions

What are the 4 important standards for ethical issues from IMA?

competence, confidentiality, integrity, credibility

What is competence?

know your stuff, follow rules, give good intel

What is confidentiality?

Don’t spill secrets, set rules for use of info, don’t cheat

What is integrity?

Avoid conflicts/communicate, don’t be biased, protect profession’s reputation, profession over personal interest

What is credibility?

communicate fair and objective, tell whole story, admit mistakes and weaknesses, know your limits