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1.

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3 out of 3 points

Exercise 1-1 The Roles of Managers and Management Accountants [LO1]


Choose the term that most appropriately completes the following statements: 1. A position that is directly related to achieving the basic objectives of an organization is called a line position. 2. A diagram that shows how responsibility is divided among managers and shows the formal lines of reporting and communication is called an organization chart . 3. A staff position provides service or assistance to other parts of the organization and does not directly achieve the basic objectives of the organization. 4. The delegation of decision-making authority throughout an organization by allowing managers at various operating levels to make key decisions relating to their area of responsibility is called decentralization . 5. The manager in charge of the accounting department is generally known as the controller .

6. The chief financial officer is the member of the top management team who is responsible for providing timely and relevant data to support planning and control activities and for preparing financial statements for external users.
Exercise 1-1 The Roles of Managers and Management Accountants [LO1] Learning Objective: 01-1 Understand the role of management accountants in an organization.

Worksheet

Exercise 1-1 The Roles of Managers and Management Accountants [LO1]


Choose the term that most appropriately completes the following statements: 1. A position that is directly related to achieving the basic objectives of an organization is called a line position. 2. A diagram that shows how responsibility is divided among managers and shows the formal lines of reporting and communication is called an organization chart. 3. A staff position provides service or assistance to other parts of the organization and does not directly achieve the basic objectives of the organization. 4. The delegation of decision-making authority throughout an organization by allowing managers at various operating levels to make key decisions relating to their area of responsibility is called decentralization. 5. The manager in charge of the accounting department is generally known as the controller. 6. The chief financial officer is the member of the top management team who is responsible for providing timely and relevant data to support planning and control activities and for preparing financial statements for external users.

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award:

3 out of 3 points

Exercise 1-2 The Business Environment [LO2]


Choose the term that most appropriately completes each of the following statements:

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1. A(n) strategy

is a game plan that enables a company to attract customers by distinguishing itself from competitors.

2. Six sigma is a method that relies on customer feedback and objective data gathering and analysis techniques t process improvement.

3. A(n) business process

is a series of steps that are followed to carry out some task in a business.

4. The system by which a company is directed and controlled is called corporate governance

5. The process used by a company to help identify the risks that it faces and to develop responses to those company is reasonably assured of meeting its goals is known as enterprise risk management . 6. A manufacturing cell is a work space that takes employees and equipment from departments that separated from one another and places them side-by-side. 7. The various groups of people, such as employees, customers, and suppliers, whose interests are tied to a performance are called stakeholders .

8. A(n) constraint

is anything that prevents an organization or individual from getting more of what it wants.

9. Increasing the rate of output of a(n) nonconstraint profits.

as the result of an improvement effort is unlikely to have much ef

10. A(n) value chain consists of business functions that add value to a company's products and services such as resear development, product design, manufacturing, marketing, distribution, and customer service. 11. Corporate social responsibility decisions.

is a concept whereby organizations consider the needs of all stakeholders

12. A management approach that coordinates business processes across companies to better serve end consumers is kn supply chain management . 13. The lean thinking model is a five-step management approach that organizes resources around the processes and that pulls units through those processes in response to customer orders. 14. A company can only succeed if it creates a reason for customers to choose it over a competitor; in short, a proposition . 15. The Sarbanes-Oxley Act of 2002

was enacted to protect the interests of those who invest in publicly traded companie

16. A(n) non-value-added activity

consumes resources but does not add value for which customers are willing

17. The management approach that emphasizes the importance of managing constraints is known as the theory of constra .

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Exercise 1-2 The Business Environment [LO2]

Learning Objective: 01-2 Understand the basic concepts underlying Lean Production, the Theory of Constraints (TOC), and Six Sigma.

Exercise 1-2 The Business Environment [LO2]


Choose the term that most appropriately completes each of the following statements:

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1. A(n) strategy is a game plan that enables a company to attract customers by distinguishing itself from competitors.

2. Six sigma is a method that relies on customer feedback and objective data gathering and analysis techniques improvement. A(n) business process is a series of steps that are followed to carry out some task in a business.

3.

4.

The system by which a company is directed and controlled is called corporate governance.

5. The process used by a company to help identify the risks that it faces and to develop responses to those company is reasonably assured of meeting its goals is known as enterprise risk management. 6. A manufacturing cell is a work space that takes employees and equipment from departments that were from one another and places them side-by-side. 7. The various groups of people, such as employees, customers, and suppliers, whose interests are tied to a performance are called stakeholders. A(n) constraint is anything that prevents an organization or individual from getting more of what it wants.

8.

9. Increasing the rate of output of a(n) nonconstraint as the result of an improvement effort is unlikely to profits.

10. A(n) value chain consists of business functions that add value to a company's products and services such as resear development, product design, manufacturing, marketing, distribution, and customer service. 11. Corporate social responsibility is a concept whereby organizations consider the needs of all stakeholders decisions.

12. A management approach that coordinates business processes across companies to better serve end consumers is kn supply chain management. 13. The lean thinking model is a five-step management approach that organizes resources around the flow of and that pulls units through those processes in response to customer orders. 14. A company can only succeed if it creates a reason for customers to choose it over a competitor; in short, a proposition. 15. The Sarbanes-Oxley Act of 2002 was enacted to protect the interests of those who invest in publicly traded

16.

A(n) non-value-added activity consumes resources but does not add value for which customers are willing to pay.

17. The management approach that emphasizes the importance of managing constraints is known as the theory

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Exercise 1-3 Ethics in Business [LO3]


Mary Karston was hired by a popular fast-food restaurant as an order-taker and cashier. Shortly after taking the job, she was shocked to overhear an employee bragging to a friend about short-changing customers. She confronted the employee who then snapped back: "Mind your own business. Besides, everyone does it and the customers never miss the money." Mary didn't know how to respond to this aggressive stance. Required: What would be the practical consequences on the fast-food industry and on consumers if cashiers generally shortchanged customers at every opportunity? (Select all that apply.)
c If cashiers routinely short-changed customers whenever the opportunity presented itself, most of us d e f g would not count our change before leaving the counter.
b Dishonesty on the part of cashiers can have impact on other employees of the restaurant. c d e f g

c Customers do not mind being short-changed by cashiers because everyone does it. d e f g
b The net result of widespread dishonesty would be a shrunken economy with a lower growth. c d e f g
Learning Objective: 01-3 Understand the importance of upholding ethical standards.

Check All That Apply

Exercise 1-3 Ethics in Business [LO3]

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