ICCT Colleges Foundation Inc.
V.V Soliven Ave. II, Cainta, Rizal
College of Business and Accountancy
MACTG01 – MANAGEMENT ACCOUNTING PART 1
1st Quiz (Prelim)
June 22, 2019, Saturday, 9:00 p.m. to 10:00 p.m.
Name: _____________________________________ Section: ____________ Score: __________
CASE 1: The Roles of Managers and Management Accountants
Listed below are a number of terms that relate to organizations, the work of management, and the
role of managerial accounting:
Budgets
Chief Financial Officer
Controller
Decentralization
Directing and Motivating
Feedback
Financial Accounting
Treasurer
Managerial Accounting
Nonmonetary Data
Performance Report
Staff
Precision
Line
Planning
Choose the term or terms above that most appropriately complete the following statements:
1. _______________________ is concerned with providing information for the use of those who
are inside the organization, whereas 2. ____________________ is concerned with providing
information for the use of those who are outside the organization.
3. _______________________ consists of identifying alternatives, selecting from among the
alternatives the one that is best for the organization, and specifying what actions will be taken
to implement the chosen alternative.
4. When __________________________, managers oversee day-to-day activities and keep the
organization functioning smoothly.
5. The accounting and other reports coming to management that are used in controlling the
organization are called ___________________________.
6. 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
___________________________.
7. A position on the organization chart that is directly related to achieving the basic objectives of
an organization is called a _____________________________ position.
8. A _________________________ position provides service or assistance to other parts of the
organization and does not directly achieve the basic objectives of an organization.
9. The manager in charge of the accounting department is generally known as the
___________________________.
10. The plans of management are expressed formally in ________________________________.
11. A detailed report to management comparing budgeted data to actual data for a specific time
period is called a ____________________________.
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12. The ______________________________ 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.
13. Managerial accounting places less emphasis on _____________________________ and more
emphasis on 14. _____________________________ than financial accounting.
15. ________________________ has custody of cash and funds invested in various marketable
securities, generally responsible for maintaining relationships with investors, banks, and other
creditors.
CASE 2: Organizational Chart
Prepare an organization chart (highlighting the accounting functions) of XYZ Company, which has
the following positions:
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
VP, Sales
Internal Audit Manager
Treasurer
Payroll Clerk
General Accounting Manager
Accounts Receivable Clerk
Budget and Standard Cost Analyst
Special Studies Manager
Assistant Controller
Accounts Payable Clerk
m. General Ledger Bookkeeper
n. Performance Analyst
o. Tax Manager
p. Cost Accounting Manager
q. Cost Clerk
r. Billing Clerk
s. VP, Finance
u. VP, Production
v. Assistant Manager
w. President
CASE 3: Ethics in Business
Marian Reyes 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
shortchanging customers. She confronted the employee who then snapped back: “Mind your own
business. Besides, everyone does it and the customers never miss the money.” Maria 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?
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END OF EXAMINATION -
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