ReviewSheetGMEX1
Management Control Systems Course.
Review Sheet for the first exam.
Chapter 1. Cost Management and Strategy.
Be capable
to explain the essence and the focus of the management control systems. to explain the difference between management accounting and financial accounting, to name four functions of management from chapter 1 and explain how managerial accounting facilitates execution of these functions. to name recent changes in the business environment that had a significant impact on the management accounting function. to name stages of the classification of the historical development of the management control systems, according to Robert Kaplan. to recall the appropriate terms for the variety of contemporary management techniques (e.g., lean accounting, enterprise resource planning) when the definition of the technique is given. to explain the essence of the variety of contemporary management techniques (e.g., enterprise resource planning, total quality management, activity-based costing, the balanced scorecard). to distinguish between financial and non-financial performance benchmarks/critical success factors that might be used in the context of the management accounting. to describe the essence, advantages, and potential threats of two strategic positioning approaches introduced by Mark Porter: Cost leadership vs. Differentiation. to recognize the pursued strategic positioning approach when the specific example is given and to evaluate the appropriateness of a choice (is such strategic positioning appropriate in the given circumstances). to name four main standards of ethical behavior from the IMA Statement of Ethical Professional Practice and to recognize the underlying principles behind each of these standards. to name three steps recommended by IMA for resolution of the ethical conflict. to identify the essence of the ethical dilemma and the IMA’s principle at stake. to suggest the appropriate ways to resolve the ethical dilemma. to name five steps
Review Sheet for the first exam.
Chapter 1. Cost Management and Strategy.
Be capable
to explain the essence and the focus of the management control systems. to explain the difference between management accounting and financial accounting, to name four functions of management from chapter 1 and explain how managerial accounting facilitates execution of these functions. to name recent changes in the business environment that had a significant impact on the management accounting function. to name stages of the classification of the historical development of the management control systems, according to Robert Kaplan. to recall the appropriate terms for the variety of contemporary management techniques (e.g., lean accounting, enterprise resource planning) when the definition of the technique is given. to explain the essence of the variety of contemporary management techniques (e.g., enterprise resource planning, total quality management, activity-based costing, the balanced scorecard). to distinguish between financial and non-financial performance benchmarks/critical success factors that might be used in the context of the management accounting. to describe the essence, advantages, and potential threats of two strategic positioning approaches introduced by Mark Porter: Cost leadership vs. Differentiation. to recognize the pursued strategic positioning approach when the specific example is given and to evaluate the appropriateness of a choice (is such strategic positioning appropriate in the given circumstances). to name four main standards of ethical behavior from the IMA Statement of Ethical Professional Practice and to recognize the underlying principles behind each of these standards. to name three steps recommended by IMA for resolution of the ethical conflict. to identify the essence of the ethical dilemma and the IMA’s principle at stake. to suggest the appropriate ways to resolve the ethical dilemma. to name five steps