...Financial accounting refers to accounting and oversight of the companies have completed a comprehensive system of campaign funds, that the external economic stakes of investors, creditors and the government departments concerned and enterprises to provide economic information of the financial position and profitability as the main target carry out economic activities. Financial Accounting is an important foundation work of modern enterprises, through a series of accounting procedures, provided useful information for decision-making, and actively participate in management decisions, improve the economic efficiency of enterprises, service in the healthy and orderly development of the market economy. Management accounting, also known as "internal report accounting", it means: to present and future campaign funds, to enhance economic efficiency for the purpose of internal managers provide the scientific basis for management decision-making as the goal of economic management activities. Popular financial accounting is the total company accounting processes, cost accounting is the part of management accounting is a financial accounting calculation based on future projections of the company. In economic management, accounting work is an important part of one is closely linked to the effective operation of economic and accounting work. Comparison of management accounting and financial accounting for the study of accounting work in-depth research and analysis. Overview of management...
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...accounting information system is an information system that produces outputs using inputs and processes needed to satisfy specific managerial objectives. 2. The inputs of a management accounting information system are economic events. The processes transform the inputs into outputs and are such things as collecting, measuring, storing, analyzing, reporting, and managing. Typical outputs include special reports, product costs, customer costs, performance reports, budgets, and personal communication. 3. The three objectives of a management accounting information system are as follows: To provide information for costing out services, products, and other objects of interest to management; to provide information for planning, controlling, evaluation, and continuous improvement; and to provide information for decision making. 4. All organizations — manufacturing, merchandising, and services — must have a good management accounting information system. Management accounting concepts and procedures are not restricted to any one type of organization. 5. The users of management accounting information are managers and workers within the organization. Anyone internal to an organization is a potential user of management accounting information. 6. Management accounting information is used to cost out objects (for example, services and products) and to aid in planning, controlling, evaluation, continuous improvement, and decision making. 7. Both financial and nonfinancial information should be...
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...behavior. In 1972, the first CMA exam and accreditation was administered to accounting professionals (CMA Handbook, 2012). Forty years later, the program has developed into an internationally recognized program. Individuals who wish to distinguish themselves from thousands of other accountants have the opportunity for a board of regents to review their credentials and pass a two-part examination, which will provide certification. The areas of expertise include: financial planning, analysis, control, and decision support (CMA Handbook, 2012). This paper will cover the basic requirements of following the CMA designation and benefits it will bring. The first step that must be taken by a candidate is becoming a member of the Institute of Management Accountants. Becoming a member requires paying dues and upholding the ethical/professional stance of the organization. To fulfill the educational requirements of a CMA, an individual must receive a bachelor’s degree, in any major, from an accredited university or college. A complete listing of pre-approved schools is found at http://univ.cc/world.php (CMA Handbook, 2012). Just because a school is not on the list, does not mean a person cannot meet this particular criterion. He or she will need to submit the school and a notarized official transcript for evaluation. An entrance fee into the program is required of everyone. However, this payment provides much more than just a lighter wallet. Not only does this provide CMA exam support documents...
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...2013-2014 CPA, CMA Candidate’s Guide 2013-2014 Candidate’s Guide Note to Readers Dear Candidates: You have chosen the CPA profession, one of the most demanding and enriching that there is. We congratulate you and promise to do everything we can to make this the best choice for your professional development. Specially designed for you, this guide provides detailed descriptions of all components of the CMA Strategic Leadership Program, at the end of which all conditions for obtaining the CPA designation should be fulfilled. This guide is an essential tool that you should read carefully since it outlines all of the rules governing the Program. These rules are intended to ensure, on the one hand, that all candidates master the skills necessary to practice the profession and, on the other hand, that everyone is treated equally. It is in this spirit that the moderators, correctors and staff of the Order make sure that they are respected. Note: Wherever there is a difference in interpretation, the French version of this Guide will prevail over the English version. o Happy reading! 2 2013-2014 Candidate’s Guide Table of contents Note to Readers Chapter 1 CMA Strategic Leadership Program (SLP) 1.1 1.2 SLP objectives and basics The SLP in steps 1.2.1 Phase 1 - Development 1.2.1.1 Learning activities 1.2.2 Case Examination 1.2.3 Phase 2 - Application 1.2.4 Report to the Board 1.2.5 Practical experience Evaluation methods for learning activities and national...
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...demonstrate competency through verifiable work experience. Candidates must be able to apply the acquired knowledge and skills from the CMA Competency Map at an overall CS-2 level. The duration of work experience will be twenty-four months and all experience must be pre-approved by the Provincial/Territorial Society, as must any changes. Provincial and territorial offices may continue to monitor work experience throughout the duration of the candidate’s accreditation process. The candidate shall provide a written report on the nature, duration and time of the practical experience completed, which shall be verified by the candidate’s employer. Steps to be followed: 1. Candidates are to complete a self-evaluation, using the tables provided. Candidates will look at each competency sub-category and asses where their competency should be ranked (i.e. CS 1 (Acquisition), CS 2 (Basic Proficiency), CS 3 (Advanced Proficiency) or CS 4 (Mastery)). 2. For every competency within each function and enabling competency category, candidates are to provide a recent example of how this competency has been demonstrated in the workplace. This will support your overall ranking in each area (i.e. CS 1 through to CS 4). 3. All reports must be verified by your manager, or a CMA who is knowledgeable of your work experience, before submitting this report to the CMA office. The employer is verifying the examples provided, not confirming the competency level at which the candidate is working...
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...Information Technology Page 2 of 103 © CMA Ontario, 2011 Information Technology .................................................... Error! Bookmark not defined. 1 Foreword ....................................................................................................................... 4 2 Introduction ................................................................................................................... 4 3 Section 1 – The Business of IT ..................................................................................... 5 3.1 Defining Information Technology (IT) .................................................................. 5 3.2 IT Jobs & Roles ..................................................................................................... 6 3.3 Link between Corporate Strategy and IT ............................................................... 9 3.4 Organization of IT departments ........................................................................... 10 3.4.1 Additional IT Human Resources Factors ...................................................... 11 3.5 Use of Consultants ............................................................................................... 11 3.6 Outsourcing .......................................................................................................... 12 3.7 Augmenting the Technology Decision Making Process ...................................... 14 3.7.1 Technology vs. The Marketplace...
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...CMA Ontario Accelerated Program FINANCIAL ACCOUNTING IFRS MODULE 1 Financial Accounting – Module 1 Table of Contents 1. Financial Statements and the Conceptual Framework 2. The Statement of Cash Flow 3. Revenue Recognition 110 4. Cash 139 5. Accounts Receivable 147 6. Notes Receivable/Payable 163 7. Inventory 187 8. Capital Assets 214 9. Liabilities 278 10. Shareholders’ Equity 310 11. Accounting for Pensions 341 12. Earnings per Share 384 13. Accounting for Leases 405 14. Accounting for NonProfit Organizations 437 15. Financial Statement Analysis 475 Page 2 3 77 CMA Ontario – September 2009 Financial Accounting – Module 1 1. Financial Statements and the Conceptual Framework The purpose of this section is to provide a high level review of the accounting cycle, the preparation of financial statements and the conceptual framework. If you are reading this before the course has started, we recommend that you spend as much time as you can working in the Financial Accounting Primer that you received with the course materials. In fact, we would recommend that you only spend time working with the primer until the day the course starts. Chapter 1 of the FA Primer should be read as a preamble to this chapter. The Accounting Cycle The accounting cycle describes the process whereby individual transactions get compiled to eventually becoming financial statements. The cycle is as follows: 1. Transaction: the company enters into a transaction...
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...140 SU 3: Profitability Analysis and Analytical Issues QUESTIONS 3.1 Profitability Ratios Questions 1 and 2 are based on the following information. The financial statements for Dividendosaurus, Inc., for the current year are as follows: Balance Sheet Cash Accounts receivable Inventory Net fixed assets Total $100 200 50 600 $950 Accounts payable Long-term debt Capital stock Retained earnings Total $140 300 260 250 $950 1. Dividendosaurus has return on assets of A. 21.1% B. 39.2% C. 42.1% D. 45.3% 2. Dividendosaurus has a profit margin of A. 6.67% B. 13.33% C. 14.33% D. 46.67% 3. In the current year, Griffin Inc. had $15 million in sales, while total fixed costs were held to $6 million. The firm’s total assets at year-end were $20 million and the debt/equity ratio was calculated at 0.60. If the firm’s EBIT is $3 million, the interest on all debt is 9%, and the tax rate is 40%, what is the firm’s return on equity? A. 11.16% B. 14.4% C. 18.6% D. 24.0% 4. White Knight Enterprises is experiencing a growth rate of 9% with a return on assets of 12%. If the debt ratio is 36% and the market price of the stock is $38 per share, what is the return on equity? A. 7.68% B. 9.0% C. 12.0% D. 18.75% Statement of Income and Retained Earnings Sales $ 3,000 Cost of goods sold (1,600) Gross profit $ 1,400 Operations expenses (970) Operating income $ 430 Interest expense (30) Income before tax $ 400 Income tax (200) Net income $ 200 Plus Jan. 1 retained earnings 150 Minus dividends (100) Dec...
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...their relations with school boards, legislators, and governors”( Standardized tests, 1976). Critics have demonstrated that many standardized test are biased because their questions tap a set of knowledge and skills more likely to be possessed by children from a privileged background (Kohn, 2000). Most tests are written by people who don’t have any experience teaching students. Students from different cultures may lace higher importance on different skills. They may be stronger or weaker in areas tested compared to other students of different backgrounds. Therefore, skills not accounted for or reflected in test questions cannot accurately assess students. Corrective measures for improving education become difficult because of loss of information from scoring standardized tests. Students are tested on what answers are right and wrong which makes testing difficult to accurately assess student’s abilities. Standardized...
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...ACCOUNTING [SUMMARY] What is Management Accounting? Management Accounting is the process within an organization that provides information used by an organization’s managers in planning, implementing and controlling the organization’s activities. Management Accounting as One Type of Information Information is a fact, datum, observation, perception or nay other thing that adds to knowledge. An organization’s day-to day activities requires a considerable amount of operating information. This information provides the raw materials for the summarized information that is reported in the financial accounting and management accounting processes. Management Accountants Those employees of an organization who are responsible for the design and operation of the management accounting system are called management accountants. Treasurer – responsible for more outward directed tasks such as arranging loans and other external sources of funds. Steps to become a Certified Management Accountant File an application for admission and register for the CMA examination Pass all four parts of the CMA examination within a three year period Satisfy the experience requirement of two continuous years of professional experience in management and/or financial accounting prior to or within seven years of passing the CMA examination. Comply with the standards of ethical conduct for practitioners of management accounting and financial management ...
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...QUIZ NO. 1 – DECENTRALIZATION, BALANCED SCORECARD and TRANSFER PRICING PART 1-MC THEORIES (1.5 POINT EACH) 1. Graduating, Inc., uses an accounting system that charges costs to the manager who has been delegated the authority to make the decisions incurring the costs. For example, if the sales manager accepts a rush order that will result in higher-than-normal manufacturing costs, these additional costs are charged to the sales manager because the authority to accept or decline the rush order was given to the sales manager. This type of accounting system is known as A. Responsibility accounting. B. Functional accounting. C. Reciprocal allocation. D. Transfer price accounting. Answer (A) is correct. (CMA, adapted) REQUIRED: The system in which additional costs are charged to the manager with authority for their incurrence. DISCUSSION: In a responsibility accounting system, managerial performance should be evaluated only on the basis of those factors directly, regulated (or at least capable of being significantly influenced) by the manager. For this purpose, operations are organized into responsibility centers. Costs are classified as controllable and non-controllable, which implies that some revenues and costs can be changed through effective management, If a manager has authority to incur costs, a responsibility accounting system will charge them to the manager’s responsibility center. However, controllability is not an absolute basis for establishment of responsibility...
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...Exercise 2-3 To: Jim Kakes From: Zhenqun Huang Subject: Suggestion about CMA Date: Sep. 10 2012 This memo is in response to your questions hiring a CMA. This memo will first explain Certified Management Accountant (CMA) and then discuss the value of CMA to the company. After you know the designation of CMA, you will be better able to decide whether the extra amount salary is worth. What Is Certified Management Accountant (CMA)? The title Certified Management Accountant (CMA) is used by various professional bodies around the world to designate their different professional certifications. CMA is also called as The Institute of Management Accountants (IMA) in the United State. IMA is a collective voice of accountants and financial professionals around the world who work in business, with job responsibilities distinct from those in public accounting. The Value of CMA to the Company IMA raises awareness of management accounting, which includes jobs in decision support, plan, and control positions. Some common job titles for management accountants include: Chief Financial Officer (CFO), Treasurer, Vice President of Finance, Controller, Treasurer, Finance Manager, Internal Auditor, Corporate or Division Planner, Cost Accountant, and Staff Accountant. The four-part CMA exam covers a wider body of knowledge, including Business Analysis, Management Accounting and Reporting, Strategic Management, and Business Applications which give the accounting staff a broader background...
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...Module 3 – Assignment 5 Practice Case Examination Backgrounder The background information relating to the Case Examination (Backgrounder) is provided to candidates in advance of the examination date. The Backgrounder contains information about both the company and the industry involved in the case. Candidates are expected to familiarize themselves with this information in preparation for the analysis that will be required during the Case Examination. Candidates should note that they will not be allowed to bring any written material, including the advance copy of this Backgrounder, into the examination centre. A new copy of this Backgrounder, together with Additional Information about the company and a supplement of formulae and tables, will be provided at the writing centre for the Case Examination. Only the following models of calculators are authorized for use during the Case Examination: 1. Texas Instruments 2. Hewlett Packard 3. Sharp TI BA II Plus (including the professional model) HP 10bII+ (or HP 10bll) EL-738C (or EL-738) Candidates are reminded that no outside research on the industry related to this case is required. Examination responses will be evaluated on the basis of the industry information provided in the Backgrounder and the question paper (Additional Information). © 2014 The Society of Management Accountants of Canada. All rights reserved. ®/™ Registered Trade-Marks/Trade-Marks are owned by The Society of Management Accountants of Canada. No part of this...
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...Examination TABLE OF CONTENTS May 2013 Case Examination Page Case Question: Backgrounder ................................................................................... 1 Additional Information ..................................................................... 15 General Comments on Performance ....................................................... 30 Steps for Approaching Business and Corporate Strategy ........................ 41 Marker Assessment Guide ....................................................................... 48 Solution Notes for Markers....................................................................... 58 Sample Response – Successful Attempt #1 ............................................ 79 Sample Response – Successful Attempt #2 .......................................... 111 Sample Response – Unsuccessful Attempt ........................................... 152 May 2013 Case Examination May 2013 Case Examination Backgrounder The background information relating to the Case Examination (Backgrounder) is provided to candidates in advance of the examination date. The Backgrounder contains information about both the fictitious company and the industry involved in the case. Candidates are expected to familiarize themselves with this information in preparation for the analysis that will be required during the Case Examination. Candidates should note that they will not be allowed to bring any written material, including the advance...
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...MODULE 1, ASSIGNMENT 3 August 2, 2011 Livoria Sandwiches Inc. It was 2:00 a.m. and Paul Livoria sat in the corner stall of his restaurant staring out the window into the parking lot. His brother Sam was in the kitchen cleaning up after a very long day. Paul felt very restless, partially because of the seven cups of coffee he had had, but mostly because he was feeling very overwhelmed. He thought to himself, “Running these two restaurants shouldn’t be so complicated.” At age 46, maybe it was time for a change. The Birth of Livoria Sandwiches Inc. Brothers Paul and Sam Livoria founded Livoria Sandwiches Inc. as a Canadian Controlled Private Corporation (CCPC) in December 2000, but began operations in January 2001. Both brothers had worked for Link Motor Company in the City of Dawkins (a major city of 275 sq. km) in one of its manufacturing plants. Paul was a truck production supervisor and Sam was an automobile line worker. Unfortunately, in 2000, both brothers were laid off as there was a huge decline in the automotive sector. With the severance packages they received, Paul and Sam opened up their first store. Both of them have no formal business training and many decisions have been made through “trial and error.” After five years of positive growth, Paul and Sam decided to open up a second location in a high-traffic area in Zone 1 (five kilometres away from each other) in Dawkins. Below is a map of the city: © 2011 The Society of Management Accountants of Canada. All...
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