...Reporting, AICPA PC: None, IMA: Performance Measurement 2. One objective of the income statement is to separate the results of continuing operations from those of discontinued operations. Ans: T, SO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting 3. When the disposal of a significant segment occurs, the income statement should report both income from continuing operations and income (loss) from discontinued operations. Ans: T, SO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting 4. An event or transaction should be classified as an extraordinary item if it is unusual in nature or if it occurs infrequently. Ans: F, SO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting 5. Companies report most changes in accounting principle currently. Ans: F, SO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting 6. The loss on disposal of a significant component of a business is disclosed in the statement of retained earnings. Ans: F, SO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting 7. A...
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...The Institute of Management Accountants (IMA) and the American Institute of Certified Public Accountants (AIPCA) stress the need for their members to follow a code of ethics. The AICPA code is the primary source of guidance for those that practice public accounting while the IMA is concerned with a broader role for accounts and financial professionals that work inside the companies. There are likenesses and there are variances between the two but the main objective is to set professional standards for all types of accounting. The IMA and AICPA codes have a few similarities. Both discuss the importance of overall honesty, fairness, objectivity and responsibility that practitioners should act in accordance with as well as encourage others to do. Both express the significance of being competent, having integrity and maintain confidentiality. The IMA and AICPA emphasize the importance of continuing education and being able to perform required duties while maintaining the credibility of the organization they work for. They equally explain that behaving ethically in your professional practice requires commitment and that having the trust of your customers is top priority. The concentration on the accountant’s behavior is an overall similarity. There are also differences among them. One of the most obvious is the organizational structure. The IMA Code is significantly shorter and less “wordy”. In my opinion the IMA Code is easier to understand and describes the responsibilities...
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...permission from the instructor (DSU Graduate Catalog, P. 26). In this case, since the instructor did not allow for the use of the manual, the student is in violation. If the student is suspected of using the solutions manual, the instructor can schedule an appointment with the student for the appropriate action to be taken. Penalties can range from the failing of a final exam to dismal from the university (DSU Graduate Catalog, p. 28). Students are allowed to appeal the recommend punishment stated in the university’s undergraduate and graduate bulletins (DSU Graduate Catalog, p.28). The IMA Statement of Ethical Professional Practice is very clear on the importance of ethical behavior it expects. IMA has overarching principals that include: honesty, fairness, objectivity, and responsibly. The IMA believes that all members should adhere to these principles. Under current IMA ethical guidelines, it would not be ethical for a student to use a solutions manual on the take home exam. Three of the above...
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...explored the role of CMA (Certified Management Accountant) certification and IMA (Institute of Management Accounting) play in accountants’ and financial professionals’ career story through this article” growing your career”. The CMA is the globally recognized, and advanced-level credential appropriate for accountants and financial professionals in business. It is the key to greater career potential. As the author mentioned, there are several characteristics in the CMA credential. That is prestigious, professional, rigorous, empowering and competent. The CMA covers the in-demand skills for accountants and financial professionals in business needed on the job today as a professional and as a leader. Pursuing the CMA certification makes difference for whom want to obtain the combination skills of accounting and finance. For the compensation, the “gold standard” of management accounting credential also makes a difference. Professionals who hold the CMA credential on average earn $34,000 more in annual total compensation than their noncertified peers.* Whether candidates want to enhance the value that brings to the current position, or expand their career potential, the CMA will help them set the standard for professional excellence. IMA, the worldwide association of accountants and financial professionals working in business, empowers accountants and financial professional to drive business performance. IMA is committed to help the members which are more than 70,000 now and to expand...
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...they provide them with the necessary steps they need to finish their degree. The purpose of this paper is to provide evidence from the CNSA and Mabel, a student at the CNSA and how Mabel was provided with misrepresented information. If there was negligence and if fiduciary duty was required by the student advisor, Ima. Purpose is to convey how misrepresentation can mislead and cause damages and how negligence can occur even when it wasn’t attended. Mable Hardluck is the plaintiff and CNSA are the defendants in this case. Mabel has to waste another year finishing her courses and took courses that were irrelevant. Mabel wants to reclaim her tuition from CNSA so she could pay for the qualifying year at USNA. She is seeking damages and will portray how tort of negligence was violated and was provided with misrepresentation of information. Duty of care should be owed to every student that turns to an advisor for guidance, students can’t afford to be misrepresented and have advisors be negligent when providing them with information. Synopsis Negligent misrepresentation The advisor should have known before providing the student with information, even if Ima was mistaken and believed it was true, negligence was still characterized by the advisor. Referring to the case, “Liu v. Wantell Business Networks Corp,” the plaintiff, Jun Liu is in a similar situation as our plaintiff Mable. In this case, the allegations that were made against CNS were also about false information...
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...CHAPTER 1 INTRODUCTION TO FINANCIAL STATEMENTS SUMMARY OF QUESTIONS BY LEARNING OBJECTIVE AND BLOOM’S TAXONOMY |Item | |1. | |41. | |175. | |192. | |202. | |210. | |211. | |Item | |Item ...
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...issuing body for the CPA, and the IMA is the certification issuing body for the CMA. The AICPA stands for the “American Institute of CPA’s”, while IMA stands for the “Institute of Management Accountants”. The AICPA has six major roles in which it contributes to the well-being of accountants (Melancon, 2002). The first role is to obtain a larger involvement from the user’s of financial statements in establishing auditing standards. A second role of the AICPA is to serve as a liaison between market institutions and corporations. Also the AICPA promotes research for investors into topics that can help these individuals protect themselves against fraud. One group that does this is the Association of Certified Fraud Examiners. A fourth role is the continuous change in education rules for CPA’s. Currently, the AICPA is trying to require more credits on fraud detection. They also try and help develop educational and training materials in include in college courses. A fifth role of the AICPA is to work with other standard-setters in increasing the transparency of financial and business reporting. This is very beneficial to the community because it allows investors to be more informed before they invest in a company. It allows for safer investments. The last role of the AICPA is to promote strong corporate governance and internal controls. The IMA is also highly involved in protecting the well-being of management accounting and financing. The mission of IMA is to provide a council for research...
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...Intruding Ima and the Falsified Report An 8-year employee of your police agency, Officer Ima Goodenough, is a patrol officer who often serves as a field training officer. Goodenough is generally capable and experienced in both the patrol and detective divisions. She takes pride in being of the “old school” and has developed a clique of approximately 10 people with whom she gets along while mostly shunning other officers. As an officer of the old school, she typically handles calls for service without requesting cover units or backup. She has had six complaints of brutality lodged against her during the last 3 years. For Ima and her peers, officers who call for backup are “wimps.” She has recently been involved in two high-speed pursuits during which her vehicle was damaged when she attempted to run the offender off the road. Ima will notify a supervisor only when dealing with a major situation. She is borderline insubordinate when dealing with new supervisors. She believes that, generally speaking, the administration exists only to “screw around with us.” You, her shift commander, have been angry about her deteriorating attitude and reckless performance for some time and have been wondering whether you will soon have occasion to take some form of disciplinary action against her. You have also learned that Ima has a reputation among her supervisors as being a “hot dog.” Some of her past and present supervisors have even commented that she is a “walking time bomb”...
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...University ACCT330 –V1WW (F14) Deborah Bowsher September 21, 2014 Certified Management Accountant Certified Management Accountant (CMA) is one of the most beneficial certification obtained after receiving an undergraduate degree. In today’s high demands and competitive workforce the ability to have credentials with such employment diversity is astonishing. There are some opportunities with a wide range of employers including government agencies and private businesses. With job titles as management accountant, cost accountant, managerial accountant, industrial accountant, private accountant or corporate accountant all career opportunities are unlimited. Most employers’ believe that a CMA candidate is more qualified and experience with managing a business finances versus a noncertified candidate. The Institute of Management Accountant (IMA) is the organization that administers the CMA exam. There are 4 main requirements to sit for the CMA test. First and most important is obtaining your Bachelor’s Degree from an accredited University of College. Secondly, you must become a member of the IMA. The third requirement is passing both part one and part two of the CMA exam. Lastly, you have to have two years of continuous professional experience in management accounting or financial accounting. (IMA, n.d., How Do I Enroll in CMA) Let’s discuss IMA fees associated for the CMA certification. There are several obligatory fees that differentiate with discounts for qualified members and...
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...statements may differ because of their treatment of fixed factory overhead. ANS: T PTS: 1 DIF: Difficulty: Easy OBJ: LO: 8-1 NAT: BUSPROG: Analytic STA: AICPA: FN-Measurement | IMA: Performance Measurement | ACBSP: APC-27-Managerial Accounting Features/Costs KEY: Bloom's: Knowledge NOT: 1 min. 2. Inventory costs under variable costing include only direct materials, direct labor, and variable factory overhead. ANS: T PTS: 1 DIF: Difficulty: Easy OBJ: LO: 8-1 NAT: BUSPROG: Analytic STA: AICPA: FN-Measurement | IMA: Cost Management | ACBSP: APC-27-Managerial Accounting Features/Costs KEY: Bloom's: Knowledge NOT: 1 min. 3. Inventory under absorption costing includes only direct materials and direct labor. ANS: F Inventory under absorption costing includes direct materials, direct labor, variable factory overhead, and fixed factory overhead. PTS: 1 DIF: Difficulty: Easy OBJ: LO: 8-1 NAT: BUSPROG: Analytic STA: AICPA: FN-Measurement | IMA: Cost Management | ACBSP: APC-27-Managerial Accounting Features/Costs KEY: Bloom's: Knowledge NOT: 1 min. 4. If the number of units produced in a period is larger than the number of units sold in a period, absorption costing income will be higher than variable costing income. ANS: T PTS: 1 DIF: Difficulty: Easy OBJ: LO: 8-1 NAT: BUSPROG: Analytic STA: AICPA: FN-Measurement | IMA: Cost Management | ACBSP: APC-27-Managerial Accounting Features/Costs KEY: Bloom's: Knowledge NOT: 1 min. 5. If the number of units produced in a period is smaller than the number...
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...EXAM 2 True/False Indicate whether the statement is true or false. ____ 1. Manufacturing and service firms producing unique products or services require process-costing accounting systems. ____ 2. In process costing, each producing department has its own work-in-process account. ____ 3. The difference between actual overhead and applied overhead is the overhead variance. ____ 4. Using a time ticket, the cost accounting department can enter the cost of direct materials onto the correct job-order cost sheet. ____ 5. Process costing accumulates costs by processing departments rather than by individual jobs. ____ 6. Process costing is most appropriate for manufacturers of homogeneous products. ____ 7. A production report contains information on costs transferred in from prior departments as well as costs added in the department such as direct materials, direct labor, and overhead. ____ 8. Equivalent units of output are the complete units that could have been produced given the total amount of manufacturing effort expended for the period under consideration. Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 11. The predetermined overhead rate is a.|calculated at the end of the month.| b.|equal to actual overhead divided by actual activity level for a period.| c.|equal to estimated overhead divided by actual activity level for a period .| d.|calculated at the beginning of the year.| ____...
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...of 2015 yall ready know, No one can tell me nothing ,cuz I got my cash right,an I re uped last night,every single day like procedure,ima dope boy dealer,an keep that understood,cuz all nigghas wish they fuckin could. Don’t disrespect that, that’s my word so don’t test that,my click is apart of it,an ur crew was startin shit,so we they left you beat just standin there in da street,for 15 gs of weed,er body know Ill get what I need,so I plead to get these pigs off of me, hot boy,an I love it,if you se da cops you better start runnin,they all after me cuz I stay stuntin,an it aint nothin, cuz you gotta stay thugggin,if you aint you better start rerunning,or they guna start gunnin down,lead like rain,just storm of pain,memories burnt in my brain,smoke so many blunts its insane,all the way from CT to MAINE,maybe even to the urkraine,an ill leave a stain in the game,or even have my name in fame,an then ill truly make it rain, Moneys everything me, with me cash is the only thing you see,benjamins is whatcha you read,if you aint down then you can leave,then I can proceed,to lead a team of starters,and I feel like a million dollars,cuz we all ballers,maybe ima scoller,helpin niggaz finda doller,cbs crazy an aint no boddy wilder,some say I got a crazy team,especially when we sippin on the lean,an smoking ounces of the green, thats about 18 Gs just for me,hot headed when I drop ur boys like submarines,leave ur whole crew dead like a pack of sardines, ima shark and yous fishes,like yousa...
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...In the article “Don’t Leave Your Hand in the Cookie Jar,” the author states that John Davies and Karl Schumaker have totally opposite opinions about how to make the year-end adjusting entries for 2009. John is an assistant controller. He has a master’s degree in accounting, is a CPA, and has three years of solid experience with a major accounting firm. Karl, John’s immediate boss, a controller, is 20 years older than John, and he has a B.S. in management and a general M.B.A. from a top graduate school. Moreover, he has over 25 years of corporate accounting and finance experience even though he has no public accounting experience. The adjusting entries in question consist of accounts receivable bad debt, product returns, and product warranties. The accounts receivable bad debt is the first accounting adjustment they have different opinion. Karl would to prefer to bring the bad debt up to 3% of sale this year from 2.75% last year because he thinks an economic slowdown is coming. Besides, Karl believes in conservative accounting, so he thinks that the accountants should use the least favorable amount. However, John thinks the bad debt should be keep as same as 2.5%. John said that he does not see the need to bump up the bad debt percentages, and he mentioned they can adjust it in future as needed. The second adjusting entry they hold the opinion differ from each other is product returns. Karl wants to keep the 1% on product returns, but John thinks the product returns should...
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...for taking the CMA exam, as well as to maintain your CMA certificate but they are only mediocre compared to the benefits the Certified Management Accountant Certificate can do for you. The CMA exam is administered, developed and graded by the Board of Regents of the Institute of Certified Management Accountants. (Institute of Certified Managment Accountants, 2009, p. 2) The Board of Regents also has the responsibility to evaluate and validate the CMA applications to make sure they have meant all the requirements to be a CMA. (Institute of Certified Managment Accountants, 2009, p. 2) To be eligible to take the CMA exam you much first become a member of the IMA and pay an entrance fee, $200 for regular members but only $75.00 for any students. (Institute of Certified Managment Accountants, 2009, p. 3) Once a member of IMA the Board of Regents will make sure that you have a Bachelors Degree from an accredited university, if the degree is not from an accredited university it could be accepted but only after being evaluated by an independent agency. (Institute of Certified Managment Accountants, 2009, p. 3) Candidates for the CMA certification must complete two continuous years of work in a management accounting field or financial management field prior to the exam or within seven years of passing the...
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...busy. So when a new change is implement into the workplace that has a little impact on performance. Changes are easily ignored. Making changes successfully in a company requires specific leadership skills and management strategies which including effective communication and alignment to initiate changes and reduce resistance. The goal of this case study is to analyze problems of an accounting company, BestAccountants, PC (B-AC) when it faced a system change from 2008 to 2009 by using structural and human resource frames. 2. Background Information BestAccountants, PC (B-AC) is located in southern U.S. It is a medium sized accounting firm which engages in personal tax work and company accounting. The goal of B-AC’S Managing Partner, Ima Bigwig, was to create a “paperless office”. To achieve her goal, she instantly decided to develop some changes, which were having a new system, database, and accounting software to decrease the usage of paper and physical storage in the office. Thus she grouped a team to design a training program to teach their staff how to use the new system in order to raise productivity and access documents more...
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