p2

Question 1

what was strategic management accounting

Answer 1

a form of management accounting where emphasis is placed on information which relates to factors external to the entity, as well as non-financial information and internally generated information.

Question 2

why is this more future oriented

Answer 2

• because the focus is on external factors it worries about the Busi ness values and not costs

Question 3

what is goal congruence

Answer 3

• when individuals act in the self interest of themselves and group at same time

Question 4

what info can strategic management accounting provide

Answer 4

• external factors like competitors cost, customer needs, customer segmentation, etc other external factors

Question 5

controls over information

Question 6

what controls need to be inlace before a report is created

Question 7

what controls should be created to ensure efficiency amp security of data

Question 8

what controls must be in place when reports are being prepared 5 steps

Answer 8

1. carry out a cost benefit analysis on whether to do report
2. a prototype report should be made and should be checked to see if it is giving all required information
3. the report originator should be identified so any questions can go to them
   4.the report should provide limits that tell people what they are permitted to do with this information
4. the usefulness pf the report should be checked regularly to see if its needed

Question 9

what controls are required when generating internal information in ad hoc reports

Answer 9

1. carry out a cost benefit analysis
   2.ensure this info doesn’t already exist in the company
2. brief report writer so only relevant info is provided
3. ensure originator is currently identified
4. ensure report writers have access tp up to date info

Question 10

what controls are needed over distributing internal information

Answer 10

• a procedure manual that idicates what standard re[orts and when they need to be issued

-