Each year, we take a look back at – and test your knowledge on – the news and ideas that shaped management accounting. Here is the 2014 CGMA Magazine quiz: a 14-question summary of some of the top management accounting topics in 2014. Cyber-security, talent retention, globalisation, innovation – it’s all here.
Answers are in a link at the bottom.
1. Executive search firm Egon Zehnder compiled statistics on the makeup of Standard & Poor’s 500 companies’ boards. What were the percentages of directors with international work experience in 2008 and 2014?
a. 2% in 2008, 5% in 2014.
b. 8% in 2008, 14% in 2014.
c. 18% in 2008, 27% in 2014.
d. 30% in 2008, 16% in 2014.
2. In October, the Boston Consulting Group published its list of the 50 most innovative companies. What company was atop the list for the ninth time in a row?
3. In a panel discussion at the World Congress of Accountants in Rome, what did panellists say about remuneration for members of an organisation’s audit committee?
a. If pay offered is too high, members cannot be truly independent.
b. If pay offered is too low, it will prove difficult to attract candidates.
c. The committee’s expanded role means that members are expected to dedicate more than the previous standard of 35 days per year.
d. All of the above.
4. Supply-chain transactions pose some of the biggest risks that companies face. According to Deloitte, what percentage of managers did not know whether their company had experienced fraud, waste, or abuse in its supply chain in the previous 12 months?
5. It has been widely reported that the number of information security incidents around the world is rising. But what about the cost of such incidents? A survey by PwC showed that security incidents cost businesses an average of _________ per year.
d. $2.7 million.
6. A survey by IBM identified a group of superior performers amongst CFOs. Fill in the blank: The traits that set apart those CFOs’ finance organisations were well-developed planning and forecasting, adoption of enterprise-wide performance standards, strong risk management, effective identification of new revenue opportunities, and ___________.
a. Close relationship with the board of directors.
b. Familiarity with Big Data.
c. Strong analytical talent in finance that’s able to partner with other areas of the business.
d. Deep understanding of international accounting standards.
7. Research done on behalf of the Chartered Institute of Management Accountants (CIMA) and the American Institute of CPAs (AICPA) showed that companies see the value in bringing finance to the decision-making table. What percentage said a better partnership with finance in decision-making would help them better manage their organisations in the future?
8. What percentage of executives say that big decisions at their companies are highly data-driven?
9. High levels of stress can have a negative impact on employees’ productivity and engagement. According to Towers Watson, what is the main cause of workplace stress?
a. Inadequate staffing levels.
b. Demanding boss.
c. Boring work.
d. Insufficient pay.
10. Companies are becoming more aware of the need to focus more on employee engagement, but they’re not always doing something about it. How many executives say their companies are doing enough to adapt to globalisation and other changes?
11. Fill in the blank: Pope Francis, speaking to participants of the World Congress of Accountants in Rome, said: “Given your _____________, you are fully aware of the dramatic reality faced by so many people whose employment is precarious …”
a. Formal training.
b. Professional vantage point.
c. Outlook on the world.
d. Spot at the leadership table.
12. Nick Topazio, ACMA, CGMA, is the head of corporate reporting research at CIMA. In October, he wrote an article about integrated thinking and how it can help transform companies. On the topic of non-financial metrics, what is an example of the value of such metrics being related to the long-term financial success of a business?
a. Staff training helps to promote a positive working environment.
b. Motivated and engaged employees are more likely to provide a higher level of customer service.
c. Stronger customer service can lead to greater customer loyalty, improved reputation, new customers, and higher revenue.
d. All of the above.
13. Fraud and corruption is a global issue, but it’s more pervasive in some parts of the world than in others. On what continent did 83% of respondents in a global survey view bribery and corruption as widespread?
d. North America.
14. Consider your backdrop. Don’t wear the T-shirt of your favourite band. Make eye contact. Don’t slouch. Each of these is a preparation tip for what activity?
a. A night of karaoke.
b. Sitting for a painted portrait.
c. Trying to land a role as a movie extra.
d. Taking part in a video job interview.
For the answers, click here.
Related CGMA Magazine content:
2013 quiz: How closely did you follow CGMA Magazine’s coverage in 2013? See for yourself, by taking our quiz on news and trends in the field of management accounting.
2012 quiz: How plugged in were you to trends and news in management accounting? Take the quiz to find out.
—Neil Amato (email@example.com) is a CGMA Magazine senior editor.