Managerial Accounting (with Complete Solutions)

managerial accounting correct answers the gathering and preparing of accounting information that is used within a company to help ensure the organization's goals are met effectively and efficiently internal users correct answers people inside the company; ex. managers, accountants, etc extern...

Strategy correct answers - An accepted definition does not exist - General direction to achieve goals and objectives derived from the organization's mission (purpose) and vision ( how it wants to be perceived by the outside world) Planning correct answers - Selecting a course of action. - Must...

Direct costs correct answers Costs that can be easily and conveniently traced to a unit of product or other cost object. Examples: direct material and direct labor Indirect costs correct answers Costs that cannot be easily and conveniently traced to a unit of product or other cost object. Example...

What is the primary purpose of Managerial Accounting? correct answers Assisting Managers What are some characteristics of managerial accounting? correct answers -no rules (no GAAP) -not mandatory -insiders -is dealt with in segments -relevance -focuses on the present/future *decision makin...

What is one of the main differences between managerial and financial accounting? correct answers Managerial is focused on future plans; financial is focused on past results A company that typically reports three types of inventory (raw materials, work-in-process, and finished goods) is called a c...

A company sell pretzels for $1.50/bag. Their February ending inventory was $1600. Marketing prepares the following forecast: correct answers (c ) 15,700 Same info as no 1. What is the sales budget for January? correct answers 24,300 Budgets are correct answers (d) Uses by individual, staffs...

Define managerial accounting: correct answers Managerial accounting is defined as the activities carried out in a firm that provide its managers and other employees with financial and related information to help them make strategic, organizational, and operational decisions. What does managerial ...

Managerial AND financial accounting both deal w/ economic events of a company (T/F) correct answers True The reports prepared for managerial accounting purposes are less detailed than those for financial accounting purposes (T/F) correct answers False. Reports for managerial accounting purposes...

Who uses Managerial Accounting? correct answers Internal users in the company (managers) What does Managerial Accounting Provide? correct answers Economical and Financial information about the company Primary users of Reports (Financial vs Managerial) correct answers F: External: creditors, st...

Planning correct answers The process of setting goals and making plans to achieve them Strategic plans correct answers Sets firm's long term directions Budget correct answers Short term planning more operational Control correct answers Process of monitoring planning decisions and evaluate ...

which of the following types of companies would have work in process inventory? Service, Merchandising, and Manufacturing correct answers Manufacturing Which of the following is not an activity in the value chain? correct answers Administration A cost that can be traced to a cost object is kno...

Indirect Labor is a part of? A. Prime Cost / B. Conversion Cost / C. Period Cost / D. Nonmanufacturing Cost correct answers B. Conversion Cost The difference between the overhead cost applied to Work in Process and the actual overhead costs of a period is termed ? correct answers unde...