Exam (elaborations)
MA Chapter 2_ Building Blocks of Managerial Accounting
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MA Chapter 2_ Building Blocks of Managerial Accounting
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MA Chapter 2: Building Blocks ofManagerial Accounting
Service Companies - ANS-in the business to sell intangible services.
Merchandising Companies - ANS-resell tangible products they buy from suppliers.
Retailers - ANS-they sell to customers like you and me.
Wholesalers - ANS-buy products from bulk manufacturers, mark up the prices, and then
sell those products to retailers.
Manufacturing Companies - ANS-use labor, plant, and equipment to convert raw
materials into new finished products.
Raw Materials Inventory - ANS-all raw materials used in manufacturing.
Work In Process Inventory - ANS-goods that are partway through the manufacturing
process but not yet complete.
Finished Goods Inventory - ANS-completed goods that have not yet been sold.
Value Chain - ANS-the activities that add value to a company's products and services.
Research and Development (R&D) - ANS-researching and developing new or improved
products or services and the processes for producing them.
Design - ANS-detailed engineering of products and services and the processes for
producing them.
Production or Purchases - ANS-resources used to produce a product or service or to
purchase finished merchandise intended for resale.
Marketing - ANS-promotion and advertising of products or services.
Distribution - ANS-delivery of products or services to customers.
Customer Service - ANS-support provided for customers after the sale.
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