Exam (elaborations)
Chapter 1_ Overview of Managerial Accounting (1).
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Chapter 1_ Overview of Managerial Accounting (1).
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Chapter 1: Overview of ManagerialAccounting
Managerial Accounting - correct answer--internal decision making
-future operations
-not bound by external rules
Financial Accounting - correct answer--external
-past operations
-bound by GAAP
Managerial or Financial: Issuing a quarterly earnings report to investors - correct
answer-Financial
Managerial or Financial: Determining the cost of producing a product - correct
answer-Managerial
Managerial or Financial: Calculating a breakeven point - correct answer-Managerial
Managerial or Financial: Preparing a report for the Securities and Exchange Commission
(SEC) - correct answer-Financial
Managerial or Financial: Preparing a sales budget - correct answer-Managerial
Managerial or Financial: Preparing a Statement of Cash Flow in accordance with generally
accepted accounting principles (GAAP) - correct answer-Financial
Managerial or Financial: Choosing among competing capital projects using net present value
analysis - correct answer-Managerial
Objectives of Managerial Accounting - correct answer--Provide info for decision making,
planning, and controlling
-Capture, analyze, and report data (financial/non financial info & internal/external info)
-Summarize data in a form that is useful to internal users
3 Types of Business Entities - correct answer-1. Manufacturing
2. Merchandising
3. Service
Manufacturing - correct answer-Convert materials to a finished product through the use of
machinery and/or labor
Merchandising - correct answer-Purchase finished products from a manufacturer and then
sell the product to a customer
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