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Accounting 211 Exam 1 with complete solutions 2024_2025
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Accounting 211 Exam 1 with complete solutions 2024_2025
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Accounting 211 Exam 1 with completesolutions 2024/2025
managerial accounting - ANSWER-field of accounting that provides economic
and financial information for managers and other internal users
main differences between managerial and financial - ANSWER-managerial:
-for internal users
-doesn't have to follow GAAP
-detailed reports for a specific decision
-reports as frequently as needed
3 activities and responsibilities of management - ANSWER-1. planning
2. directing
3. controlling
planning - ANSWER-requires management to look ahead and establish objectives
-goal is to add value (increase stock price or selling price of company)
directing - ANSWER-coordinating diverse activities and human resources to
produce a smooth-running operation
-implementing planned objectives
-selecting executives, appointing managers and supervisors, and hiring and
training employees
controlling - ANSWER-process of keeping the firm's progress on track
-determine whether planned goals are being met and any necessary changes to
get back on track
, manufacturing - ANSWER-activities and processes that convert raw materials into
finished goods
3 main types of manufacturing costs - ANSWER-1. direct materials
2. direct labor
3. manufacturing overhead
raw materials - ANSWER-basic materials and parts that are to be used in the
manufacturing process
direct materials - ANSWER-raw materials that can be physically and directly
associated with the finished product during the manufacturing process
direct labor - ANSWER-work of factory employees that can be physically and
directly associated with converting raw materials into finished goods
indirect labor - ANSWER-their efforts have no physical associated with the
finished product
ex.) wages of maintenance people, timekeepers, and supervisors
manufacturing overhead - ANSWER-costs that are indirectly associated with the
manufacture of the finished product
-includes indirect materials, indirect labor, depreciation on factory buildings and
machinery, insurance, taxes, and maintenance on factory facilities
product costs - ANSWER-include each of the manufacturing elements (direct
materials, direct labor, and manufacturing overhead)
-are not expensed until company sells the finished goods inventory
period costs - ANSWER--matched with the revenue of a specific time period
-relate to non-manufacturing costs
include selling and administrative expenses
cost of goods sold for a merchandiser - ANSWER-= beginning inventory + cost of
goods purchased - ending inventory
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