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Exam 1 - NAU ACC 256 Study Guide Solutions

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  • 2025/2026
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Exam 1 - NAU ACC 256 Study Guide Solutions Managerial accounting focuses on: - ANSWER-Identifying, interpreting, analyzing, and implementing the financial information internal management needs to run the company efficiently, effectively, and profitably Specifically designed to help internal ma...

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  • October 30, 2024
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  • 2024/2025
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  • Questions & answers
  • 2025/2026
  • 2025/2026
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Exam 1 - NAU ACC 256 Study Guide

Solutions


Managerial accounting focuses on: - ANSWER✔✔-Identifying, interpreting, analyzing, and implementing

the financial information internal management needs to run the company efficiently, effectively, and

profitably


Specifically designed to help internal management (no GAAP or audit requirements)


The future (planning) rather than the past (historical activity)


Summary of IMA Ethical Standards: - ANSWER✔✔-Maintain professional Competence


Preserve Confidentiality of information


Uphold Integrity


Perform duties with Credibility


Roles within the organization: - ANSWER✔✔-Internal business advisors who partner with management

to make critical business decisions


Prepare data for use within a company


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, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




Work in public companies, private businesses, and government


May also be called business advisors, analysts, finance professionals, cost accountants, managerial

accountants, industrial accountants, private accountants, or corporate accountants


Identify the different types of data: - ANSWER✔✔-Structured data: Data that is highly organized into

predefined categories, easy to search and manipulate (company's financial data)


Unstructured data: Data that is not organized in predefined categories (social media posts, digital

photos, satellite images)


Semi-structured data: Data that is both structured and unstructured


Direct Costs - ANSWER✔✔-Costs are precise and can be directly traced to the products. Examples for

automobile manufacturer: tires, glass, steel, engines (direct materials), assembly workers' wages (direct

labor)


indirect costs - ANSWER✔✔-MOH costs not easily traced to the product. Examples for automobile

manufacturer: plant utilities, plant depreciation, depreciation of machinery (other indirect costs), oils

and lubricants, VIN labels (indirect materials), janitorial staff, accounting staff, plant supervisor wages

(indirect labor)


Fixed costs: - ANSWER✔✔-Stay constant in total over a wide range of activity levels (rent, depreciation,

plant insurance, plant property taxes)



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