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ACC 201 Umaine Exam 1questions and answers 2025 already graded A+.
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ACC 202 (ManagerialAccounting) - Exam #1
questions and answers 2025
already graded A+
Three Major Management functions - answer Planning, Directing &
Controlling
Planning - answer requires management to look ahead and
establish objectives
Directing - answer coordinate diverse activities and human
resources of a company to keep operations running smooth
Activity based costing - answer Method of allocating overhead
based on a product's use of activities in making the product
Benefits of activity based costing - answer 1.) More accurate
costing
2.) More careful scrutiny of all activities in value chain
Just in time inventory - answer inventory system in which goods
manufactured or purchased just in time for sale
Theory of constraints - answer approach used to identify and
manage constraints in order to achieve company goals
Total quality management - answer systems implanted to reduce
defects in finished products with goal of achieving zero defects
, value chain - answer business processes associated with proving a
product or performing a service
Triple bottom line - answer evaluation of a company's social
responsibility performance with people, planet and profit
Process cost system - answer used when companies manufacture
large of volume of similar products as production is continuous
Stockholders - answer Who is typical at the top of organization
charts?
Poor cost accounting - answer Selling and making the wrong
products, buying product components that can be made at a lower
cost and misallocating capital
Managerial accounting - answer field of accounting that provides
economic and financial information for managers and other internal
users
Purpose of managerial accounting - answer Provide special
purpose information for specific decisions
Statements of managerial accounting - answer Reports are
prepared as frequently as needed
Content of managerial accounting - answer pertains to subunits of
business, very detailed, standards relevant to decisions
No - answer Are there internal audits for internal reports by
managerial accounting?
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