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ACCT 241, Test 1 Questions and Answers
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ACCT 241, Test 1 Questions and Answers (Financial Accounting) -primary users of reports external users (Financial Accounting) -types of reports financial statements (Financial Accounting) -frequency of reports quarterly and annually (Financial Accounting) -purpose of re...

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  • November 12, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • acct 241 test 1 questions and answers
  • financial accounting primary users of reports e
  • financial accounting types of reports financial

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ACCT 241, Test 1 Questions and
Answers
(Financial Accounting)
-primary users of reports - answer external users

(Financial Accounting)
-types of reports - answer financial statements

(Financial Accounting)
-frequency of reports - answer quarterly and annually

(Financial Accounting)
-purpose of reports - answer general-purpose

(Financial Accounting)
-content of reports - answer generally accepted accounting principles

(Financial Accounting)
-verification process - answer annual audit by certified public accountant

(Managerial Accounting)
-primary users of reports - answer internal users

(Managerial Accounting)
-types of reports - answer internal reports

(Managerial Accounting)
-frequency of reports - answer as frequently as needed

(Managerial Accounting)
-purpose of reports - answer special-purpose information for specific decisions

(Managerial Accounting)
-content of reports - answer relevance to decisions

(Managerial Accounting)
-verification process - answer no independent audits

Managerial accounting reports focus on manufacturing and nonmanufacturing costs, but
are also used in the budget process. - answer false

, Financial accounting reports pertain to subunits of the business and are very detailed -
answer false

Managerial accounting reports must follow GAAP and are audited by CPAs - answer
false

Managers' activities and responsibilities can be classified into three broad functions:
planning, directing, and controlling. - answer true

Financial accounting focuses on providing information to internal users - answer
false

Staff positions are directly involved in the company's primary revenue-generating
activities. - answer false

Preparation of budgets is part of financial accounting - answer false

Managerial accounting applies only to merchandising and manufacturing companies -
answer false

Both managerial accounting and financial accounting deal with many of the same
economic events - answer true

Managerial accounting reports are prepared only quarterly and annually - answer
false

Financial accounting reports are general-purpose reports - answer true

Managerial accounting reports pertain to subunits of the business - answer true

Managerial accounting reports must comply with generally accepted accounting
principles - answer false

The company treasurer reports directly to the vice president of operations - answer
false

Salaries for assembly line inspectors - answer direct labor or manufacturing
overhead

Insurance on factory machines - answer manufacturing overhead

Property taxes on the factory building - answer manufacturing overhead

Factory repairs - answer manufacturing overhead

Upholstery used in manufacturing furniture - answer direct materials

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