Exam 1 - NAU ACC 256 Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
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Module
NAU ACC 256
Institution
NAU ACC 256
Fixed costs: - Stay constant in total over a wide range of activity levels (rent, depreciation, plant
insurance, plant property taxes)
variable costs - Change in total in direct proportion to changes in volume (direct materials, direct
labor for hourly employees)
Summary of IMA Ethical Standard...
Exam 1 - NAU ACC 256
Fixed costs: - Stay constant in total over a wide range of activity levels (rent, depreciation, plant
insurance, plant property taxes)
variable costs - Change in total in direct proportion to changes in volume (direct materials, direct
labor for hourly employees)
Summary of IMA Ethical Standards: - Maintain professional Competence
Preserve Confidentiality of information
Uphold Integrity
Perform duties with Credibility
Managerial accounting focuses on: - 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)
Roles within the organization: - Internal business advisors who partner with management to make
critical business decisions
Prepare data for use within a company
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: - Structured data: Data that is highly organized into predefined
categories, easy to search and manipulate (company's financial data)
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