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ACC 312 - Final Exam(164 questions with answers).
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ACC 312 - Final Exam(164 questions with answers).
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ACC 312 ~ FinalExam(164
questions with
answers)
Chapter 1: The changing role of managerial
accounting in a dynamic business environment
Non-homework questions, class notes, or book
notes!!
HW: What are the four basic management
activities? DPDC
Decision making, planning, directing operations,
and controlling
HW: Out of the four basic management activities,
which one is for "choosing among the available
alternatives"?
decision making
HW: Out of the four basic management activities,
which one is for "developing a detailed financial
,and operational description of anticipated
operations "?
planning
HW: Out of the four basic management activities,
which one is for "running the organization on a
day-to-day basis"?
directing operations
HW: Out of the four basic management activities,
which one is for "ensuring that the organization
operates in the intended manner and achieve its
goals"?
controlling
HW: What are the six differences between
managerial and financial accounting?
- Financial communicate company's financial
position to 3rd parties, while managerial
communicate info to managers
- Financial's primary users are 3rd parties, and
managerials are internal managers
- Financial focus on the past, while managerial
focuses on the future
- Financial follows the rules of the IRS and GAAP,
while managerial follows their manager's rules
- Financial reports are every quarter and year,
while managerial reports are anytime.
- Financial reports focus on the whole company,
while managerial focus on departments.
CN: What are the four major objectives of
managerial accounting?
,Providing information, assisting managers,
motivating managers and employees, measuring
the performance of activities, and assessing the
organization's competitive position.
HW: Manages the day-to-day accounting or the firm
and oversees corporate accounting policies. Is the
key player in ensuring that the firm has
appropriate monitoring, performance evaluation,
and incentive system in place to motivate
employees to achieve organization goals?
Controller
HW: Manages the firm's cash low and serves as the
contact point for financial institution?
Treasurer
HW: What is practical capacity?
the capacity that is achieved when normal
occurrences are allowed
HW: Explain Competence, confidentiality, integrity,
and credibility?
Competence: ongoing development of knowledge
and skills
Confidentiality: Refraining from disclosing
confidential info
Integrity: avoiding conflicts of interest in activities
that would prejudice the managerial accountant's
ability
Credibility: communicate information fairly,
objectively, and fully
, BN: Process of identifying, measuring, analyzing,
interpreting, and communicating information in
pursuit o an organization's goals.
Managerial Accounting
BN: Specialists in using the tools of managerial
accounting to help the organization and its
managers run the operation effectively?
Managerial accounting
Chapter 2: Basic Cost Management Concept
Non-homework questions, class notes, or book
notes!!
HW: What is a product cost?
Costs that are part of inventory, "capitalized," until
the inventory is sold. Then they are exp, eventually
via COGS.
They are DM, DL, MOH
HW: What is a period costs?
All other costs!
HW: Why is the cost of idle time and overtime
premium treated as manufacturing overhead?
Because the particular job on which idle time or
overtime may occur tends to be selected a random.
HW: What is the difference between fixed cost and
variable cost?
A variable cost changes in total in direct proportion
to a change in the level of activity. While a fixed
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