ACC 241 Exam 1 ASU Dallmus
Questions and Answers 100%
Correct
The four primary responsibilities of a manager - ANSWER - Planning
Directing
Controlling
Decision Making
planning - ANSWER - setting goals and objectives for the company and determining
how to achieve them
Directing - ANSWER - overseeing the companies day to day operations
Controlling - ANSWER - evaluating results of the business operation against the plan
and making adjustments to keep company pressing towards goal
management accounting - ANSWER - specializes in the study of how managers use
accounting and/or financial information in current or future business decisions.
Management accountants use both qualitative and quantitative information in their
work. Unlike other accountants, they primarily report to the internal management of
a company, rather than to an external body like shareholders or tax collection
agencies.
financial accounting - ANSWER - produces annual and quarterly consolidated
financial statements that will be used by investors and creditors to make
investment and lending decisions. Must follow GAAP (Generally Accepted
Accounting Principles)
Skills of management accountants - ANSWER - in order to become a certified
management accountant, one must pass a series of tests sponsored by the Institute
of Management Accountants. These tests examine one's knowledge in four subjects:
, business analysis, management accounting and reporting, strategic management,
and business applications.
IMA (Institute of Management Accountants - ANSWER - A forum for research,
practice development, education, knowledge sharing, and the advocacy of the
highest ethical and best business practices in management accounting and finance.
Job cost system documents - ANSWER - production plan, bill of materials, raw
materials, record, job cost record, materials requisition
Production Plan - ANSWER - an outline of the activities undertaken to combine
resources (inputs) to create goods or services (outputs)
Bill of Materials - ANSWER - A document that shows the quantity of each type of
direct material required to make a product.
Ethical decision-making framework - ANSWER - IMA's Statement of Ethical
Professional Practice: Maintain professional competence, preserve confidentiality of
info they handle, uphold integrity & perform duties with integrity.
Purpose and major provisions of the Sarbanes-Oxley - ANSWER - Restore trust in
publicly traded corporations, their management, their financial statements, & their
auditors.
Service Companies - ANSWER - sell intangible things (medicare, coaching) generally
don't have inventory
Merchandising Companies - ANSWER - Like Walmart resell tangible products. Have
inventory and incur inventory related costs (ads, travel)
Manufacturing companies - ANSWER - use labor, plant, and equipment to convert
raw materials into a product. Like car companies. Have Raw materials inventory,
work in process inventory, & finished goods inventory.
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