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Accounting Exam #4 Questions and Answers 100% Pass | Guaranteed Success
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Accounting Exam #4 Questions and Answers 100% Pass | Guaranteed Success Managerial Accounting - Focuses on preparing information that is useful for management to make numerous decisions during related to the day-to-day operations of a business and in planning for the future Financial Accounti...

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  • September 26, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Accounting Exam #4 Questions and

Answers 100% Pass | Guaranteed

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Managerial Accounting - ✔✔Focuses on preparing information that is

useful for management to make numerous decisions during related to the

day-to-day operations of a business and in planning for the future

Financial Accounting - ✔✔External users, GAAP must comply, uses

historical data, summary info, reports are periodic, typically annually

Managerial accounting elements - ✔✔internal users, GAAP doesn't have to

comply, historical and estimated data to help predict future, more detailed

depending on needs of management, reported based on management

needs

Merchandising business - ✔✔Purchase --> Merchandise inventory -->

merchandise available for sale --> cost of merchandise sold

Manufacturing Business - ✔✔materials inventory (materials storeroom) -->

work in progress inventory (production process - direct labor, factory

, overhead) --> finished goods inventory (warehouse) --> cost of goods sold

(music store)



unfinished = raw material



partially finished = work in progress

Product costs - ✔✔consist of costs of manufacturing products - material

cost; labor cost; factory overhead, direct labor, direct material

period costs - ✔✔consists of costs associated with selling product and

managing company - selling and administrative expenses



example: research and developmental costs are ADMIN

Direct materials - ✔✔materials that can be clearly traced to the product that

are an integral part of the finished product and form a significant portion of

the total product cost

Indirect materials - ✔✔Materials that cannot be clearly traced to the product

and are not an integral part of the finished product and are an insignificant

portion of the total product cost

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