Exam 1 - NAU ACC 256 Questions and Answers with complete solution
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Course
NAU ACC 256
Institution
NAU ACC 256
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)
Unstructured data: Data that is not organized in predefined categories (social media
posts, digital photos, satellite ...
Exam 1 - NAU ACC 256
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)
Unstructured data: Data that is not organized in predefined categories (social media
posts, digital photos, satellite images)
Semi-structured data: Data that is both structured and unstructured
Summary of IMA Ethical Standards: - ✔️✔️Maintain professional Competence
Preserve Confidentiality of information
Uphold Integrity
Perform duties with Credibility
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
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)
Direct Costs - ✔️✔️Costs are precise and can be directly traced to the products.
Examples for automobile manufacturer: tires, glass, steel, engines (direct materials),
assembly workers' wages (direct labor)
indirect costs - ✔️✔️MOH costs not easily traced to the product. Examples for
automobile manufacturer: plant utilities, plant depreciation, depreciation of machinery
(other indirect costs), oils and lubricants, VIN labels (indirect materials), janitorial staff,
accounting staff, plant supervisor wages (indirect labor)
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)
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