ACC 241 Exam 1 Questions and
Answers 100% Verified
Primary responsibilities of a manager - ANSWER - Planning - setting goals for
company and determining how to achieve them
Directing - overseeing companies day to day operation
Controlling - evaluating results of the business operation against the plan and
making adjustments to keep company pressing towards goal
Evaluating
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.
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, merchandising and manufacturing companies & their inventories - ANSWER
- S - sell intangible things (medicare, coaching) generally don't have inventory
Me - Like Walmart resell tangible products. Have inventory and incur inventory
related costs (ads, travel)
Ma - 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.
Value Chain - ANSWER - Research&Development, Production, Distribution,
Marketing, Design & Customer Service
ISO 9001:2008 - ANSWER - International Organization of Standardization (163
countries)
Value-chain - ANSWER - Linked set of all value-creating processes or activities that
convert basic input materials into products or services for the final consumer.
Cost Objects - ANSWER - Anything for which cost data is desired by a manager, e.g.,
products, product lines, customers, jobs, and organizational sub-units such as
departments or divisions of a company.
Direct Costs - ANSWER - A cost that can be directly related to producing specific
goods or performing a specific
service.
Indirect Costs - ANSWER - Manufacturing cost that cannot be easily seen in the
product. Electricity, hazard insurance on the factory building, and real estate taxes
are examples of indirect costs.
Los beneficios de comprar resúmenes en Stuvia estan en línea:
Garantiza la calidad de los comentarios
Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!
Compra fácil y rápido
Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.
Enfócate en lo más importante
Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable.
Así llegas a la conclusión rapidamente!
Preguntas frecuentes
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
100% de satisfacción garantizada: ¿Cómo funciona?
Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller NursingTutor1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for $11.99. You're not tied to anything after your purchase.
