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Accounting 211 Chapter 1 Exam with complete solutions 2024_2025.
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Accounting 211 Chapter 1 Exam with complete solutions 2024_2025.
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Accounting 211 Chapter 1 Exam withcomplete solutions 2024/2025
Managers have three responsibilities? - ANSWER-Planning, Directing, and
Controlling
Planning- - ANSWER-Setting goals for a company and determining how to
achieve them.
(EX: goal is to create more sales, so the company opens more restaurants)
Directing- - ANSWER-Overseeing the company's day-to-day operations. (EX:
looking at product cost reports, product sales info, etc to determine what menu
items generate the most sales.)
Controlling- - ANSWER-Evaluating the results of business operations against the
plan and making adjustments to keep the company moving towards its goals.
(EX: using performance reports to compare restaurant performance with the
budget and using that feedback to tweak certain things.)
Financial Accounting: - ANSWER-Provides stockholders and creditors with
information needed to make an investment. Includes financial statements such as
balance sheet, income statement.
1.) Produces annual and quarterly financial statements used by
investors/creditors
2.) Financial Statements prepared according to GAAP (Generally Accepted
Accounting Principles) summarize transactions between your company and
external parties
, 3.) SEC (Securities and Exchange Commission) requires that annual financial
statements be audited by an independent CPA
4.) These financial statements are useful to investors, but not to managers
Managerial Accounting: - ANSWER-Provides Internal management the
information needed to run the company efficiently and effectively. It gathers,
summarizes, and reports on the financial impact of planning, directing, and
controlling. Has future orientation. Focuses on relevance to business decisions.
● No GAAP-type standards or audits required
● Managers design the managerial accounting system so that the benefits (from
helping managers make better decisions) outweigh the costs of the system
● Accounting reports focus on the future, providing relevant info to help
managers make decisions
● ^^These reports are often expressed in the form of budgets
● These reports also plan for and reflect internal transactions, such as the
movement of beverages and dry ingredients from central warehouses to
individual restaurant locations
● Managers need info about smaller units of the company, not the company as a
whole.
● Managers use things like revenue and cost data, geographical regions, and
individual menu items to increase company profitability
● These reports are not just made once a year, they are revised as often as
needed
Organizational Structure: - ANSWER-1.) Board of Directors - oversees the
company
2.)CEO (Chief Executive Officer) - hired by the board, they manage the company
on a daily basis.
3.) COO (Chief Operating Officer) - hired by CEO, responsible for company's
operations, such as Research & Development, production, and distribution
a.) Vice President of various operations
3.) CFO (Chief Financial Officer) - hired by CEO, responsible for all financial
concerns.
a.) Treasurer and Controller- report directly to the CFO. The treasurer is
responsible for raising capital through stocks and bonds and investing funds.
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