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Accounting CHP 1 Assignment
Terms in this set (11)
Managerial accounting, as compared to financial accounting, is primarily intended to facilitate:
making decisions with timely, relevant information.
Managerial accounting information includes all of the following except:
financial statements prepared in accordance with generally accepted accounting principles.
2.General and Administrative Expenses
1-Accounting information that is aimed at external users
3-The ability to meet today's needs without sacrificing the ability of future generations to meet their own needs
5-A plan in monetary or financial terms
6-The measurement and monitoring of a company's performance to see if planned objectives are being met
7-A company that sells manufactured products
8-Costs that can be reasonably traced to a cost object
9-Costs that vary inversely per unit of activity
10-Money that has already been spent
The control function is:
comparing actual with budgeted results and taking corrective action when needed.
Which of the following describes the Planning function within the management cycle?
Setting short and long-term objectives
4-People, Profit, and Planet
1-A company that purchases raw materials and converts them into finished products.
2-The cost of not doing something
3-Costs that cannot be reasonably traced or are not worth the effort to trace to a cost object
4-Triple bottom line
5-Costs that change between alternatives
6-Direct labor plus manufacturing overhead
7-Direct materials plus direct labor plus manufacturing overhead
8-Costs associated with the running of the business and the selling of the product
9-Information that is useful for decision making
10-Costs that remain the same per unit of activity
A cost object is:
an item for which managers are trying to determine the cost.
A fixed cost:
goes down per unit when activity increases.
Depreciation on factory equipment.
Production supervisor's salary.
Glue and screws used in the bookcases.
Rent for the factory.
Wages of persons who assemble the bookcases.
Wages of person who sands the wood after it is cut.
Depreciation on delivery trucks.
Cost to run an ad on local radio stations.
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