Managerial Accounting Chapter 14 Test Questions – Flashcards
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costs which are tangible components of the finished product is called
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direct materials
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information reviewed by internal auditors. what type of accounting?
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managerial accounting
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focuses on the company as a whole
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financial accounting
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information reviewed by external auditors ? characteristic of what type of accounting
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financial accounting
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order of activities?
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materials activity, production activity, sales activity
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a -_______ company does not have any inventory held for sale, while a merchandising company does
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service
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what company types will have inventory for sale
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merchandising and manufacturing
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those who work directly on product to convert raw materials to finished goods are known as
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direct labor
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what types of information does managerial accounting provide?
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non financial, financial and information for internal decision making
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what types of information do financial accounting provide?
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information for external decision makers
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factory over head are all manufacturing costs except which two?
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direct materials, direct labor
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survey customers to to better align operating practices with their expectations
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customer orientation
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updating companys website to promote online sales
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e commerce
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established better relationships with vendors to ensure on time delivery of quality raw materials
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Just in time manufacturing
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evaluating business activities with a focus on improving quality
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total quality management
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managerial accounting trends?
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customer orientation, e commerce, just in time manufacturing, total quality management
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activities in value chain in order they occur?
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design, production, marketing, distribution, service
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inventory used to report costs costs of completed products ready for sale
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finished goods inventory
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direct and indirect materials are known as
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raw materials
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the main purpose of managerial accounting is to provide information to
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internal decision makers
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costs which are tangible components of the finished product are called
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direct materials
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main difference between manufacturing and merchandising balance sheet is
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inventory account
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prime costs consist of
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direct materials direct labor
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primary difference between managerial and manufacturing income statement is
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cost of goods sold
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understanding changing needs of customers
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costumer orientation
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main purpose of managerial accounting is
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specified information
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internal control system goals?
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ensure reliable accounting, promote efficient operations, protect assets
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include those which are designed to eliminate waste while still satisfying customers
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lean practices
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examples of lean practices
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total quality management, just in time manufacturing, continuous improvement
