Accounting 211 Final (Pt 1) – Flashcards
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According to your professor, which of the following career paths represents the largest percentage of professional accountants in business
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Management Accountants
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Which of the following is NOT one of the primary responsibilities of management
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Adhering to GAAP
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Which of the following is being fulfilled when management compares the budget to actual results
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Controlling
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The Institute of Management Accountants (IMA) offers which of the following certifications
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Certified Management Accountant (CMA)
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Which of the following relates primarily to the field of Managerial Accounting
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ALL of the above relate primarily to the field of Managerial Accounting (Focused on reporting relevant information for decision making, is NOT governed by Generally Accepted Accounting Principals, Primary users of information are internal users, e.g., managers and employees)
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Which of the following IS NOT a characteristic of financial accounting
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Focus is on providing relevant information to internal decision makers
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Direct Labor is defined as
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Conversion Cost (Yes) Product Cost (Yes) Prime Cost (Yes)
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The three basic elements of manufacturing costs are
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Direct Materials Direct Labor Manufacturing Overhead
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Prime costs consist of
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Direct Labor plus Direct Material
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An example of a product cost is (are)
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All of the above (Depreciation expense on machinery used in production, freight in on raw materials, fire insurance on the plant facility)
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Within relevant range, the difference between variable costs and fixed costs is
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Total variable costs fluctuate and total fixed costs are constant
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An example of a period cost is (are)
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Product distribution costs
