Accounting 211 Final (Pt 1) – Flashcards

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