Accounting 2302 Exam 1 – Flashcards
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Managerial accounting places considerable weight on:
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detailed segment reports about departments, products, and customers.
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The plans of management are often expressed formally in
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budgets
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The phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making is called
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managerial accounting
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The cost of the cushions that are used to manufacture sofas is best described as
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variable cost
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A security guards wages at a factory would be an example of
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Indirect Labor and fixed manufacturing overhead
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Materials used in the operation of a factory, such as cleaning supplies, that are not an integral part of the final product should be classified as
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Manufacturing Overhead
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Direct Costs
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can be easily traced to a particular cost object
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Inventoriable (i.e., product) costs that have become expenses can be found in
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COGS
