ACCT 212 Managerial Accounting Chapter 14 – Flashcards
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What types of information does managerial accounting provide ?
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information for internal decision makers non-financial financial
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Managerial accounting has which of the following characterstics ?
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internal users monetary and non-monetary information emphasis on project , processes and subdivisions
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Managerial accounting primarily provides information to
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internal users
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Managerial accounting systems are
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relatively flexible (no GAAP constraints )
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Direct Materials cost for an automobile manufacturer would include the following
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tires bumpers steering wheels
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The efforts of employees who work directly to convert direct materials into finished product are referred to as
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direct labor
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A merchandiser adds cost of goods purchased to beginning merchandise inventory and then subtracts ending merchandise inventory to get cost of goods sold.
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Finished goods inventory, beginning balance-1000 Finished goods inventory, ending balance -1200 Cost of goods manufactured -5000 The cost of goods sold is 4800
