Managerial Accounting Flashcards

chapter 1 and 2 managerial accounting garrison

Financial Accounting concerned with reporting financial information to external parties (stockholders, creditors, and regulators). Managerial Accounting concerned with providing information to managers for use within the organization. Budget Detailed plan for the future that is usually expressed in formal quantitative terms Performance Report compares budget data to actual data in an effort to identify and […]

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Chapter 1 Quiz Flashcard

Budgets are a way for managers to communicate their: A. hiring practices B. decision-making C. plans D. control C. Plans The ability to meet the needs of the present without compromising the needs of the future is often referred to as: A. just-in-time B. the bottom line C. total quality management D. sustainability D. sustainability […]

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Chapter 18-Managerial Accounting

Financial Accounting Information is reported at fixed intervals in general-purpose financial statements. These financial statements are prepared according to GAAP. (1) prepared according to GAAP (2) prepared at fixed intervals (3) prepared for the business as a whole. Managerial accounting reports do not always have to be: Financial Accounting Characteristics -External users. -Financial statements. -Annual […]

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Managerial Accounting Ch. 1 Test Questions

Managerial Accounting the process of identifying, measuring, analyzing, interpreting, and communicating information in pursuit of an organization’s goals. Managerial accounting concepts and tools are used by all managers, and professional managerial accountants are important strategic partners in an organization’s management team. Explain 4 fundamental management processes that help organizations attain their goals In pursuing its […]

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Financial VS Managerial Accounting

Financial External Users: Stockholders, creditor, and regulators Financial Statements are quarterly and annually Financial General Purpose Financial Pertains to business as a whole, conduced. Limited to double-entry accounting and cost data Financial Audited by CPA Managerial Internal Users: officers and managers Managerial Timeliness – internal reports as frequent as needed Managerial Relevance – special purpose […]

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ACG2071 UF chapter 1

future orientation primary purpose of managerial accounting relevance to business decisions primary focus of managerial accounting AICPA world’s largest association representing the accounting profession audit committee subcommittee of the BOD that is responsible for overseeing both the internal audit function and the annual financial statement audit by independent CPAs BOD body elected by shareholders budget […]

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Managerial Accounting—- Chapter 1-4

Product Costs necessary costs incurred to manufacture a product Period Costs necessary costs incurred to produce a product Direct Materials Materials used in a product that are easily and conveniently traceable Indirect Materials Materials used in a product that are NOT easily and conveniently traceable Direct Labor Labor in which employees have direct contact in […]

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Chapter 1: Accounting As a Tool For Management

1.1 What Is Managerial Accounting? 1) Define managerial accounting 2) Describe the differences between managerial and financial accounting – who are the primary users of financial accounting information? – who are the primary users of managerial accounting information? 3) List and describe the four functions of management – a large part of a marketing manager’s, […]

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ACC Chapter 14

Managerial accounting applies to all types of businesses, including service, merchandising, and manufacturing, as well as to all forms of business organizations. True. Which of the following statements is not true about managerial accounting? It is highly aggregated. Which of the following statements is true about managerial accounting? It provides more detailed information than financial […]

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Introduction To Managerial Accounting- Chapter 1 Differences Between

Managerial Accounting Internal Users (such as managers) are the primary users of the information. Fianancial Accounting External Users (such as creditors, stockholders, and government regulators) are the primary users of the information. Managerial Accounting Helping managers plan, direct and control business operations and make decisions are the primary purposes of the information Fianancial Accounting Helping […]

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Introduction To Managerial & Cost Accounting Chapter 1

State the primary goal of managerial accounting. to provide the information managers need for planning, control, and decision making. If your goal is to be an effective manager, a thorough understanding of managerial accounting is essential. Describe how budgets are used in planning. a profit budget indicates planned income, a cash-flow budget indicates planned cash […]

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ACCT 2000- Ch. 14

Places emphasis on special-purpose information managerial accounting The management of an organization performs several broad functions. They are: planning, directing, and controlling After passage of the Sarbanes-Oxley Act of 2002: CEOs and CFOs must certify that financial statements give a fair presentation of the company’s operating results Direct Materials are a ______ cost. product Which […]

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Ch 1 – Managerial Accounting

Which of the following statements is true? Managerial accounting reports are less regulated than financial accounting reports. Managerial accounting focuses on preparing information for internal users. The types and quality of information are dictated by the management of the reporting entity and are not subject to regulatory requirements. Which of the following branches of accounting […]

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Chapter 1final

In order to be useful to managers, management accounting reports should possess all of the following characteristics EXCEPT: be prepared in accordance with generally accepted accounting principles What is the primary criterion for the preparation of managerial accounting reports? b. Meet the manager needs Which of the following is most associated with managerial accounting? May […]

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Managerial Accounting ACCT 204 CH 1

Budget Quantification of the resources and expenditures that will be required during a given period of time to achieve a plan. Controlling Process of monitoring actual results to see whether the objectives set in the planning state are being met. Conversion Costs Sum of direct labor and manufacturing overhead; total cost incurred to convert direct […]

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Managerial Accounting- Chapter 16

Managerial Accounting Information for internal figures Helps managers plan, direct, control, and make decisions for the business. Financial Accounting Information for external figures Report monetary transactions Prepare financial statements. Recent Trends in Business Global competition Time-base competition Just-in-time management Total quality management Triple bottom line Business Classifications Service Manufacturing Merchandising Service companies Sell their time, […]

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FINAL REVIEW (Ch. 1)

A(n) _________________ changes basic inputs into products that are sold to customers: A) manufacturing business B) service business C) enterprise business D) merchandising business A Which of the following users is not considered an external user of accounting information: A) a creditor B) an investor C) the government D) a manager D Which of the […]

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Chapter 1 & 2 Managerial Accounting

Managerial Accounting The phase of accounting concerned with providing information to managers for use WITHIN the organization. Segment A part or activity of an organization where managers would like cost, revenue or profit data. Financial Accounting The phase of accounting that is concerned with reporting historical financial information to external parties. Managerial Accountants perfrom three […]

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Account test 4

In order to be useful to managers, management account reports should possess all of the following characteristics except” be prepared in accordance with generally accepted accounting principles what is the primary criterion for the preparation of managerial accounting reports meet the manager needs which of the following is most associated with managerial accounting may rely […]

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Managerial Accounting Cards

variable costs costs that vary in total in direct proportion to changes in an activity level Example of a cost that varies in total as the number of units change electricity per KWH to operate factory equipment, direct materials cost, wages of assembly worker a cost that has characteristics of both a variable cost and […]

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Managerial Accounting Chapters 1-5

Direct costs Costs that can be easily and conveniently traced to a unit of product or other cost object. Examples: direct material and direct labor Indirect costs Costs that cannot be easily and conveniently traced to a unit of product or other cost object. Example: manufacturing overhead Direct Materials Raw materials that become an integral […]

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