Flagler Tally – ACC302 Ch. 6 HW – Flashcards
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A cost that is easily traceable is called a
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direct cost
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Costs that are not easily traceable and must be allocated are
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indirect cost
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The cost to which accountants compare actual costs are called
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standard cost
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Budgets require your organization to
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focus on what's important and hold managers accountable
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If you work for a camera manufacturing company and you wish to know how much all the parts of the camera cost, how long it takes to assemble a camera, including how much it costs to pack up, ship and sell the camera, and you need this information now instead of weeks or months from now, which accounting system is best suited for you?
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cost accounting
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The type of budget that requires you justify each line item, starting with no dollars allocated to the budget, is called
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zero-based budgeting
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The type of budgeting that links the executive team's strategic plan with the budget, including integrating key metrics is a
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performance-based budget
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Accounting transactions under Generally Accepted Accounting Principals and the Internal Revenue Service are
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treated differently
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The focus of managerial account is to
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plan, control and direct
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Managerial accounting has which of the following characteristics?
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historical in nature and more frequent reporting than financial
