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ACCT 2220 Exam 1 With 100% Accurate Questions And Answers Graded A+
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ACCT 2220 Exam 1 With 100% Accurate Questions And Answers Graded A+
Practice questions for this set
, 8/21/24, 7:01 AM
Terms in this set (54)
Managerial accounting provides economic and financial information for managers and other internal users
Managerial vs. Financial Accounting
1. Planning: requires managers to look ahead and to establish objectives
2. Directing: o Involves coordinating a company's diverse activities and human resources to produce
Management functions
a smooth-running operation
3. Controlling: the process of keeping the company's activities on track
show the interrelationships of activities and the delegation of authority and responsibility within the
Organization charts
company
Line: Directly involved in the company's revenue generating activities (Ex: Operations VP, Plant
Manager, Production workers)
Line vs. Staff Position
Staff: Involved in activities that support the line positions (ex: Accounting, Finance, Legal, HR, etc.)
raw materials; raw materials that can be physically and directly associated with the finished product
Direct materials =
during the manufacturing process
MOH; do not physically become part of the finished product; are impractical to trace to the finished
Indirect materials
product because their physical association with the finished product is too small in terms of cost
MOH: refers to the work of employees that has no physical association with the finished product or
Indirect labor
for which it is impractical to trace costs to the goods produced
- Costs that are a necessary and integral part of producing the finished product
- Product (manufacturing): direct materials, direct labor, MOH
Product costs - Pasts through the cost flow => COGS
- Record when incurred as an asset called inventory (balance sheet)
- Don't become expenses until the company sells the finished goods inventory
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