Exam 1 - NAU ACC 256 Study Guide with Complete Solutions
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Course
Nothern Arizona University
Institution
Nothern Arizona University
Exam 1 - NAU ACC 256 Study Guide with
Complete Solutions
Managerial accounting focuses on: - Answer️️ -Identifying,
interpreting, analyzing, and implementing the financial information
internal management needs to run the company efficiently,
effectively, and profitably
Specifically design...
Exam 1 - NAU ACC 256 Study Guide with
Complete Solutions
Managerial accounting focuses on: - Answer✔️✔️-Identifying,
interpreting, analyzing, and implementing the financial information
internal management needs to run the company efficiently,
effectively, and profitably
Specifically designed to help internal management (no GAAP or
audit requirements)
The future (planning) rather than the past (historical activity)
Summary of IMA Ethical Standards: - Answer✔️✔️-Maintain
professional Competence
Preserve Confidentiality of information
Uphold Integrity
Perform duties with Credibility
Roles within the organization: - Answer✔️✔️-Internal business
advisors who partner with management to make critical business
decisions
Prepare data for use within a company
Work in public companies, private businesses, and government
May also be called business advisors, analysts, finance
professionals, cost accountants, managerial accountants, industrial
accountants, private accountants, or corporate accountants
Identify the different types of data: - Answer✔️✔️-Structured data:
Data that is highly organized into predefined categories, easy to
search and manipulate (company's financial data)
Unstructured data: Data that is not organized in predefined
categories (social media posts, digital photos, satellite images)
Semi-structured data: Data that is both structured and
unstructured
Direct Costs - Answer✔️✔️-Costs are precise and can be directly
traced to the products. Examples for automobile manufacturer:
tires, glass, steel, engines (direct materials), assembly workers'
wages (direct labor)
indirect costs - Answer✔️✔️-MOH costs not easily traced to the
product. Examples for automobile manufacturer: plant utilities,
plant depreciation, depreciation of machinery (other indirect costs),
oils and lubricants, VIN labels (indirect materials), janitorial staff,
accounting staff, plant supervisor wages (indirect labor)
Fixed costs: - Answer✔️✔️-Stay constant in total over a wide range of
activity levels (rent, depreciation, plant insurance, plant property
taxes)
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