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ACC 241 Exam 1|121 Questions with Verified Answers,100% CORRECT
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ACC 241 Exam 1|121 Questions with Verified Answers
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ACC 241 Exam 1|121 Questions with Verified AnswersPrimary responsibilities of a manager - CORRECT ANSWER Planning - setting goals
for company and determining how to achieve them
Directing - overseeing companies day to day operation
Controlling - evaluating results of the business operation against the plan and
making adjustments to keep company pressing towards goal
Evaluating
management accounting - CORRECT ANSWER specializes in the study of how
managers use accounting and/or financial information in current or future
business decisions. Management accountants use both qualitative and
quantitative information in their work. Unlike other accountants, they primarily
report to the internal management of a company, rather than to an external body
like shareholders or tax collection agencies.
financial accounting - CORRECT ANSWER produces annual and quarterly
consolidated financial statements that will be used by investors and creditors to
make investment and lending decisions. Must follow GAAP (Generally Accepted
Accounting Principles)
Skills of management accountants - CORRECT ANSWER in order to become a
certified management accountant, one must pass a series of tests sponsored by
the Institute of Management Accountants. These tests examine one's knowledge
in four subjects: business analysis, management accounting and reporting,
strategic management, and business applications.
IMA (Institute of Management Accountants - CORRECT ANSWER A forum for
research, practice development, education, knowledge sharing, and the advocacy
of the highest ethical and best business practices in management accounting and
finance.
Ethical decision-making framework - CORRECT ANSWER IMA's Statement of
Ethical Professional Practice: Maintain professional competence, preserve
, confidentiality of info they handle, uphold integrity & perform duties with
integrity.
Purpose and major provisions of the Sarbanes-Oxley - CORRECT ANSWER Restore
trust in publicly traded corporations, their management, their financial
statements, & their auditors.
Service, merchandising and manufacturing companies & their inventories -
CORRECT ANSWER S - sell intangible things (medicare, coaching) generally don't
have inventory
Me - Like Walmart resell tangible products. Have inventory and incur inventory
related costs (ads, travel)
Ma - use labor, plant, and equipment to convert raw materials into a product. Like
car companies. Have Raw materials inventory, work in process inventory, &
finished goods inventory.
Value-chain - CORRECT ANSWER Linked set of all value-creating processes or
activities that convert basic input materials into products or services for the final
consumer.
Cost Objects - CORRECT ANSWER Anything for which cost data is desired by a
manager, e.g., products, product lines, customers, jobs, and organizational sub-
units such as departments or divisions of a company.
Direct Costs - CORRECT ANSWER A cost that can be directly related to producing
specific goods or performing a specific
service.
Indirect Costs - CORRECT ANSWER Manufacturing cost that cannot be easily seen
in the product. Electricity, hazard insurance on the factory building, and real
estate taxes are examples of indirect costs.
Inventoriable Costs (Direct Material, Direct Labor, and Manufacturing Overhead) -
CORRECT ANSWER All costs of a product that are recorded as an asset (inventory)
under US GAAP (direct materials, direct labor and manufacturing overhead).
These costs are not expensed until the related product is sold.
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