Acct 303 Final Exam Clemson UPDATED
Actual Questions and CORRECT Answers
Financial Accounting - CORRECT ANSWER✔✔- External users, such as banks creditors,
investors; reports results of past activities
,Monetary constraints - CORRECT ANSWER✔✔- Not having enough money to do the
projects or hire the employees we want
Intellectual capital contraints - CORRECT ANSWER✔✔- getting, hiring, retaining
employees
Environmental constraints - CORRECT ANSWER✔✔- Only if you produce a product that
has some environmental effects associated with it, monitor emissions coming out of
production facilities
Value Chain - CORRECT ANSWER✔✔- R&D
Design - how are we going to make it
Supply - where will we get our raw materials
Production - making the product
Marketing - getting the word out
Distribution - how will we get the product to our customers
Customer Service - warranty, customer service
Balanced Scorecard - CORRECT ANSWER✔✔- Lag vs. Lead indicators
4 perspectives
1) Learning and growth - can we adapt to future customer needs
2) Internal business - quality control of the product, employee satisfaction
3) Customer value - are our customers satisfied, are they getting their moneys worth
4) Financial - only one that is entirely a lag indicator
Lead vs Lag Indicators - CORRECT ANSWER✔✔- Lag indicator - past results
Lead indicator - future looking
Earnings Management - CORRECT ANSWER✔✔- "Cooking the books", changing the
numbers to make the company look better, generally considered unethical and may be illegal
(sometimes consistent with GAAP)
, IMA 4 Standards of ethical conduct - CORRECT ANSWER✔✔- Competence - do you have
the knowledge and skill to do the job (CPA exam, degree, continuing professional education
to maintain competency and learn new info)
Confidentiality - can you keep private info private
Integrity - honesty
Credibility - being fair and objective
Cost - CORRECT ANSWER✔✔- The amount paid in exchange for a good or service
Expired cost - CORRECT ANSWER✔✔- an expense, has been used
Unexpired cost - CORRECT ANSWER✔✔- asset, hasn't been used yet (prepaid insurance)
Cost object - CORRECT ANSWER✔✔- anything you want to know the cost of (most
commonly referring to the product)
Direct cost - CORRECT ANSWER✔✔- can be directly traced to the product (ex. materials);
cost tracing
Indirect cost - CORRECT ANSWER✔✔- cannot be directly traced to the product (ex.
factory rent); cost allocation
Reaction to changes in activity - CORRECT ANSWER✔✔- how does it change the cost if
we change the number of units we produce
Relevant range - CORRECT ANSWER✔✔- the range of activity over which the cost
behavior pattern is valid
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