ACG 2071 FSU EXAM 1 ACTUAL TEST PAPER
2026 COMPLETE QUESTIONS AND
CORRECT ANSWERS VERIFIED A+
●● directing.
Answer: overseeing the day-to-day operations. Think: where can we
improve? are we achieving goals?
●● controlling.
Answer: evaluating results and making adjustments
●● managerial accounting focuses on....
Answer: relevant information that affects future operations
●● Sustainability.
Answer: the ability to meet the needs of the present without
compromising the ability of future generations to meet their own needs
●● What are the three pillars of sustainability.
Answer: 3Ps: people (social), planet (environment), and profit
(economic)
, ●● What is ethical behavior?.
Answer: it means to do the right thing, regardless of the consequences.
Not all unethical behavior is illegal but all illegal behavior is unethical.
●● What are 2 ways to generate profit?.
Answer: Increase revenues or sales, and/or decrease expenses/costs
●● What are 3 types of companies?.
Answer: service (intangible), merchandising (reselling), and
manufacturing (producing)
●● What are the 3 types of inventory for manufacturing companies?.
Answer: Raw materials, work in progress, and finished goods
●● What is a cost object?.
Answer: this is anything that we as a company need to know and figure
out the cost of
●● What is a direct costs?.
Answer: any cost that we can TRACE DIRECTLY to a cost object.
●● What is an indirect cost?.
2026 COMPLETE QUESTIONS AND
CORRECT ANSWERS VERIFIED A+
●● directing.
Answer: overseeing the day-to-day operations. Think: where can we
improve? are we achieving goals?
●● controlling.
Answer: evaluating results and making adjustments
●● managerial accounting focuses on....
Answer: relevant information that affects future operations
●● Sustainability.
Answer: the ability to meet the needs of the present without
compromising the ability of future generations to meet their own needs
●● What are the three pillars of sustainability.
Answer: 3Ps: people (social), planet (environment), and profit
(economic)
, ●● What is ethical behavior?.
Answer: it means to do the right thing, regardless of the consequences.
Not all unethical behavior is illegal but all illegal behavior is unethical.
●● What are 2 ways to generate profit?.
Answer: Increase revenues or sales, and/or decrease expenses/costs
●● What are 3 types of companies?.
Answer: service (intangible), merchandising (reselling), and
manufacturing (producing)
●● What are the 3 types of inventory for manufacturing companies?.
Answer: Raw materials, work in progress, and finished goods
●● What is a cost object?.
Answer: this is anything that we as a company need to know and figure
out the cost of
●● What is a direct costs?.
Answer: any cost that we can TRACE DIRECTLY to a cost object.
●● What is an indirect cost?.
