Accounting 211 Final Exam Terms 2026
Actual Questions With Verified Answers.
objectivity arms lengths negotiation
company will be around long enough to use up
going concern
assets and pay all liabilities
follow the same procedures each accounting
consistency
period so can compare financial statements
conservatism if multiple options exist, pick the least favorable
full disclosure must disclose all relevant information
estimate of value based on references to other
objective values and/or auditor’s opinion after
fair
considering all management assertions in the
financial statements
allocating accounting information to those
responsibility accounting
people who are accountable for controlling it
costs which the assigned manager can control
controllable costs
or influence significantly or not
costs that are beyond the control of anyone in
non-controllable costs
the organization
static budget planning budget with projected level of activity
planning budget updated for the actual level of
flexible budget
activity
compares actual result to standard or projected
variance
result
what does variance affect? net income
favorable variance revenue: actual > standard; expense: S > A
un-favorable variance revenue: S > A; expense: A > S
, target cost given a specific price target; price minus margin
manufacturing a product to a specific cost
design to cost
target
Actual Questions With Verified Answers.
objectivity arms lengths negotiation
company will be around long enough to use up
going concern
assets and pay all liabilities
follow the same procedures each accounting
consistency
period so can compare financial statements
conservatism if multiple options exist, pick the least favorable
full disclosure must disclose all relevant information
estimate of value based on references to other
objective values and/or auditor’s opinion after
fair
considering all management assertions in the
financial statements
allocating accounting information to those
responsibility accounting
people who are accountable for controlling it
costs which the assigned manager can control
controllable costs
or influence significantly or not
costs that are beyond the control of anyone in
non-controllable costs
the organization
static budget planning budget with projected level of activity
planning budget updated for the actual level of
flexible budget
activity
compares actual result to standard or projected
variance
result
what does variance affect? net income
favorable variance revenue: actual > standard; expense: S > A
un-favorable variance revenue: S > A; expense: A > S
, target cost given a specific price target; price minus margin
manufacturing a product to a specific cost
design to cost
target
