Acct 212 Exam Questions And Answers (Verified And Updated)

Acct 212 Exam Questions And Answers (Verified And Updated) Managerial Accounting - answerprovides information to managers inside an organization who direct and control its operations Planning - answeridentify alternatives, select alternative that does the best job of furthering organization's objectives, develop budgets to guide progress toward the selected alternative Directing and Motivating - answerinvolves managing day-to-day activities to keep the organization running smoothly; ex: employee work assignments, routine problem solving, conflict resolution, effective communications Controlling - answerensures that planes are being followed; performance reports Manufacturing Costs - answerThe costs incurred in the production of a product; direct materials, direct labor, manufacturing overhead Direct Materials - answerraw materials that become an integral part of the finished product AND can be easily and efficiently traced to the product Direct Labor - answerthe payroll cost of those employees who work directly on the product being manufactured Manufacturing Overhead - answerrepresents all manufacturing costs other than direct materials and direct labor; examples: rent, utilities, depreciation, and property taxes on the factory building, indirect labor, indirect materials Indirect Materials - answermaterials used to support the production process Indirect Labor - answerwages paid to employees who work in the factory but not directly on the product Non-manufacturing Costs - answercosts incurred outside the manufacturing process; S&A costs (selling and administrative); examples: CEO's salary, advertising, commissions paid to salespeople, utilities on the administrative building, rent on sales & administrative building and equipment Cost Behavior - answera term used to describe how costs change (react) to changes in the volume of activity