ACCT 2000 Exam 1 Questions and Correct
Answers (Verified Answers)
What is matched with revenues of a specific time period and charges - ✔✔Period costs
1. external users
2. financial statements
3. quarterly or annually
4. general reports
5.highly aggregated
6. focuses on the whole business
7. audited
8. follows GAAP - ✔✔Financial Accounting
1. internal users
2. internal reports
3. as needed
4. specific reports
5. very detailed
6. focuses on sub-units
7. not audited - ✔✔Managerial Accounting
looking ahead and establish goals, key objective is to add value - ✔✔Planning
day to day operations - ✔✔directing
look back and reflective goals have been MET - ✔✔controlling
, 3 types of manufacturing - ✔✔- direct labor
- direct material
- other manufacturing
What 3 things make up manufacturing overhead? - ✔✔-indirect labor
- indirect material
- manufacturing overhead
All business process associated with a product or services - ✔✔Value Chain
Lean manufacturing, aims to lower inventory and costs - ✔✔just in time manufacturing
helps identify and reduce defective items - ✔✔total quality management
a dashboard approach to review all aspects of a company's operations -
✔✔Balanced scorecard
Shows inventory as a whole unit on balance sheet - ✔✔merchandising company
Shows inventory as 3 Subunits - ✔✔Manufacturing Company
Total work in process= - ✔✔beginning work in process + total manufacturing costs
Cost of goods manufactured= - ✔✔beginning work in process + total manufacturing costs
- ending inventory work in process
Answers (Verified Answers)
What is matched with revenues of a specific time period and charges - ✔✔Period costs
1. external users
2. financial statements
3. quarterly or annually
4. general reports
5.highly aggregated
6. focuses on the whole business
7. audited
8. follows GAAP - ✔✔Financial Accounting
1. internal users
2. internal reports
3. as needed
4. specific reports
5. very detailed
6. focuses on sub-units
7. not audited - ✔✔Managerial Accounting
looking ahead and establish goals, key objective is to add value - ✔✔Planning
day to day operations - ✔✔directing
look back and reflective goals have been MET - ✔✔controlling
, 3 types of manufacturing - ✔✔- direct labor
- direct material
- other manufacturing
What 3 things make up manufacturing overhead? - ✔✔-indirect labor
- indirect material
- manufacturing overhead
All business process associated with a product or services - ✔✔Value Chain
Lean manufacturing, aims to lower inventory and costs - ✔✔just in time manufacturing
helps identify and reduce defective items - ✔✔total quality management
a dashboard approach to review all aspects of a company's operations -
✔✔Balanced scorecard
Shows inventory as a whole unit on balance sheet - ✔✔merchandising company
Shows inventory as 3 Subunits - ✔✔Manufacturing Company
Total work in process= - ✔✔beginning work in process + total manufacturing costs
Cost of goods manufactured= - ✔✔beginning work in process + total manufacturing costs
- ending inventory work in process
