Acct 2000 Exam 3 Lowe-ardoin Revision
Exam Questions And 100% Correct
Answers.
Financial accounting is an ______ primary user - Answer external
managerial accounting is a _____ primary user - Answer internal
report used in financial accounting - Answer financial statement
report used in managerial accounting - Answer internal reports
frequency of reports in financial accounting - Answer monthly, quarterly or annual
frequency of reports in managerial accounting - Answer as needed
purpose of reports in financial accounting - Answer general
purpose of reports in managerial accounting - Answer specific
content of reports in financial accounting - Answer highly aggregated
content of reports in managerial accounting - Answer very detailed
portion of business covered in financial accounting - Answer whole business
portion of business covered in managerial accounting - Answer subunit
verification process in financial accounting - Answer audited
verification process in managerial accounting - Answer not audited
, are you required to follow GAAP in managerial accounting - Answer no
the three broad functions of a manager are: - Answer planning
directing
controlling
looking ahead/setting goals - Answer planning
coordinating day to day activities - Answer directing
looking back, determining whether goals have met - Answer controlling
3 types of manufacturing costs - Answer direct materials, direct labor, and manufacturing
overhead
manufacturing overhead can be separated into 3 categories - Answer indirect materials,
indirect labor, and other manufacturing costs
costs can be broken down into 2 main categories - Answer product and period
aka manufacturing costs; Incurred at the factory. These are considered inventoriable costs as
they are originally placed on the balance sheet and moved to the income statement when
goods are sold. - Answer product costs
matched with revenues of a specific time period and charged directly to expense. - Answer
period costs
beginning finished inventory + cost of goods manufactured- ending finished goods = cost of
goods sold - Answer cost of goods sold (manufacturer)
manufacturers have 3 types of inventory on the balance sheet - Answer 1. finished goods
2. work in process
3. raw materials
Exam Questions And 100% Correct
Answers.
Financial accounting is an ______ primary user - Answer external
managerial accounting is a _____ primary user - Answer internal
report used in financial accounting - Answer financial statement
report used in managerial accounting - Answer internal reports
frequency of reports in financial accounting - Answer monthly, quarterly or annual
frequency of reports in managerial accounting - Answer as needed
purpose of reports in financial accounting - Answer general
purpose of reports in managerial accounting - Answer specific
content of reports in financial accounting - Answer highly aggregated
content of reports in managerial accounting - Answer very detailed
portion of business covered in financial accounting - Answer whole business
portion of business covered in managerial accounting - Answer subunit
verification process in financial accounting - Answer audited
verification process in managerial accounting - Answer not audited
, are you required to follow GAAP in managerial accounting - Answer no
the three broad functions of a manager are: - Answer planning
directing
controlling
looking ahead/setting goals - Answer planning
coordinating day to day activities - Answer directing
looking back, determining whether goals have met - Answer controlling
3 types of manufacturing costs - Answer direct materials, direct labor, and manufacturing
overhead
manufacturing overhead can be separated into 3 categories - Answer indirect materials,
indirect labor, and other manufacturing costs
costs can be broken down into 2 main categories - Answer product and period
aka manufacturing costs; Incurred at the factory. These are considered inventoriable costs as
they are originally placed on the balance sheet and moved to the income statement when
goods are sold. - Answer product costs
matched with revenues of a specific time period and charged directly to expense. - Answer
period costs
beginning finished inventory + cost of goods manufactured- ending finished goods = cost of
goods sold - Answer cost of goods sold (manufacturer)
manufacturers have 3 types of inventory on the balance sheet - Answer 1. finished goods
2. work in process
3. raw materials
