ACCOUNTING 211 EXAM 1 QUESTIONS
AND DETAILED ANSWERS. EXPERT
VERIFIED FOR GUARANTEED PASS.
Chapter 1
managerial accounting - ANS field of accounting that provides economic and financial
information for managers and other internal users
main differences between managerial and financial - ANS managerial:
-for internal users
-doesn't have to follow GAAP
-detailed reports for a specific decision
-reports as frequently as needed
3 activities and responsibilities of management - ANS 1. planning
2. directing
3. controlling
planning - ANS requires management to look ahead and establish objectives
-goal is to add value (increase stock price or selling price of company)
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, directing - ANS coordinating diverse activities and human resources to produce a smooth-
running operation
-implementing planned objectives
-selecting executives, appointing managers and supervisors, and hiring and training employees
controlling - ANS process of keeping the firm's progress on track
-determine whether planned goals are being met and any necessary changes to get back on
track
manufacturing - ANS activities and processes that convert raw materials into finished goods
3 main types of manufacturing costs - ANS 1. direct materials
2. direct labor
3. manufacturing overhead
raw materials - ANS basic materials and parts that are to be used in the manufacturing
process
direct materials - ANS raw materials that can be physically and directly associated with the
finished product during the manufacturing process
direct labor - ANS work of factory employees that can be physically and directly associated
with converting raw materials into finished goods
indirect labor - ANS their efforts have no physical associated with the finished product
ex.) wages of maintenance people, timekeepers, and supervisors
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
AND DETAILED ANSWERS. EXPERT
VERIFIED FOR GUARANTEED PASS.
Chapter 1
managerial accounting - ANS field of accounting that provides economic and financial
information for managers and other internal users
main differences between managerial and financial - ANS managerial:
-for internal users
-doesn't have to follow GAAP
-detailed reports for a specific decision
-reports as frequently as needed
3 activities and responsibilities of management - ANS 1. planning
2. directing
3. controlling
planning - ANS requires management to look ahead and establish objectives
-goal is to add value (increase stock price or selling price of company)
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, directing - ANS coordinating diverse activities and human resources to produce a smooth-
running operation
-implementing planned objectives
-selecting executives, appointing managers and supervisors, and hiring and training employees
controlling - ANS process of keeping the firm's progress on track
-determine whether planned goals are being met and any necessary changes to get back on
track
manufacturing - ANS activities and processes that convert raw materials into finished goods
3 main types of manufacturing costs - ANS 1. direct materials
2. direct labor
3. manufacturing overhead
raw materials - ANS basic materials and parts that are to be used in the manufacturing
process
direct materials - ANS raw materials that can be physically and directly associated with the
finished product during the manufacturing process
direct labor - ANS work of factory employees that can be physically and directly associated
with converting raw materials into finished goods
indirect labor - ANS their efforts have no physical associated with the finished product
ex.) wages of maintenance people, timekeepers, and supervisors
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
