MANAGERIAL ACCOUNTING Flashcards

Some cards contain sample data which is used in the subsequent cards to illustrate a concept. Auto-grading quizzes and tests with detailed stats and reports. Of information that helps manager to focus on operating problem, opportunities as well as inefficiencies. Recognition and evaluation of business transactions and other economic events for appropriate accounting action. 37. ______________ is the recognition and evaluation of business transactions and other economic events for appropriate accounting action.

Are concerned with providing information to managers, that is, people inside an organization who direct and control the operations. 24. NO. Cost center is a section of the business to which costs are charged.

Cost unit helps to ascertain cost for a product or service. It also comprises the preparation financial reports for non-management groups such as shareholders, creditors, regulatory agencies and tax authorities. Focuses on estimating future revenues, costs and other measures to forecast activities and their results. The time value of money focuses on a.

What is the classification of ‘Work in Process’ in a manufacturer’s balance sheet?

Managers follow the _____________ when using performance reports. Determination of the reasons for the reported activity and its relationship with other economic events and circumstances. Disciplined and consistent approaches to recording and classifying appropriate business transactions and other economic events. Quantification, including estimates, of business transactions of other economic events that have occurred or forecasts of those that may occur. The audience tends to be stockholders, creditors and tax authorities. 39.

Financial & Managerial Accounting (Flash Cards) Paperback – June 30, 1996

Test your knowledge on the introductory concepts of Managerial Accounting, including its definition, purpose, and three pillars. This quiz is designed to help you understand the basics of Managerial Accounting and its role in business decision-making. Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

What is the role of decision-making in the management of a company?

Helps in identifying the financial position of the business.

Management Accounting Quiz: Test Your Knowledge with Questions

Which phrase best describes the current role of a management accountant in an organization? Managerial accountants prepare the financial statements for publication B. Managerial accountants are primarily information collectors. Managerial accountants make key decisions for an organization.

21. It is the process of guiding the activities within an enterprise towards the attainment of the common objectives. The following is the objective of cost accounting except…. Companies are incurring extra costs for providing work from home facilities to employees during the current pandemic. Identify whether these are controllable or non-controllable costs. Process of determining and accumulating the cost of products or activity.

What is the primary difference between direct materials and indirect materials?

• Cost center is a section of the business to which costs are charged.
• Budgeting is a bookkeeping task d.
• Merchandising companies.
• Assist departments in achieving the organization objectives.
• Going concern E.

Direct materials, direct labor, and manufacturing overhead. Production and shipping costs. Production and marketing costs. Direct materials, direct labor, and administrative costs. Direct materials, direct labor, marketing and administrative costs. The statement of financial position, income statement and statement of cash flows are used for financial accounting but not for management accounting.

• The audience tends to be stockholders, creditors and tax authorities.
• Budgeting helps managers determine the resources needed to meet their goals and objectives.
• Focuses on estimating future revenues, costs and other measures to forecast activities and their results.
• The focus of budgeting is planning.
• Companies are incurring extra costs for providing work from home facilities to employees during the current pandemic.
• Manufacturing costs typically consist of a.

Variable costs are zero when production is equal to zero. Fixed and Variable costs are curvilinear form above zero on the “Y” axis. Manufacturing costs typically consist of a.

All of the following statements regarding budgeting is true except a. managerial accounting flashcards Budgeting helps managers determine the resources needed to meet their goals and objectives. Budgeting is a key ingredient in good decision-making.