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Managerial Accounting-Managerial
Accounting Exam Questions And Accurate
Answers
Management Functions in Managerial Accounting - ANSWER Planning.
Directing.
Controlling
Managerial accounting - ANSWER A field of accounting that provides economic and financial information for managers and other internal users.
Activity-based costing (ABC) - ANSWER A method of allocating overhead based on each product's use of activities in making the product.
Balanced scorecard - ANSWER A performance-measurement approach that uses both financial and nonfinancial measures, tied to company objectives, to evaluate a company's operations in an integrated fashion.
Board of directors - ANSWER The group of officials elected by the stockholders of a corporation to formulate operating policies and select officers who will manage the company.
Chief executive officer (CEO) - ANSWER Corporate officer who has overall responsibility for managing the business and delegates responsibilities to other corporate officers.
Chief financial officer (CFO) - ANSWER Corporate officer who is responsible for
all of the accounting and finance issues of the company.
Controller - ANSWER Financial officer responsible for a company's accounting records, system of internal control, and preparation of financial statements, tax returns, and internal reports.
Corporate social responsibility - ANSWER The efforts of a company to employ sustainable business practices with regard to its employees, society, and the environment.
Cost of goods manufactured - ANSWER Total cost of work in process less the cost of the ending work in process inventory.
Direct labor - ANSWER The work of factory employees that can be physically and directly associated with converting raw materials into finished goods.
Direct materials - ANSWER Raw materials that can be physically and directly associated with manufacturing the finished product.
Enterprise resource planning (ERP) system - ANSWER Software that provides a comprehensive, centralized, integrated source of information used to manage all major business processes.
Indirect labor - ANSWER Work of factory employees that has no physical association with the finished product or for which it is impractical to trace the costs to the goods produced.
Indirect materials - ANSWER Raw materials that do not physically become part of the finished product or for which it is impractical to trace to the finished product because their physical association with the finished product is too small.
Total manufacturing costs - ANSWER The sum of direct materials, direct labor, and manufacturing overhead incurred in the current period.
Total quality management (TQM) - ANSWER Systems implemented to reduce defects in finished products with the goal of achieving zero defects.
Treasurer - ANSWER Financial officer responsible for custody of a company's funds and for maintaining its cash position.
Triple bottom line - ANSWER The evaluation of a company's social responsibility performance with regard to people, planet, and profit.
Value chain - ANSWER All business processes associated with providing a product or performing a service.
cost of goods manufactured schedule - ANSWER reports cost elements used in calculating cost of goods manufactured. The schedule presents detailed data for direct materials and for manufacturing overhead.
