Accounting 102

Which of the following applies to where a managerial accounting system can be useful? -to prepare specialty reports to assist with providing cost data on products. -to prepare data needed for managers to make decisions on where to allocate scarce resources -to provide useful information to business decision makers -to collect and analyze data regarding the success or failure of a new product launch -All of the above

All of the above

The cost of completed units which have been sold to the customer

Cost of goods sold

Efforts of employees who work directly to convert the units to a finished product

Direct labor

What is the most common type of fraud

Employee Theft

The focus of the information emphasizes the whole organization

Financial

Users include investors, creditors, and other users outside the organization.

Financial

Product which is completed but not yet sold

Finished goods inventory

Efforts of employees who work on the product but their work cannot be directly traced to the product

Indirect labor

Materials used in production that are not direct materials

Indirect materials

A ___________ includes the production activities for a customized product

Job

A job that involves producing more than one unit of a custom product is referred to as a

Job lot

When a customized product is manufactured separately and in its own production, it is referred to as

Job order production

The nature of the information is mostly monetary, but also includes nonmonetary information

Managerial

The purpose of information is to assist managers in making, planning and controlling decisions.

Managerial

The information is available quickly without the need to wait for an audit.

Managerial.