accounting

Plans are laid out in in monetary or financial terms in a(n) .

Blank 1: budget or budgets

Cost objects include ______.

anything for which cost data is desired activities customers

Direct labor and manufacturing overhead costs are known as ______ costs.

conversion

Managers keep track of how they are doing and determine if adjustments are needed during the phase

Blank 1: controlling or control

Direct labor and manufacturing overhead are referred to as costs.

Blank 1: conversion

Any item a manager wants to know the cost of is called a(n)

Blank 1: cost Blank 2: object

In an automobile manufacturing plant, assembly-line workers' wages are costs

Blank 1: direct Blank 2: labor or labour

The standards of conduct for judging right from wrong is referred to as .

Blank 1: ethics or ethical

Intended users of accounting information include investors and regulators; business owners and employees are included in the intended users of accounting.

Blank 1: financial or external Blank 2: managerial, management, or internal

Decisions made during the phase are sometimes called operational decisions.

Blank 1: implementation, implementing, or implement

When it is not worth the cost or effort to trace them to specific products, materials are considered materials.

Blank 1: indirect

True or false: Monitoring metrics that are important to various areas of operations is part of implementing the plan.

False

True or false: Preparing a budget is part of the controlling process.

False

True or false: Virtually all accounting and business problems have clear right or wrong answers.

False

True or false: When faced with an ethical dilemma, it is only important to identify those who may be harmed by the decision.

False

What is the primary difference between managerial and financial accounting?

Managerial accounting provides information for internal use and financial accounting provides information to external users.

Which type of firm converts materials into finished products?

Manufacturing

Which of the following is NOT one of the three categories of businesses?

Nonprofit organization

Which of the following is NOT a component of the triple bottom line?

Planning

Which of the following statements is true?

Some firms operate as more than one type of organization: manufacturer, merchandiser and/or service company.

Which of the following statements are true?

The distinction between product and period costs has more to do with financial accounting than managerial accounting. Classifying a cost as product or period can impact reported profitability.

True or false: Cost control is a critical concern for most organizations.

True

Which of the following is NOT one of the V's of big data?

Validity

Which type of cost changes in total, in direct proportion to changes in activity level?

Variable

When making a decision, ______.

cost control is a critical concern for most organizations

Labor costs that can be easily and conveniently traced to specific products are ______ costs.

direct labor

The components of prime costs are ______.

direct materials and direct labor

Companies with strong ethical cultures ______.

have higher levels of customer satisfaction have higher productivity than those without such cultures

If cost data will be used for decision making, it is important to consider ______.

how costs will behave or change

When faced with an ethical dilemma ______.

identify the parties that will be affected by the situation identify and evaluate the alternative courses of action

Decisions such as deciding how many employees to hire, salary schedules, and training policies are made during the ______ phase of the management process.

implementation

Direct materials and direct labor are both ______ costs.

manufacturing

Controlling involves ______.

measuring actual results

A department store is part of the ______ companies category of business.

merchandising

Indirect materials include ______.

salt and pepper

Planning involves ______.

setting goals and tactics

A cost that will not influence a decision is a(n) cost

sunk

Providing managers with a broader set of information to meet the needs of multiple stakeholders, with the goal of ensuring the company's long-term survival in an uncertain and resource-constrained world is the goal of accounting

sustainable

Variable costs ______.

vary in total remain constant per unit

The Sarbanes-Oxley (SOX) Act ______.

was primarily aimed at renewing investor confidence has many implications for managers

Manufacturing costs can be divided into three categories: direct materials, direct

Blank 1: labor Blank 2: manufacturing or factory Blank 3: overhead or overheads

Wholesalers and retailers are both types of companies.

Blank 1: merchandising, merchandise, merchandiser, or merchant

The Sarbanes-Oxley (SOX) Act focuses on three factors that affect the accounting reporting environment: , , and .

Blank 1: opportunity or opportunities Blank 2: incentives or incentive Blank 3: character

The difference between costs and costs determines how and when the cost will be matched up against revenue on the income statement.

Blank 1: period Blank 2: product

Determining the key factors that are important to a company's success is a major component of the function

Blank 1: planning or plan

Direct materials and direct labor together are referred to as costs.

Blank 1: prime

Hotels and airlines are examples of companies.

Blank 1: service

The three V's that make data big are

Blank 1: volume Blank 2: velocity Blank 3: variety

Which of the following is not an activity that managers perform on a regular, routine basis?

Budgeting

Which of the following statements are true?

Costs are treated differently in different situations. There are many different ways to categorize costs.

Hiring workers, dealing with suppliers and serving customers are all part of ______.

implementation

The Sarbanes Oxley Act ______.

includes rules that should help employees make ethical decisions

Levi Strauss and Ford Motors are examples of firms.

manufacturing

When classifying costs, costs relate to making a product and costs relate to delivering and selling a product.

manufacturing nonmanufacturing

Factory costs such as cleaning supplies, taxes, insurance, and janitor wages are classified as ______.

manufacturing overhead

Factory materials, such as cleaning supplies, that are not components of finished products are classified as ______.

manufacturing overhead

There are two broad classifications of costs: manufacturing costs and costs.

nonmanufacturing

A relevant cost ______.

pertains to the future differs between alternatives

Determining tactics that management will use to achieve objectives is part of ______.

planning

The future-oriented aspect of the management process is ______.

planning

The continuous, ongoing cycle of management functions include ______.

planning, implementing, and controlling