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