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.