module 4 accounting

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Which of the following statements is true?

Management accountants need strong, financial accounting skills

Within the relevant range, a cost that changes in direct proportion to changes in the activity level is

Variable

Which of the following is not one of the basic questions asked during the decision making process

When should we be selling?

A likely result of abandoning ethical standards is

a less efficient economy

Which of the following are most likely fixed costs

Administrative salaries Factory rent Factory insurance

Management's detailed plans for the future are often expressed formally in

Budget

Fixed costs that cannot easily be changed, and often lock a company into a multiyear decision called

Committed

calls that can be easily and conveniently traced to a specific product are called

Direct cost

large collections of information that are gathered from inside or outside a company to provide opportunities for ongoing reporting, and analysis is referred to as

big data

Major business functions that add value to a company's products and services compromise a companies value

chain

A type of indirect cost incurred to Benefit more than one cost object is a

common cost

A strategy helps a company distinguish itself from ______.

competitors

Sales revenue minus variable expenses equals

contribution margin

Within the relevant range of activity

costs and activity can be approximated by a straight line fixed costs remain constant in total

Customer chooses one company over another because of

customer value propositions

cost objects include

customers organizational subunits anything for which cost data is desired

Undesirable events that have already happened are uncovered by ______ controls

detective

The difference in revenues between two alternatives is called ______.

differential revenue

Fantastic Furniture makes custom order couches. The material used to make a couch is a(n) ______ cost of the customer placing the order.

direct

Manufacturing costs include

direct materials, direct labor, manufacturing overhead

Planning involves

establishing goals and specifying how to achieve them

Giving employees a bonus for meeting a specific goal is an example of

extrinsic

Indirect labor costs include

factory security guard wages, assembly-line supervisor salary

Perhaps the most basic managerial skill is the ability to

make intelligent decisions

Product costs are also called

manufacturing costs

A report comparing actual results to budgeted amounts that is often used to reward and evaluate employees is called a(n) _________ report.

performance

The management activity off ________ includes specifying how to achieve established goals

planning

three activities vital to the role of managerial accounting are

planning, controlling, decision making

The materials that go into the final product are called

raw materials

Managerial Accounting

reports to Manager's inside the organization for planning, controlling and decision making Emphasizes decision affecting the future Emphasizes relevance Emphasizes timeliness Emphasizes segments reports Does not need to follow GAAP Not mandatory

Non-manufacturing costs include

sales commissions company president's salary

A game plan that enables a company to attract customers by distinguishing itself from competitors is a(n)

strategy

committed fixed costs include

top management salaries real estate taxes

A fixed cost remains fixed ______ within the relevant range of activity.

total

Managerial accounting skills are

useful in a variety of careers and industries

The term often used to describe how an organizations functional departments interact with one another to form. Business processes is.

value chain

Cost of goods sold for merchandising company direct materials and commissions are all examples of

variable costs

Parties more interested in managerial accounting data than in financial accounting data include

- production managers - sales managers

The primary role of managerial accountant is to

Partner with coworkers within the organization to help improve performance

A budget is a detailed plan for the future that is usually expressed in formal qualitative terms.

Pause

A performance report

helps identify, and illuminate sources of unsatisfactory performance Can be used to help evaluate and reward employees

cost behavior

how a cost reacts to changes in the level of activity Categorized as cost as fixed, mixed and variable

Period Costs

include all costs that are not product cost Our expenses in the. Incurred.

salaries of factory, supervisors and factory maintenance personnel are examples of

indirect labor costs

Manufacturing overhead costs include

indirect materials, factory supervisors' salaries, and factory depreciation

Motivation that comes from within is known as

intrinsic motivation


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