ACC 2033 Connect Ch 1

Which of the following people would be more interested in managerial accounting data than in financial accounting data?

Business owners and employees

Which type of firm converts materials into finished products?

Manufacturing

Cost objects include ______.

anything for which cost data is desired activities customers

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

budgeting

Identifying a problem and taking corrective action is part of the ______ process.

control

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

cost object

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

false

Preparing a budget is part of the controlling process.

false

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

implementation

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

implementation

Costs that differ between decision alternatives are called differential or ______ costs

incremental

When classifying costs ___ costs relate to making a product and ___ costs relate to delivering and selling a product

manufacturing non-manufacturing

Controlling involves ______.

measuring actual results

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

merchandising

Wholesalers and retailers are both types of ______ companies

merchandising

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

non-manufacturing

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

planning

The first step in ____ is to establish goals or objectives and tactics

planning

Hotels and airlines are examples of ______ companies

service

Differential cost is ______.

the difference in cost between two alternatives