1023 Exam 2 Review Flashcards
Determining the unit cost of manufacturing a product is a part of…
Managerial accounting
Reporting the total cost of goods manufactured and sold is a part of…
Financial accounting
External users: Shareholders creditors and regulators
Financial accounting
Internal users: officers and managers
Managerial accounting
Frequency of reports: internal reports; as frequently as needed
Managerial accounting
Types and frequency of reports: financial statements; Quarterly and annually
Financial accounting
Purpose of reports: General
Financial
Purpose of reports: Soecial purpose for special decisions
Managerial accounting
Audited by CPA
Financial accounting
No independent audits
Managerial Accounting
Financial accounting reports are general purpose and intended for external users
True
Managerial accounting reports are special purpose and issued as frequently as needed
True
Managerial accountants have a single role within an organization: collecting and reporting costs to management.
FALSE: They determine product cost, and are held responsible for evaluating how well the company is employing its resources. As a result when the company makes critical strategic decisions, managerial accountants serve as team members along side personal from productions, marketing, and engineering.
Managerial activities and responsibilities can be classified into three broad functions
- Planning
- Directing
- Controlling
Managersacitivities are classified into three broad functions
Planning, directing, and controlling.
