exam 1 Flashcards
Financial accounting focuses on providing information to internal users.
F
Staff positions are directly involved in the company’s primary revenue-generating activities.
F
Preparation of budgets is part of financial accounting.
F
Managerial accounting applies only to merchandising and manufacturing companies.
F
Both managerial accounting and financial accounting deal with many of the same economic events.
T
Managerial accounting reports are prepared only quarterly and annually.
F
Financial accounting reports are general-purpose reports.
T
Managerial accounting reports pertain to subunits of the business.
T
Managerial accounting reports must comply with generally accepted accounting principles
F
The company treasurer reports directly to the vice president of operations.
F
Property taxes on the factory building.
Manufacturing overhead
Production superintendents’ salaries.
Manufacturing overhead
Memory boards and chips used in assembling computers.
DIRECT MATERIALS
Depreciation on the factory equipment.
MANUFACTURING OVERHEAD
Salaries for assembly-line quality control inspectors.
MANUFACTURING OVERHEAD
