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Question 0

Indirect costs

Answer 0

Costs assigned to an organizational unit from elsewhere in the organization or indirect costs for the unit. Costs within a unit that are not incurred for direct pro vision of goods or services are indirect costs of those goods or services

Question 1

Inputs

Answer 1

Resources used for producing the organizations output. Examples of inputs include labor and supplies

Question 2

Direct costs

Answer 2

Costs incurred within the organizational unit for which the manager has responsibility are referred to as direct costs of the unit. Costs of resources used for direct pro vision of goods or services are referred to as the direct costs of those goods or services.

Question 3

Outputs

Answer 3

The number of units of service provided, for example, the number of meals served.

Question 4

Outcome

Answer 4

The results that the organization is trying to achieve.

Question 5

Outlays

Answer 5

Operating expenses

Question 6

Financial management

Answer 6

The subset of management that focuses on generating financial information that can be used to improve decision-making

Question 7

Accounting

Answer 7

Accounting is a system for keeping track of the financial status of an organization and the financial results of its activities. Accounting is subdivided into two major areas; managerial accounting and financial accounting

Question 8

Managerial accounting

Answer 8

Managerial accounting relates to generating any financial information that managers can use to improve the future results of the organization.

Question 9

Financial accounting

Answer 9

System that records historical financial information, summarized it, and provide reports what financial events have occurred and of what the financial impact of those accounts has been