ACCT 2302 Chapter 1 Questions and Correct Answers/ Latest Update / Already Graded

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ACCT 2302 Chapter 1 Questions and
Correct Answers/ Latest Update / Already
Graded
Financial Accounting

Ans: concerned with
reporting financial information to external
parties, such as stockholders, creditors, and
regulators


Managerial Accounting

Ans: concerned with providing information to managers within
an organization so that they can formulate plans, control
operations, and make decisions


Product Costs

Ans: - include all costs involved in acquiring or making a
product
- "attach" to a unit of product as it is purchased or
manufactured and they stay attached to each unit of product as
long as it remains in inventory awaiting sale




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Period Costs

Ans: - all the costs that are not product costs
- All selling and administrative expenses are treated as ______


Cost Objects

Ans: - Products
- Lines of Products
- Customers
- Units
- Departments
- Geographical regions
- Business Segments


Direct Costs

Ans: - Costs that can be easily and conveniently traced to a
unit of product or other cost object
- Ex: direct material and direct labor


Indirect Costs

Ans: - Costs that cannot be easily and conveniently traced to a
unit of product or other cost object


All rights reserved © 2025/ 2026 |