ACC 406 Midterm Review || with Error-free Answers.
Managerial Accounting correct answers the provision of accounting information for a company's
internal users, unlike financial accounting it is not bound by formal criteria
Planning correct answers the detailed formulation of action to achieve a particular end
Controlling correct answers monitoring a plans implementation and taking corrective action as
needed
Decision Making correct answers the process of choosing among competing alternatives
Financial Accounting correct answers primarily concerned with producing information for
external users (financial statements)
The Triple Bottom Line correct answers is a reference to establishing objectives within the
organization that reflects the company's concern for its social and environmental impact
Activity- based costing (ABC) correct answers is a more detailed approach to determining the
cost of goods and services
Product Life Cycle correct answers the series of stages that new products progress through
(conception, introduction to the market, growth, maturity and finally decline and eventually
withdrawn from the market)
Value Chain correct answers refers to the set of business functions that add value to an
organizations products or services
Inbound Logistics correct answers receiving raw materials and goods from the company's
suppliers
, Operations correct answers manufacturing or assembling goods
Outbound Logistics correct answers sending finished goods to wholesalers, retailers, or the final
consumer
Marketing and Sales correct answers developing a marketing, communications, and promotions
strategy to meet the needs of targeted customers
Service correct answers providing customers with installation, after service, complaint handling
and so on
Procurement correct answers Securing the lowest prices for inputs of the highest quality, and
deciding which components or operations will be provided in house or obtained from external
sources
Cross Functional Perspective correct answers allows us to see the big picture (to see that the
increased revenue may come at the expense of much higher product costs)
Lean Accounting correct answers organizes costs according to the value chain and collects both
financial and non-financial information
Line Positions correct answers have responsibility for the basic objectives of an organization
Staff Positions correct answers supportive in nature and have only indirect responsibility for an
organization's basic objectives
CPA correct answers chartered professional accountant
Managerial Accounting correct answers the provision of accounting information for a company's
internal users, unlike financial accounting it is not bound by formal criteria
Planning correct answers the detailed formulation of action to achieve a particular end
Controlling correct answers monitoring a plans implementation and taking corrective action as
needed
Decision Making correct answers the process of choosing among competing alternatives
Financial Accounting correct answers primarily concerned with producing information for
external users (financial statements)
The Triple Bottom Line correct answers is a reference to establishing objectives within the
organization that reflects the company's concern for its social and environmental impact
Activity- based costing (ABC) correct answers is a more detailed approach to determining the
cost of goods and services
Product Life Cycle correct answers the series of stages that new products progress through
(conception, introduction to the market, growth, maturity and finally decline and eventually
withdrawn from the market)
Value Chain correct answers refers to the set of business functions that add value to an
organizations products or services
Inbound Logistics correct answers receiving raw materials and goods from the company's
suppliers
, Operations correct answers manufacturing or assembling goods
Outbound Logistics correct answers sending finished goods to wholesalers, retailers, or the final
consumer
Marketing and Sales correct answers developing a marketing, communications, and promotions
strategy to meet the needs of targeted customers
Service correct answers providing customers with installation, after service, complaint handling
and so on
Procurement correct answers Securing the lowest prices for inputs of the highest quality, and
deciding which components or operations will be provided in house or obtained from external
sources
Cross Functional Perspective correct answers allows us to see the big picture (to see that the
increased revenue may come at the expense of much higher product costs)
Lean Accounting correct answers organizes costs according to the value chain and collects both
financial and non-financial information
Line Positions correct answers have responsibility for the basic objectives of an organization
Staff Positions correct answers supportive in nature and have only indirect responsibility for an
organization's basic objectives
CPA correct answers chartered professional accountant
