Acct 303 Final Exam Clemson Questions with Correct Answers| Grade A+ Verified by Experts

Acct 303 Final Exam Clemson Questions with Correct Answers| Grade A+ Verified by Experts Financial Accounting External users, such as banks creditors, investors; reports results of past activities Management Accounting Primarily internal users; broader than cost acct; internal decision making; future oriented Cost Accounting Product costing (more focused than management acct); future oriented; internal users Cost acct standards Not parallel to GAAP; only with respect to gov't contracts Mission Statement What do we want to do, what do we want to accomplish as a company Strategy How are we going to achieve the goals listed in the mission statement Core Competency Critical things/components we need to achieve our strategy Cost leadership strategy High volume, low cost strategy