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 Ex. Walmart Product differentiation strategy High price, high quality, low volume strategy Ex. luxury type items, customizable items Organizational constraints Monetary, intellectual capital, environmental