UTA Accounting 2302 Exam 1
Questions and Answers 100% Pass
What is managerial accounting? - ✔✔the process of identifying, measuring, analyzing,
interpreting and communicating information for the pursuit of an organization's goals
Managers' three primary responsibilities - ✔✔Planning
Directing
Controlling
How managerial accounting fits in - ✔✔Managerial accounting building blocks
Determining unit cost
Making decisions
Planning
Controlling and evaluating
Differences between managerial accounting and financial accounting - ✔✔The
difference between financial and managerial accounting. ... In general, financial
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,accounting refers to the aggregation of accounting information into financial
statements, while managerial accounting refers to the internal processes used to account
for business transactions
Role of management accountants - ✔✔collecting, recording and reporting financial data
from several units of an organization, observe and analyze their budget and suggest
their funding and allocation.
How can accounting help solve the business issue, event, or problem? -
✔✔Management accounting always begins with some relevant business issue that
management is facing or some economic event that occurred in the past or might occur
in the future. Management accounting is used to shed light on the issue and direct
management's path.
What are the "gray areas"? - ✔✔assumptions, estimates, measurement choices, and
judgment calls might impact the information that is used for decision making? Because
of the gray areas and judgment involved, accounting numbers are rarely as precise as
they may seem.
What are the implications for the business if the accounting information used in
the decision is "wrong"? - ✔✔Because of the gray areas, it's difficult to say that
accounting information is ever "wrong." However, judgment in these gray areas could
lead to financial estimates that are on the high side or on the low side. What are the
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, consequences of numbers that are too high or too low? Would estimates that are "off" in
one direction be worse than the other direction?
how does accounting relate to entrepreneurs - ✔✔If you are planning to be an
entrepreneur, you'll first want to know if your business idea makes financial sense.
How high will volume have to be for your business to at least break even? How high
will it have to be for your business to earn the level of profit that you want to achieve?
how does accounting relate to business management - ✔✔if you are planning to be a
general business manager, not a day will go by in which you don't consider the
financial ramifications of your decisions. You'll need to have a firm grasp on the costs of
obtaining or manufacturing every product you sell and/or every service you deliver.
You'll also want to understand how costly every activity within the company is to
perform and have specific strategies in hand for controlling and reducing those costs.
how does accounting relate to marketing and sales - ✔✔If you are planning to be in
marketing and sales, your marketing strategy, assumptions, and predictions will be the
driving force behind the company's entire budget. As a result, you will be intimately
involved with developing the budget. Product-line profitability reports will show you
which products are most profitable and will guide your decisions about which products
to emphasize.
how does accounting relate to - ✔✔Even if you are planning to be a nurse, engineer,
musician, or fashion designer, the information you learn in this course will be of
100% Pass Guarantee Sophia Bennett, All Rights Reserved © 2025 3
Questions and Answers 100% Pass
What is managerial accounting? - ✔✔the process of identifying, measuring, analyzing,
interpreting and communicating information for the pursuit of an organization's goals
Managers' three primary responsibilities - ✔✔Planning
Directing
Controlling
How managerial accounting fits in - ✔✔Managerial accounting building blocks
Determining unit cost
Making decisions
Planning
Controlling and evaluating
Differences between managerial accounting and financial accounting - ✔✔The
difference between financial and managerial accounting. ... In general, financial
100% Pass Guarantee Sophia Bennett, All Rights Reserved © 2025 1
,accounting refers to the aggregation of accounting information into financial
statements, while managerial accounting refers to the internal processes used to account
for business transactions
Role of management accountants - ✔✔collecting, recording and reporting financial data
from several units of an organization, observe and analyze their budget and suggest
their funding and allocation.
How can accounting help solve the business issue, event, or problem? -
✔✔Management accounting always begins with some relevant business issue that
management is facing or some economic event that occurred in the past or might occur
in the future. Management accounting is used to shed light on the issue and direct
management's path.
What are the "gray areas"? - ✔✔assumptions, estimates, measurement choices, and
judgment calls might impact the information that is used for decision making? Because
of the gray areas and judgment involved, accounting numbers are rarely as precise as
they may seem.
What are the implications for the business if the accounting information used in
the decision is "wrong"? - ✔✔Because of the gray areas, it's difficult to say that
accounting information is ever "wrong." However, judgment in these gray areas could
lead to financial estimates that are on the high side or on the low side. What are the
100% Pass Guarantee Sophia Bennett, All Rights Reserved © 2025 2
, consequences of numbers that are too high or too low? Would estimates that are "off" in
one direction be worse than the other direction?
how does accounting relate to entrepreneurs - ✔✔If you are planning to be an
entrepreneur, you'll first want to know if your business idea makes financial sense.
How high will volume have to be for your business to at least break even? How high
will it have to be for your business to earn the level of profit that you want to achieve?
how does accounting relate to business management - ✔✔if you are planning to be a
general business manager, not a day will go by in which you don't consider the
financial ramifications of your decisions. You'll need to have a firm grasp on the costs of
obtaining or manufacturing every product you sell and/or every service you deliver.
You'll also want to understand how costly every activity within the company is to
perform and have specific strategies in hand for controlling and reducing those costs.
how does accounting relate to marketing and sales - ✔✔If you are planning to be in
marketing and sales, your marketing strategy, assumptions, and predictions will be the
driving force behind the company's entire budget. As a result, you will be intimately
involved with developing the budget. Product-line profitability reports will show you
which products are most profitable and will guide your decisions about which products
to emphasize.
how does accounting relate to - ✔✔Even if you are planning to be a nurse, engineer,
musician, or fashion designer, the information you learn in this course will be of
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