Managerial Accounting WGU - Questions And Clear,
Concise Answers
Managerial Accounting Right Ans - A field of accounting that provides
economic and financial information for managers and other internal users.
Planning Right Ans - requires managers to look ahead and to establish
objectives
Directing Right Ans - involves coordinating a company's diverse activities
and human resources to produce a smooth-running operation
Controlling Right Ans - the process of keeping the company's activities on
track
Organization Charts Right Ans - diagrams that depict the formal structures
of organizations
Controller Right Ans - oversees taxes, cost accounting, financial accounting
and data processing
Treasurer Right Ans - employee responsible for the management of a
company's cash
Manufacturing Right Ans - The process of making a raw material into a
finished product; especially in large quantities.
Raw Materials Right Ans - the basic material from which a product is made.
Direct Materials Right Ans - Raw materials that can be physically and
directly associated with manufacturing the finished product.
Indirect Materials Right Ans - They do not physically become part of the
finished product (such as polishing compounds used by Current Designs for
the finishing touches on kayaks). Or, they are impractical to trace to the
finished product because their physical association with the finished product
is too small in terms of cost (such as cotter pins and lock washers)
, Manufacturing Overhead Right Ans - all manufacturing costs except direct
materials and direct labor
Direct Labor Right Ans - work of factory employees that can be physically
and directly associated with converting raw materials into finished goods
Indirect Labor Right Ans - the work of employees that has no physical
association with the finished product or for which it is impractical to trace
costs to the goods produced
Product Costs Right Ans - costs that are a necessary and integral part of
producing the finished product
Period Costs Right Ans - costs that are matched with the revenue of a
specific time period rather than included as part of the cost of a salable
product
Product Vs. Period Costs Right Ans -
Product Vs. Period Costs detailed Right Ans -
Total Manufacturing Costs Right Ans - the sum of the product costs—direct
materials, direct labor, and manufacturing overhead—incurred in the current
period
Manufacturing Cost per unit Right Ans - the total manufacturing cost
divided by the total number of units
cost of goods purchased Right Ans - Merchandiser compute cost of goods
sold by adding the beginning inventory to the cost of goods purchased and
subtracting the ending inventory
costs of goods manufactured Right Ans - Manufacturer cost of goods sold
by adding the beginning finished goods inventory to the cost of goods
manufactured and subtracting the ending finished goods inventory
beginning work in progress inventory Right Ans - partially completed units
Concise Answers
Managerial Accounting Right Ans - A field of accounting that provides
economic and financial information for managers and other internal users.
Planning Right Ans - requires managers to look ahead and to establish
objectives
Directing Right Ans - involves coordinating a company's diverse activities
and human resources to produce a smooth-running operation
Controlling Right Ans - the process of keeping the company's activities on
track
Organization Charts Right Ans - diagrams that depict the formal structures
of organizations
Controller Right Ans - oversees taxes, cost accounting, financial accounting
and data processing
Treasurer Right Ans - employee responsible for the management of a
company's cash
Manufacturing Right Ans - The process of making a raw material into a
finished product; especially in large quantities.
Raw Materials Right Ans - the basic material from which a product is made.
Direct Materials Right Ans - Raw materials that can be physically and
directly associated with manufacturing the finished product.
Indirect Materials Right Ans - They do not physically become part of the
finished product (such as polishing compounds used by Current Designs for
the finishing touches on kayaks). Or, they are impractical to trace to the
finished product because their physical association with the finished product
is too small in terms of cost (such as cotter pins and lock washers)
, Manufacturing Overhead Right Ans - all manufacturing costs except direct
materials and direct labor
Direct Labor Right Ans - work of factory employees that can be physically
and directly associated with converting raw materials into finished goods
Indirect Labor Right Ans - the work of employees that has no physical
association with the finished product or for which it is impractical to trace
costs to the goods produced
Product Costs Right Ans - costs that are a necessary and integral part of
producing the finished product
Period Costs Right Ans - costs that are matched with the revenue of a
specific time period rather than included as part of the cost of a salable
product
Product Vs. Period Costs Right Ans -
Product Vs. Period Costs detailed Right Ans -
Total Manufacturing Costs Right Ans - the sum of the product costs—direct
materials, direct labor, and manufacturing overhead—incurred in the current
period
Manufacturing Cost per unit Right Ans - the total manufacturing cost
divided by the total number of units
cost of goods purchased Right Ans - Merchandiser compute cost of goods
sold by adding the beginning inventory to the cost of goods purchased and
subtracting the ending inventory
costs of goods manufactured Right Ans - Manufacturer cost of goods sold
by adding the beginning finished goods inventory to the cost of goods
manufactured and subtracting the ending finished goods inventory
beginning work in progress inventory Right Ans - partially completed units
