Acct 201 Exam 1 KU questions with
complete solutions graded A+ updated
Plan - correct answer ✔✔Set goals and objectives. Determine specific roadmap for achieving
those goals using BUDGETS.
Control - correct answer ✔✔Oversee the company's daily operations using various managerial
accounting records.
Evaluate - correct answer ✔✔Review results of daily operations against the plan using
VARIANCE ANALYSIS and other performance evaluation tools.
Decision Making - correct answer ✔✔Managers must choose between available alternatives in
every steps using COST-BENEFIT ANALYSIS.
Board of Directors - correct answer ✔✔Elected by shareholders to oversee the company
Chief Executive Officer - correct answer ✔✔Hired by BOD to manage the company on daily
basis
VP of Various Operations - correct answer ✔✔Research and Development, Marketing,
Purchasing, Production, etc.
Audit Committee - correct answer ✔✔Oversee annual external audit and internal audit
department
Internal Audit - correct answer ✔✔Internal controls
, Chief Financial Officer - correct answer ✔✔Managing financial risk management
Treasurer - correct answer ✔✔Raise capital, invest funds, manage cash flow
Controller - correct answer ✔✔General financial and managerial accounting
Managerial Accounting - correct answer ✔✔The generation and analysis of relevant information
to support manager's strategic and operational decision-making activities
Traditional Income Statement - correct answer ✔✔Sales Revenue
(COGS)
Gross Profit
(Selling, General & Admin Expenses)
Net Income
**Based on function (cost)
Contribution Margin Statement - correct answer ✔✔Sales Revenue
(Variable Expenses)
Contribution Margin
(Fixed Expenses)
Operating Income
**Based on cost behavior
Variable Costs - correct answer ✔✔TC= VC x Volume
As volume increases, unit cost remains constant
complete solutions graded A+ updated
Plan - correct answer ✔✔Set goals and objectives. Determine specific roadmap for achieving
those goals using BUDGETS.
Control - correct answer ✔✔Oversee the company's daily operations using various managerial
accounting records.
Evaluate - correct answer ✔✔Review results of daily operations against the plan using
VARIANCE ANALYSIS and other performance evaluation tools.
Decision Making - correct answer ✔✔Managers must choose between available alternatives in
every steps using COST-BENEFIT ANALYSIS.
Board of Directors - correct answer ✔✔Elected by shareholders to oversee the company
Chief Executive Officer - correct answer ✔✔Hired by BOD to manage the company on daily
basis
VP of Various Operations - correct answer ✔✔Research and Development, Marketing,
Purchasing, Production, etc.
Audit Committee - correct answer ✔✔Oversee annual external audit and internal audit
department
Internal Audit - correct answer ✔✔Internal controls
, Chief Financial Officer - correct answer ✔✔Managing financial risk management
Treasurer - correct answer ✔✔Raise capital, invest funds, manage cash flow
Controller - correct answer ✔✔General financial and managerial accounting
Managerial Accounting - correct answer ✔✔The generation and analysis of relevant information
to support manager's strategic and operational decision-making activities
Traditional Income Statement - correct answer ✔✔Sales Revenue
(COGS)
Gross Profit
(Selling, General & Admin Expenses)
Net Income
**Based on function (cost)
Contribution Margin Statement - correct answer ✔✔Sales Revenue
(Variable Expenses)
Contribution Margin
(Fixed Expenses)
Operating Income
**Based on cost behavior
Variable Costs - correct answer ✔✔TC= VC x Volume
As volume increases, unit cost remains constant
