Accounting 211 Exam 1 Exam Questions & Answers | 100% Verified solutions |Questions with
Correct Answers 2025 latest update!! Accounting 211 Study Set Exam 1
Chapter 1 - Answer:
managerial accounting - Answer: field of accounting that provides economic and financial
information for managers and other internal users
main differences between managerial and financial - Answer: managerial:
-for internal users
-doesn't have to follow GAAP
-detailed reports for a specific decision
-reports as frequently as needed
3 activities and responsibilities of management - Answer: 1. planning
2. directing
3. controlling
planning - Answer: requires management to look ahead and establish objectives
-goal is to add value (increase stock price or selling price of company)
directing - Answer: coordinating diverse activities and human resources to produce a smooth-
running operation
-implementing planned objectives
-selecting executives, appointing managers and supervisors, and hiring and training employees
controlling - Answer: process of keeping the firm's progress on track
-determine whether planned goals are being met and any necessary changes to get back on
track
, Accounting 211 Exam 1 Exam Questions & Answers | 100% Verified solutions |Questions with
Correct Answers 2025 latest update!! Accounting 211 Study Set Exam 1
manufacturing - Answer: activities and processes that convert raw materials into finished goods
3 main types of manufacturing costs - Answer: 1. direct materials
2. direct labor
3. manufacturing overhead
raw materials - Answer: basic materials and parts that are to be used in the manufacturing
process
direct materials - Answer: raw materials that can be physically and directly associated with the
finished product during the manufacturing process
direct labor - Answer: work of factory employees that can be physically and directly associated
with converting raw materials into finished goods
indirect labor - Answer: their efforts have no physical associated with the finished product
ex.) wages of maintenance people, timekeepers, and supervisors
manufacturing overhead - Answer: costs that are indirectly associated with the manufacture of
the finished product
-includes indirect materials, indirect labor, depreciation on factory buildings and machinery,
insurance, taxes, and maintenance on factory facilities
product costs - Answer: include each of the manufacturing elements (direct materials, direct
labor, and manufacturing overhead)
-are not expensed until company sells the finished goods inventory
Correct Answers 2025 latest update!! Accounting 211 Study Set Exam 1
Chapter 1 - Answer:
managerial accounting - Answer: field of accounting that provides economic and financial
information for managers and other internal users
main differences between managerial and financial - Answer: managerial:
-for internal users
-doesn't have to follow GAAP
-detailed reports for a specific decision
-reports as frequently as needed
3 activities and responsibilities of management - Answer: 1. planning
2. directing
3. controlling
planning - Answer: requires management to look ahead and establish objectives
-goal is to add value (increase stock price or selling price of company)
directing - Answer: coordinating diverse activities and human resources to produce a smooth-
running operation
-implementing planned objectives
-selecting executives, appointing managers and supervisors, and hiring and training employees
controlling - Answer: process of keeping the firm's progress on track
-determine whether planned goals are being met and any necessary changes to get back on
track
, Accounting 211 Exam 1 Exam Questions & Answers | 100% Verified solutions |Questions with
Correct Answers 2025 latest update!! Accounting 211 Study Set Exam 1
manufacturing - Answer: activities and processes that convert raw materials into finished goods
3 main types of manufacturing costs - Answer: 1. direct materials
2. direct labor
3. manufacturing overhead
raw materials - Answer: basic materials and parts that are to be used in the manufacturing
process
direct materials - Answer: raw materials that can be physically and directly associated with the
finished product during the manufacturing process
direct labor - Answer: work of factory employees that can be physically and directly associated
with converting raw materials into finished goods
indirect labor - Answer: their efforts have no physical associated with the finished product
ex.) wages of maintenance people, timekeepers, and supervisors
manufacturing overhead - Answer: costs that are indirectly associated with the manufacture of
the finished product
-includes indirect materials, indirect labor, depreciation on factory buildings and machinery,
insurance, taxes, and maintenance on factory facilities
product costs - Answer: include each of the manufacturing elements (direct materials, direct
labor, and manufacturing overhead)
-are not expensed until company sells the finished goods inventory
