Acct 2000 exam 3 Lowe-ardoin Questions and Correct Answers

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Acct 2000 exam 3 Lowe-ardoin Questions
and Correct Answers
external Ans: Financial accounting is an ______ primary user

internal Ans: managerial accounting is a _____ primary user

financial statement Ans: report used in financial accounting

internal reports Ans: report used in managerial accounting

monthly, quarterly or annual Ans: frequency of reports in
financial accounting

as needed Ans: frequency of reports in managerial accounting

general Ans: purpose of reports in financial accounting

specific Ans: purpose of reports in managerial accounting

highly aggregated Ans: content of reports in financial accounting

very detailed Ans: content of reports in managerial accounting

whole business Ans: portion of business covered in financial
accounting

subunit Ans: portion of business covered in managerial
accounting

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audited Ans: verification process in financial accounting

not audited Ans: verification process in managerial accounting

yes Ans: are you required to follow GAAP in financial accounting

no Ans: are you required to follow GAAP in managerial
accounting

planning

directing

controlling Ans: the three broad functions of a manager are:

planning Ans: looking ahead/setting goals

directing Ans: coordinating day to day activities

controlling Ans: looking back, determining whether goals have
met

direct materials, direct labor, and manufacturing overhead Ans: 3
types of manufacturing costs

indirect materials, indirect labor, and other manufacturing costs
Ans: manufacturing overhead can be separated into 3 categories




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