Accoun ng 202- Exam 1 Ques ons and answers newest
RATED A+ 2025/2026 UPDATED!!
Managerial accoun ng plays a vital role in what decision making? - Correct Answers Internal
What type of accoun ng reports a company's performance to external par es? - Correct
Answers Financial Accoun ng
What me periods do financial and managerial accountants focus on? - Correct Answers
Financial - past
Managerial - future
Which type of accoun ng is bound by GAAP? - Correct Answers Financial
Which of the following best describes managerial accoun ng? - Correct Answers Internal
decision making, future-focused
Managerial accoun ng systems are created to provide... - Correct Answers informa on for
decision making, planning, and controlling
Mangerial accountants must capture, analyze and report data. What could data consist of? -
Correct Answers data can consist of financial and non-financial informa on, and consist of
internal and external informa on
How must managerial accoun ng be summarized? - Correct Answers It has to be
summarized in a form that is useful to internal users
Business En es: Manufacturing - Correct Answers converts materials into a finished
product through the use of machinery and/or labor
, Business En es: purchase finished products from a manufacturer and then sell the product to
a constomer - Correct Answers Merchandising
What is a service en ty? - Correct Answers En ty that doesn't make or sell a tangible
product
What are the 6 major trends? - Correct Answers Outsourcing
Factory automa on
Just In me inventory systems
Lean manufactoring
Customer profitabitly
Big data and predic ve analy cs
What are the 2 sub types of factory automa on? - Correct Answers Stand-alone auto-ma on
Flexible-manufacturing-system automa on
managerial accoun ng - Correct Answers - primary users: internal users
- reports: internal reports issued as needed
- purpose: special purpose for a par cular user
- content: pertains to subunits, may be detailed, use of relevant data
- verifica on: no independent audits
product costs (manufacturing costs) - Correct Answers - direct materials, direct labor, and
manufacturing overhead
- recorded as inventory
- expenses when the product is sold
- on the Balance Sheet as Inventory un l the product is actually sold
RATED A+ 2025/2026 UPDATED!!
Managerial accoun ng plays a vital role in what decision making? - Correct Answers Internal
What type of accoun ng reports a company's performance to external par es? - Correct
Answers Financial Accoun ng
What me periods do financial and managerial accountants focus on? - Correct Answers
Financial - past
Managerial - future
Which type of accoun ng is bound by GAAP? - Correct Answers Financial
Which of the following best describes managerial accoun ng? - Correct Answers Internal
decision making, future-focused
Managerial accoun ng systems are created to provide... - Correct Answers informa on for
decision making, planning, and controlling
Mangerial accountants must capture, analyze and report data. What could data consist of? -
Correct Answers data can consist of financial and non-financial informa on, and consist of
internal and external informa on
How must managerial accoun ng be summarized? - Correct Answers It has to be
summarized in a form that is useful to internal users
Business En es: Manufacturing - Correct Answers converts materials into a finished
product through the use of machinery and/or labor
, Business En es: purchase finished products from a manufacturer and then sell the product to
a constomer - Correct Answers Merchandising
What is a service en ty? - Correct Answers En ty that doesn't make or sell a tangible
product
What are the 6 major trends? - Correct Answers Outsourcing
Factory automa on
Just In me inventory systems
Lean manufactoring
Customer profitabitly
Big data and predic ve analy cs
What are the 2 sub types of factory automa on? - Correct Answers Stand-alone auto-ma on
Flexible-manufacturing-system automa on
managerial accoun ng - Correct Answers - primary users: internal users
- reports: internal reports issued as needed
- purpose: special purpose for a par cular user
- content: pertains to subunits, may be detailed, use of relevant data
- verifica on: no independent audits
product costs (manufacturing costs) - Correct Answers - direct materials, direct labor, and
manufacturing overhead
- recorded as inventory
- expenses when the product is sold
- on the Balance Sheet as Inventory un l the product is actually sold
