Accounting 102: Intro to Managerial Accounting / Business Courses ACTUAL
UPDATED QUESTIONS AND CORRECT ANSWERS
Managerial Accounting Focuses on measuring, analyzing, and communicating financial info for
organizational goals.
Cost Accounting Another term for managerial accounting, emphasizing cost measurement and
analysis.
Financial Management Differs from managerial accounting by focusing on external reporting and
investment decisions.
Accounting Managers Construct plans, budget, make decisions, and aid internal decision-making.
Planning Function Estimates future financial performance using tools like cash flow forecasts and
balance sheets.
Cash Flow Forecast forecast that predicts the cash inflows and outflows in future periods, usually
months or quarters
, Profit and Loss Statement An itemized financial statement of the income and expenses of a company's
operations.
Balance Sheet a statement of the assets, liabilities, and capital of a business or other organization
at a particular point in time, detailing the balance of income and expenditure over
the preceding period.
Costing A process to determine the cost of production or operation of a business by
assigning expenses to various stages of production or operations of a firm.
Cost-Volume-Profit Analysis The study of the effects of changes in costs and volume on a company's profits.
Investment Appraisals Evaluates investment value in terms of return rate, aiding in resource allocation.
Monitoring and Controls Measures performance using budgets to compare expected and actual
outcomes.
Financial Accounting Standards Board (FASB) the private board that establishes the generally accepted accounting principles
used in the practice of financial accounting
GAAP Generally Accepted Accounting Principles. The standards and rules that
accountants follow while recording and reporting financial activities.
UPDATED QUESTIONS AND CORRECT ANSWERS
Managerial Accounting Focuses on measuring, analyzing, and communicating financial info for
organizational goals.
Cost Accounting Another term for managerial accounting, emphasizing cost measurement and
analysis.
Financial Management Differs from managerial accounting by focusing on external reporting and
investment decisions.
Accounting Managers Construct plans, budget, make decisions, and aid internal decision-making.
Planning Function Estimates future financial performance using tools like cash flow forecasts and
balance sheets.
Cash Flow Forecast forecast that predicts the cash inflows and outflows in future periods, usually
months or quarters
, Profit and Loss Statement An itemized financial statement of the income and expenses of a company's
operations.
Balance Sheet a statement of the assets, liabilities, and capital of a business or other organization
at a particular point in time, detailing the balance of income and expenditure over
the preceding period.
Costing A process to determine the cost of production or operation of a business by
assigning expenses to various stages of production or operations of a firm.
Cost-Volume-Profit Analysis The study of the effects of changes in costs and volume on a company's profits.
Investment Appraisals Evaluates investment value in terms of return rate, aiding in resource allocation.
Monitoring and Controls Measures performance using budgets to compare expected and actual
outcomes.
Financial Accounting Standards Board (FASB) the private board that establishes the generally accepted accounting principles
used in the practice of financial accounting
GAAP Generally Accepted Accounting Principles. The standards and rules that
accountants follow while recording and reporting financial activities.
