ACG 2071 FSU EXAM 1 Questions with Correct Answers
Question 1:
setting goals and objectives for organizations. Think: what are they wanting to accomplish?
Answer:
planning
Question 2:
overseeing the day-to-day operations. Think: where can we improve? are we achieving goals?
Answer:
directing
Question 3:
controlling
Answer:
evaluating results and making adjustments
Question 4:
managerial accounting focuses on...
Answer:
relevant information that affects future operations
Question 5:
Sustainability
Answer:
the ability to meet the needs of the present without compromising the ability of future
generations to meet their own needs
Question 6:
What are the three pillars of sustainability
Answer:
3Ps: people (social), planet (environment), and profit (economic)
, Question 7:
What is ethical behavior?
Answer:
it means to do the right thing, regardless of the consequences. Not all unethical behavior is
illegal but all illegal behavior is unethical.
Question 8:
What are 2 ways to generate profit?
Answer:
Increase revenues or sales, and/or decrease expenses/costs
Question 9:
What are 3 types of companies?
Answer:
service (intangible), merchandising (reselling), and manufacturing (producing)
Question 10:
What are the 3 types of inventory for manufacturing companies?
Answer:
Raw materials, work in progress, and finished goods
Question 11:
What is a cost object?
Answer:
this is anything that we as a company need to know and figure out the cost of
Question 12:
What is a direct costs?
Answer:
any cost that we can TRACE DIRECTLY to a cost object.
Question 13:
What is an indirect cost?
Answer:
any cost that we CANNOT trace to a cost object, therefore we must allocate them.
Question 1:
setting goals and objectives for organizations. Think: what are they wanting to accomplish?
Answer:
planning
Question 2:
overseeing the day-to-day operations. Think: where can we improve? are we achieving goals?
Answer:
directing
Question 3:
controlling
Answer:
evaluating results and making adjustments
Question 4:
managerial accounting focuses on...
Answer:
relevant information that affects future operations
Question 5:
Sustainability
Answer:
the ability to meet the needs of the present without compromising the ability of future
generations to meet their own needs
Question 6:
What are the three pillars of sustainability
Answer:
3Ps: people (social), planet (environment), and profit (economic)
, Question 7:
What is ethical behavior?
Answer:
it means to do the right thing, regardless of the consequences. Not all unethical behavior is
illegal but all illegal behavior is unethical.
Question 8:
What are 2 ways to generate profit?
Answer:
Increase revenues or sales, and/or decrease expenses/costs
Question 9:
What are 3 types of companies?
Answer:
service (intangible), merchandising (reselling), and manufacturing (producing)
Question 10:
What are the 3 types of inventory for manufacturing companies?
Answer:
Raw materials, work in progress, and finished goods
Question 11:
What is a cost object?
Answer:
this is anything that we as a company need to know and figure out the cost of
Question 12:
What is a direct costs?
Answer:
any cost that we can TRACE DIRECTLY to a cost object.
Question 13:
What is an indirect cost?
Answer:
any cost that we CANNOT trace to a cost object, therefore we must allocate them.
