ACG 2071 Exam 1 Questions with Verified
Correct Answers
Three main functions of managerial accountants
Planning, Directing, and Controlling
Triple Bottom Line
Profits, People, and Planet
Financial users
External Users
Managerial users
Internal Users
Financial perspective
historical
Managerial perspective
present and future
Financial statements are prepared...
quarterly or annually
Managerial statements are prepared...
whenever management wants
Detail level of financial
not super detailed
, Detail level of managerial
super detailed
Type of info for financial
verified information
Type of info for managerial
relevant or recent information
As activity level increases, what happens to total and unit variable costs
Total increases, per unit stays the same
As activity level increases, what happens to total and unit fixed costs
Total stays the same, per unit decreases
Discretionary Fixed Costs
fixed costs that are at a managers discretion (advertising on instagram)
Committed Fixed Costs
fixed costs to which the company is committed (leases)
Manufacturing Inventory Accounts
Raw materials, work in progress, and finished goods
Merchandising Inventory Accounts
Merchandise Inventory or simply just Inventory
Product Costs
DM, DL, OH
Correct Answers
Three main functions of managerial accountants
Planning, Directing, and Controlling
Triple Bottom Line
Profits, People, and Planet
Financial users
External Users
Managerial users
Internal Users
Financial perspective
historical
Managerial perspective
present and future
Financial statements are prepared...
quarterly or annually
Managerial statements are prepared...
whenever management wants
Detail level of financial
not super detailed
, Detail level of managerial
super detailed
Type of info for financial
verified information
Type of info for managerial
relevant or recent information
As activity level increases, what happens to total and unit variable costs
Total increases, per unit stays the same
As activity level increases, what happens to total and unit fixed costs
Total stays the same, per unit decreases
Discretionary Fixed Costs
fixed costs that are at a managers discretion (advertising on instagram)
Committed Fixed Costs
fixed costs to which the company is committed (leases)
Manufacturing Inventory Accounts
Raw materials, work in progress, and finished goods
Merchandising Inventory Accounts
Merchandise Inventory or simply just Inventory
Product Costs
DM, DL, OH
