MANAGERIAL ACCOUNTING CH. 1-6 QUESTIONS AND ANSWERS WITH SOLUTIONS 2024

MANAGERIAL ACCOUNTING CH. 1-6
QUESTIONS AND ANSWERS WITH
SOLUTIONS 2024
managerial accounting - ANSWER provision of accounting info for a companys internal users



financial accounting - ANSWER concerned with producing info for external users, like investors and
creditors



planning - ANSWER detailed formulation of action to achieve a particular end



controlling - ANSWER monitoring a plans implementation and taking corrective action



decision making - ANSWER process of choosing among competing alternatives



value chain - ANSWER set of activities required to design, develop, produce products and services



cost - ANSWER amount of cash or cash equivalent sacrificed for goods/services that are expected to
benefit company



expenses - ANSWER expired cost



price - ANSWER revenue per unit



assigning costs - ANSWER way that a cost is linked to some cost object



accumulating costs - ANSWER way that costs are measured and recorded



opportunity costs - ANSWER benefit given up or sacrificed when something is chosen over another