CSCC Accounting 1212 Exam 1 Study Guide
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Managerial Acct - CORRECT ANSWER - focuses on the acct. tools managers use to run a
business; helps predict the future
JIT management - CORRECT ANSWER - company produces products just-in-time to
satisfy customers needs
Value Chain - CORRECT ANSWER - Includes all activities that add value to a company's
products and services
Period Costs (Selling and Administrative) - CORRECT ANSWER - Operating cost that is
expensed in the acct. period in which it is incurred
Product Cost - CORRECT ANSWER - cost of purchasing or making a product
Prime Cost - CORRECT ANSWER - Combine the direct cost of direct materials and direct
labor
Cost Object - CORRECT ANSWER - Anything for which managers want a separate
measurement of cost
Conversion Cost - CORRECT ANSWER - combine direct labor w/ manufacturing
overhead
Types of Inventory - CORRECT ANSWER - -Raw materials
-Work-in-Process Inventory (WIP)
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Managerial Acct - CORRECT ANSWER - focuses on the acct. tools managers use to run a
business; helps predict the future
JIT management - CORRECT ANSWER - company produces products just-in-time to
satisfy customers needs
Value Chain - CORRECT ANSWER - Includes all activities that add value to a company's
products and services
Period Costs (Selling and Administrative) - CORRECT ANSWER - Operating cost that is
expensed in the acct. period in which it is incurred
Product Cost - CORRECT ANSWER - cost of purchasing or making a product
Prime Cost - CORRECT ANSWER - Combine the direct cost of direct materials and direct
labor
Cost Object - CORRECT ANSWER - Anything for which managers want a separate
measurement of cost
Conversion Cost - CORRECT ANSWER - combine direct labor w/ manufacturing
overhead
Types of Inventory - CORRECT ANSWER - -Raw materials
-Work-in-Process Inventory (WIP)
