Managerial Accounting UFC1 (WGU) - Questions With
Insightful Solutions
Managerial Accounting Right Ans - Provides economic and financial
information for managers and other internal users (Ch. 1)
Planning Right Ans - Requires managers to look ahead and establish
objectives (Ch. 1)
Directing Right Ans - Involves coordinating diverse activities and human
resources to produce a smooth-running operation (Ch. 1)
Controlling Right Ans - Process of keeping the company's activities on track
(Ch. 1)
Management Functions Right Ans - Planning, Directing, and Controlling
(Ch. 1)
Board of Directors Right Ans - The group of officials elected by the
stockholders of a corporation to formulate operating policies and select
officers who will manage the company (Ch. 1)
Chief Executive Officer (CEO) Right Ans - Corporate officer who has overall
responsibility for managing the business and delegates responsibilities to
other corporate officers (Ch. 1)
Line Positions Right Ans - Jobs that are directly involved in a company's
primary revenue-generating operating activities (Ch. 1)
Staff Positions Right Ans - Jobs that support the efforts of line employees
(Ch. 1)
Chief Financial Officer (CEO) Right Ans - Corporate officer who is
responsible for all of the accounting and finance issues of the company (Ch. 1)
Controller Right Ans - Financial officer responsible for a company's
accounting records, system of internal control, and preparation of financial
statements, tax returns, and internal reports (Ch. 1)
, Treasurer Right Ans - Financial officer responsible for custody of a
company' funds and for maintaining its cash position (Ch. 1)
Manufacturing Right Ans - Activities and processes that convert raw
materials into finished goods (Ch. 1)
Raw Materials Right Ans - Basic materials and parts used in the
manufacturing process (Ch. 1)
Direct Materials Right Ans - Raw materials that are physically and directly
associated with the finished product during manufacturing (Ch. 1)
Indirect Materials Right Ans - Raw materials that cannot be easily
associated with the finished product (Ch. 1)
Direct Labor Right Ans - Work of factory employees - physically/directly
associated with converting raw materials into finished goods (Ch. 1)
Indirect Labor Right Ans - Work of employees - not physically/directly
associated with converting raw materials into finished goods (Ch. 1)
Manufacturing Overhead Right Ans - Work of employees - not
physically/directly associated with converting raw materials into finished
goods (Ch. 1)
Product Costs Right Ans - Costs that are a necessary and integral part of
producing the finished product (Ch. 1)
Period Costs Right Ans - Costs that are matched with the revenue of a
specific time period (Ch. 1)
Total Cost of Work in Process Right Ans - Cost of the beginning work in
process plus manufacturing costs for the current period (Ch. 1)
Cost of Goods Manufactured Right Ans - Total cost of work in process less
the cost of the ending work in process inventory (Ch. 1)
Insightful Solutions
Managerial Accounting Right Ans - Provides economic and financial
information for managers and other internal users (Ch. 1)
Planning Right Ans - Requires managers to look ahead and establish
objectives (Ch. 1)
Directing Right Ans - Involves coordinating diverse activities and human
resources to produce a smooth-running operation (Ch. 1)
Controlling Right Ans - Process of keeping the company's activities on track
(Ch. 1)
Management Functions Right Ans - Planning, Directing, and Controlling
(Ch. 1)
Board of Directors Right Ans - The group of officials elected by the
stockholders of a corporation to formulate operating policies and select
officers who will manage the company (Ch. 1)
Chief Executive Officer (CEO) Right Ans - Corporate officer who has overall
responsibility for managing the business and delegates responsibilities to
other corporate officers (Ch. 1)
Line Positions Right Ans - Jobs that are directly involved in a company's
primary revenue-generating operating activities (Ch. 1)
Staff Positions Right Ans - Jobs that support the efforts of line employees
(Ch. 1)
Chief Financial Officer (CEO) Right Ans - Corporate officer who is
responsible for all of the accounting and finance issues of the company (Ch. 1)
Controller Right Ans - Financial officer responsible for a company's
accounting records, system of internal control, and preparation of financial
statements, tax returns, and internal reports (Ch. 1)
, Treasurer Right Ans - Financial officer responsible for custody of a
company' funds and for maintaining its cash position (Ch. 1)
Manufacturing Right Ans - Activities and processes that convert raw
materials into finished goods (Ch. 1)
Raw Materials Right Ans - Basic materials and parts used in the
manufacturing process (Ch. 1)
Direct Materials Right Ans - Raw materials that are physically and directly
associated with the finished product during manufacturing (Ch. 1)
Indirect Materials Right Ans - Raw materials that cannot be easily
associated with the finished product (Ch. 1)
Direct Labor Right Ans - Work of factory employees - physically/directly
associated with converting raw materials into finished goods (Ch. 1)
Indirect Labor Right Ans - Work of employees - not physically/directly
associated with converting raw materials into finished goods (Ch. 1)
Manufacturing Overhead Right Ans - Work of employees - not
physically/directly associated with converting raw materials into finished
goods (Ch. 1)
Product Costs Right Ans - Costs that are a necessary and integral part of
producing the finished product (Ch. 1)
Period Costs Right Ans - Costs that are matched with the revenue of a
specific time period (Ch. 1)
Total Cost of Work in Process Right Ans - Cost of the beginning work in
process plus manufacturing costs for the current period (Ch. 1)
Cost of Goods Manufactured Right Ans - Total cost of work in process less
the cost of the ending work in process inventory (Ch. 1)
