MANAGERIAL ACCOUNTING EXAM 1 TTU QUESTIONS AND ANSWERS

MANAGERIAL ACCOUNTING EXAM 1
TTU QUESTIONS AND ANSWERS




Planning - Correct Answers -Setting goals, identifying future projects $, prepare
budgets, break even point, and when new capital investments should be made

Directing - Correct Answers -Day-to-day operations, implement company's goals

Controlling - Correct Answers -Evaluating results, compare actual results to production
plan and budgeted goals

Who does the audit committee report to? - Correct Answers -board of directors

Is empathy used in Managerial Accounting? - Correct Answers -NO

Treasurer - Correct Answers -Raises capital and investing funds

What are the three types of companies? - Correct Answers -Service, Merchandisers,
Manufacturers

Steps to find COGS - Correct Answers -1. Calculate Raw Materials
2. Calculate Cost of goods manufactured
3. Calculate COGS

How to find Raw Materials - Correct Answers -Beg. RM
Add: Purchases
(End RM)
RM used

How to find Calculated Cost of Goods Manufactured - Correct Answers -Beg WIP
Direct Labor
RM used
Overhead
(Ending WIP)
Total COGM