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BUS 215 FINAL EXAM

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BUS 215 FINAL EXAM - HICKMAN How is managerial accounting information used? - CORRECT ANSWER-Planning, controlling, and decision making Why study managerial accounting - CORRECT ANSWER-Managerial accounting skills can be used for any career, organization, and industry CSR - Corporate Social Responsibility - CORRECT ANSWER-a concept whereby organizations consider the needs of all stakeholders when making decisions Direct Cost (under absorption costing) - CORRECT ANSWER-cost that can be easily and conveniently traced to a specific cost object Direct cost (under absorption) example - CORRECT ANSWER-Adidas' salary of sales manager in Tokyo Indirect cost (under absorption costing) - CORRECT ANSWER-cost that cannot be easily and conveniently traced to a specific cost object Indirect cost (under absorption) example - CORRECT ANSWER-Campbell soup's factory manager's salary - because it's incurred as a consequence of running the entire factory Product cost (under absorption) example - CORRECT ANSWER-All costs involved in acquiring or making a product 3 types of product costs under absorption costing - CORRECT ANSWER-Direct materials, direct labor, and manufacturing overhead Direct materials - CORRECT ANSWER-Materials that become an integral part of a finished product and whose costs can be conveniently traced to it. Direct Labor - CORRECT ANSWER-factory labor costs that can be easily traced to individual units of

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