ACC 311 Study Guide Exam And All
Actual Answers 2025\2026 Updated.
3 major parts of a companies accounting system - Answer Cost Accounting System
Financial Accounting System
Managerial Accounting System
Cost Accounting - Answer collects, measures, and analyzes cost information; provides reports of
cost information
Financial Accounting - Answer reporting financial information to external parties such as
investors, government agencies, banks, and suppliers based on Generally Accepted Accounting
Principles (GAAP).
Managerial Accounting - Answer the process of measuring, analyzing, and reporting financial
and nonfinancial information that helps managers make decisions to fulfill the goals of an
organization.
Strategy - Answer specifies how the organization matches its own capabilities with the
opportunities in the marketplace
How an organization creates value for its customers while distinguishing itself from its
competitors
Value Chain - Answer the sequence of business functions by which a product is made
progressively more useful to customers
6 Value Chain Functions - Answer (Research and Development)
(Design of products and processes)
(Production)
(Marketing)
(Distribution)
(Customer Service)
, Design of Products and Processes
#2 on Value Chain - Answer detailed planning, engineering, and testing of products and
processes.
Production
#3 on Value Chain - Answer procuring, transporting, storing, coordinating, and assembling
resources to produce a product or deliver a service.
Marketing
#4 on Value Chain - Answer promoting and selling products or services to customers
Distribution
#5 on Value Chain - Answer processing orders and shipping products or services to customers
Customer Service
#6 on Value Chain - Answer providing after-sales service to customers
Supply Chain - Answer describes the flow of goods, services, and information from the initial
sources of materials and services to the delivery of products to consumers, regardless of
whether those activities occur in one organization or in multiple organizations.
5 Step Decision Making Process - Answer -Identify the problem
-Obtain information
-Make predictions about the future
-Make decisions by choosing among alternatives
-Implement the decision, evaluate performance, and learn
Cost-Benefit Approach - Answer Approach to decision-making and resource allocation based on
a comparison of the expected benefits from attaining company goals and the expected costs.
Line Management - Answer directly responsible for attaining the goals of the organization
ex: production, marketing, and distribution management
Actual Answers 2025\2026 Updated.
3 major parts of a companies accounting system - Answer Cost Accounting System
Financial Accounting System
Managerial Accounting System
Cost Accounting - Answer collects, measures, and analyzes cost information; provides reports of
cost information
Financial Accounting - Answer reporting financial information to external parties such as
investors, government agencies, banks, and suppliers based on Generally Accepted Accounting
Principles (GAAP).
Managerial Accounting - Answer the process of measuring, analyzing, and reporting financial
and nonfinancial information that helps managers make decisions to fulfill the goals of an
organization.
Strategy - Answer specifies how the organization matches its own capabilities with the
opportunities in the marketplace
How an organization creates value for its customers while distinguishing itself from its
competitors
Value Chain - Answer the sequence of business functions by which a product is made
progressively more useful to customers
6 Value Chain Functions - Answer (Research and Development)
(Design of products and processes)
(Production)
(Marketing)
(Distribution)
(Customer Service)
, Design of Products and Processes
#2 on Value Chain - Answer detailed planning, engineering, and testing of products and
processes.
Production
#3 on Value Chain - Answer procuring, transporting, storing, coordinating, and assembling
resources to produce a product or deliver a service.
Marketing
#4 on Value Chain - Answer promoting and selling products or services to customers
Distribution
#5 on Value Chain - Answer processing orders and shipping products or services to customers
Customer Service
#6 on Value Chain - Answer providing after-sales service to customers
Supply Chain - Answer describes the flow of goods, services, and information from the initial
sources of materials and services to the delivery of products to consumers, regardless of
whether those activities occur in one organization or in multiple organizations.
5 Step Decision Making Process - Answer -Identify the problem
-Obtain information
-Make predictions about the future
-Make decisions by choosing among alternatives
-Implement the decision, evaluate performance, and learn
Cost-Benefit Approach - Answer Approach to decision-making and resource allocation based on
a comparison of the expected benefits from attaining company goals and the expected costs.
Line Management - Answer directly responsible for attaining the goals of the organization
ex: production, marketing, and distribution management
