LSU ACCT 2101: Exam 1 questions
well answered graded A+ 2025/2026
Managerial Accounting - CORRECT ANSWER ✔✔Accounting area focused on providing
information to assist business owners and managers in making business decisions.
Ethics - CORRECT ANSWER ✔✔Standards of conduct for judging right from wrong, honest from
dishonest, and fair from unfair.
Sarbanes-Oxley Act (2002) - CORRECT ANSWER ✔✔Act passed by Congress to restore investor
confidence in and improve the quality of financial reporting by publicly traded companies in the
United States.
Direct Costs - CORRECT ANSWER ✔✔Costs that can be directly and conveniently traced to a
specific cost object.
Indirect Costs - CORRECT ANSWER ✔✔Costs that cannot be traced to a specific object or are not
worth the effort to trace.
Variable Costs - CORRECT ANSWER ✔✔Costs that change, in total, in direct proportion to
changes in activity levels.
Fixed Costs - CORRECT ANSWER ✔✔Costs that remain the same, in total, regardless of activity
level.
Mixed Costs - CORRECT ANSWER ✔✔Costs that have both a fixed component and a variable
component; also known as semi-variable costs.
well answered graded A+ 2025/2026
Managerial Accounting - CORRECT ANSWER ✔✔Accounting area focused on providing
information to assist business owners and managers in making business decisions.
Ethics - CORRECT ANSWER ✔✔Standards of conduct for judging right from wrong, honest from
dishonest, and fair from unfair.
Sarbanes-Oxley Act (2002) - CORRECT ANSWER ✔✔Act passed by Congress to restore investor
confidence in and improve the quality of financial reporting by publicly traded companies in the
United States.
Direct Costs - CORRECT ANSWER ✔✔Costs that can be directly and conveniently traced to a
specific cost object.
Indirect Costs - CORRECT ANSWER ✔✔Costs that cannot be traced to a specific object or are not
worth the effort to trace.
Variable Costs - CORRECT ANSWER ✔✔Costs that change, in total, in direct proportion to
changes in activity levels.
Fixed Costs - CORRECT ANSWER ✔✔Costs that remain the same, in total, regardless of activity
level.
Mixed Costs - CORRECT ANSWER ✔✔Costs that have both a fixed component and a variable
component; also known as semi-variable costs.
