UConn Managerial Acct (Acct 2101)
Exam 1 flash cards questions n
answers
Managerial Accounting - CORRECT ANSWER ✔✔the process of identifying, measuring,
analyzing, interpreting, and communicating information in pursuit of an organization's goals
financial perspective - CORRECT ANSWER ✔✔How do we look to shareholders?
Operations perspective - CORRECT ANSWER ✔✔In which activities must we excel
innovation perspective - CORRECT ANSWER ✔✔how can we continue to improve
Customer perspective - CORRECT ANSWER ✔✔How do customers see us?
Financial Accounting - CORRECT ANSWER ✔✔the branch of accounting that prepares financial
statements for use by owners, creditors, suppliers, and other external stakeholders
Line position - CORRECT ANSWER ✔✔directly involved in achieving the basic objectives of the
organization
Staff position - CORRECT ANSWER ✔✔supports and assists line positions
Controller - CORRECT ANSWER ✔✔Responsible for supervising accounting personnel, the
preparation of information and reports (managerial and financial), analysis of accounting
information, planning and decision making
, Treasurer - CORRECT ANSWER ✔✔responsible for raising capital and safeguarding the
organization's assets
Internal auditor - CORRECT ANSWER ✔✔Responsible for reviewing the accounting procedures,
records, and reports in both the controller's and the treasurer's areas of responsibility
Theoretical Capacity - CORRECT ANSWER ✔✔the upper limit on production of goods or services
if everything works perfectly
practical capacity - CORRECT ANSWER ✔✔allows for normal occurrences such as cash register
downtime and cashier fatigue or illness
Institute of Management Accountants (IMA) - CORRECT ANSWER ✔✔Publishes management
accounting and research studies.
Administers certified management accountant program.
Develops standards of ethical conduct for management accountants.
Professional Ethics characteristics - CORRECT ANSWER ✔✔Competence, confidentiality,
integrity, and credibility.
Product Costs - CORRECT ANSWER ✔✔costs associated with goods for sale until the time period
during which the products are sold, at which time the costs become expenses
Period Costs - CORRECT ANSWER ✔✔costs that are expensed in the period in which they are
incurred; often called operating expenses or selling, general, and administrative expenses
Expenses - CORRECT ANSWER ✔✔The consumption of assets for the purpose of generating
revenue.
Exam 1 flash cards questions n
answers
Managerial Accounting - CORRECT ANSWER ✔✔the process of identifying, measuring,
analyzing, interpreting, and communicating information in pursuit of an organization's goals
financial perspective - CORRECT ANSWER ✔✔How do we look to shareholders?
Operations perspective - CORRECT ANSWER ✔✔In which activities must we excel
innovation perspective - CORRECT ANSWER ✔✔how can we continue to improve
Customer perspective - CORRECT ANSWER ✔✔How do customers see us?
Financial Accounting - CORRECT ANSWER ✔✔the branch of accounting that prepares financial
statements for use by owners, creditors, suppliers, and other external stakeholders
Line position - CORRECT ANSWER ✔✔directly involved in achieving the basic objectives of the
organization
Staff position - CORRECT ANSWER ✔✔supports and assists line positions
Controller - CORRECT ANSWER ✔✔Responsible for supervising accounting personnel, the
preparation of information and reports (managerial and financial), analysis of accounting
information, planning and decision making
, Treasurer - CORRECT ANSWER ✔✔responsible for raising capital and safeguarding the
organization's assets
Internal auditor - CORRECT ANSWER ✔✔Responsible for reviewing the accounting procedures,
records, and reports in both the controller's and the treasurer's areas of responsibility
Theoretical Capacity - CORRECT ANSWER ✔✔the upper limit on production of goods or services
if everything works perfectly
practical capacity - CORRECT ANSWER ✔✔allows for normal occurrences such as cash register
downtime and cashier fatigue or illness
Institute of Management Accountants (IMA) - CORRECT ANSWER ✔✔Publishes management
accounting and research studies.
Administers certified management accountant program.
Develops standards of ethical conduct for management accountants.
Professional Ethics characteristics - CORRECT ANSWER ✔✔Competence, confidentiality,
integrity, and credibility.
Product Costs - CORRECT ANSWER ✔✔costs associated with goods for sale until the time period
during which the products are sold, at which time the costs become expenses
Period Costs - CORRECT ANSWER ✔✔costs that are expensed in the period in which they are
incurred; often called operating expenses or selling, general, and administrative expenses
Expenses - CORRECT ANSWER ✔✔The consumption of assets for the purpose of generating
revenue.
