ACG 2071 FSU EXAM 1 QUESTIONS WITH
COMPLETE SOLUTIONS
planning - CORRECT ANSWER✔✔-setting goals and objectives for
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organizations. Think: what are they wanting to accomplish?
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directing - CORRECT ANSWER✔✔-overseeing the day-to-day operations.
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Think: where can we improve? are we achieving goals?
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controlling - CORRECT ANSWER✔✔-evaluating results and making
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adjustments
managerial accounting focuses on... - CORRECT ANSWER✔✔-relevant
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information that affects future operations
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Sustainability - CORRECT ANSWER✔✔-the ability to meet the needs of
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the present without compromising the ability of future generations to
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meet their own needs
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What are the three pillars of sustainability - CORRECT ANSWER✔✔-3Ps:
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people (social), planet (environment), and profit (economic)
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, What is ethical behavior? - CORRECT ANSWER✔✔-it means to do the
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right thing, regardless of the consequences. Not all unethical behavior is
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illegal but all illegal behavior is unethical.
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What are 2 ways to generate profit? - CORRECT ANSWER✔✔-Increase
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revenues or sales, and/or decrease expenses/costs
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What are 3 types of companies? - CORRECT ANSWER✔✔-service
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(intangible), merchandising (reselling), and manufacturing (producing)
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What are the 3 types of inventory for manufacturing companies? -
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CORRECT ANSWER✔✔-Raw materials, work in progress, and finished
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goods
What is a cost object? - CORRECT ANSWER✔✔-this is anything that we
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as a company need to know and figure out the cost of
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What is a direct costs? - CORRECT ANSWER✔✔-any cost that we can
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TRACE DIRECTLY to a cost object.
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What is an indirect cost? - CORRECT ANSWER✔✔-any cost that we
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CANNOT trace to a cost object, therefore we must allocate them.
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COMPLETE SOLUTIONS
planning - CORRECT ANSWER✔✔-setting goals and objectives for
| | | | | | | |
organizations. Think: what are they wanting to accomplish?
| | | | | | |
directing - CORRECT ANSWER✔✔-overseeing the day-to-day operations.
| | | | | |
Think: where can we improve? are we achieving goals?
| | | | | | | | |
controlling - CORRECT ANSWER✔✔-evaluating results and making
| | | | | | |
adjustments
managerial accounting focuses on... - CORRECT ANSWER✔✔-relevant
| | | | | | |
information that affects future operations
| | | |
Sustainability - CORRECT ANSWER✔✔-the ability to meet the needs of
| | | | | | | | | |
the present without compromising the ability of future generations to
| | | | | | | | | |
meet their own needs
| | |
What are the three pillars of sustainability - CORRECT ANSWER✔✔-3Ps:
| | | | | | | | | |
people (social), planet (environment), and profit (economic)
| | | | | |
, What is ethical behavior? - CORRECT ANSWER✔✔-it means to do the
| | | | | | | | | | |
right thing, regardless of the consequences. Not all unethical behavior is
| | | | | | | | | |
illegal but all illegal behavior is unethical.
| | | | | | |
What are 2 ways to generate profit? - CORRECT ANSWER✔✔-Increase
| | | | | | | | | |
revenues or sales, and/or decrease expenses/costs
| | | | |
What are 3 types of companies? - CORRECT ANSWER✔✔-service
| | | | | | | | |
(intangible), merchandising (reselling), and manufacturing (producing)
| | | | |
What are the 3 types of inventory for manufacturing companies? -
| | | | | | | | | | |
CORRECT ANSWER✔✔-Raw materials, work in progress, and finished
| | | | | | | |
goods
What is a cost object? - CORRECT ANSWER✔✔-this is anything that we
| | | | | | | | | | | |
as a company need to know and figure out the cost of
| | | | | | | | | | |
What is a direct costs? - CORRECT ANSWER✔✔-any cost that we can
| | | | | | | | | | | |
TRACE DIRECTLY to a cost object.
| | | | |
What is an indirect cost? - CORRECT ANSWER✔✔-any cost that we
| | | | | | | | | | |
CANNOT trace to a cost object, therefore we must allocate them.
| | | | | | | | | |
