Managerial Accounting Ch. 1-6 Exam
Question & Answers ( Latest 2025 )
managerial accounting - CORRECT ANSWERS
✔✔provision of accounting info for a companys internal
users
financial accounting - CORRECT ANSWERS
✔✔concerned with producing info for external users, like
investors and creditors
planning - CORRECT ANSWERS ✔✔detailed
formulation of action to achieve a particular end
controlling - CORRECT ANSWERS ✔✔monitoring a
plans implementation and taking corrective action
decision making - CORRECT ANSWERS ✔✔process of
choosing among competing alternatives
value chain - CORRECT ANSWERS ✔✔set of activities
required to design, develop, produce products and
services
cost - CORRECT ANSWERS ✔✔amount of cash or cash
equivalent sacrificed for goods/services that are expected
to benefit company
, Managerial Accounting Ch. 1-6 Exam
Question & Answers ( Latest 2025 )
expenses - CORRECT ANSWERS ✔✔expired cost
price - CORRECT ANSWERS ✔✔revenue per unit
assigning costs - CORRECT ANSWERS ✔✔way that a
cost is linked to some cost object
accumulating costs - CORRECT ANSWERS ✔✔way
that costs are measured and recorded
opportunity costs - CORRECT ANSWERS ✔✔benefit
given up or sacrificed when something is chosen over
another
fixed costs - CORRECT ANSWERS ✔✔doesn't increase
or decrease as total output increases or decreases
variable costs - CORRECT ANSWERS ✔✔increases or
decreases as total output increases or decreases
Question & Answers ( Latest 2025 )
managerial accounting - CORRECT ANSWERS
✔✔provision of accounting info for a companys internal
users
financial accounting - CORRECT ANSWERS
✔✔concerned with producing info for external users, like
investors and creditors
planning - CORRECT ANSWERS ✔✔detailed
formulation of action to achieve a particular end
controlling - CORRECT ANSWERS ✔✔monitoring a
plans implementation and taking corrective action
decision making - CORRECT ANSWERS ✔✔process of
choosing among competing alternatives
value chain - CORRECT ANSWERS ✔✔set of activities
required to design, develop, produce products and
services
cost - CORRECT ANSWERS ✔✔amount of cash or cash
equivalent sacrificed for goods/services that are expected
to benefit company
, Managerial Accounting Ch. 1-6 Exam
Question & Answers ( Latest 2025 )
expenses - CORRECT ANSWERS ✔✔expired cost
price - CORRECT ANSWERS ✔✔revenue per unit
assigning costs - CORRECT ANSWERS ✔✔way that a
cost is linked to some cost object
accumulating costs - CORRECT ANSWERS ✔✔way
that costs are measured and recorded
opportunity costs - CORRECT ANSWERS ✔✔benefit
given up or sacrificed when something is chosen over
another
fixed costs - CORRECT ANSWERS ✔✔doesn't increase
or decrease as total output increases or decreases
variable costs - CORRECT ANSWERS ✔✔increases or
decreases as total output increases or decreases
