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UTA Accounting 2302 Exam 1 Exam
with complete solutions latest
version
What is managerial accounting? - CORRECT ANSWER-the process of identifying,
measuring, analyzing, interpreting and communicating information for the pursuit of an
organization's goals
Managers' three primary responsibilities - CORRECT ANSWER-Planning
Directing
Controlling
How managerial accounting fits in - CORRECT ANSWER-Managerial accounting
building blocks
Determining unit cost
Making decisions
Planning
Controlling and evaluating
Differences between managerial accounting and financial accounting - CORRECT
ANSWER-The difference between financial and managerial accounting. ... In general,
financial accounting refers to the aggregation of accounting information into financial
statements, while managerial accounting refers to the internal processes used to
account for business transactions
Role of management accountants - CORRECT ANSWER-collecting, recording and
reporting financial data from several units of an organization, observe and analyze their
budget and suggest their funding and allocation.
How can accounting help solve the business issue, event, or problem? - CORRECT
ANSWER-Management accounting always begins with some relevant business issue
that management is facing or some economic event that occurred in the past or might
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occur in the future. Management accounting is used to shed light on the issue and direct
management's path.
What are the "gray areas"? - CORRECT ANSWER-assumptions, estimates,
measurement choices, and judgment calls might impact the information that is used for
decision making? Because of the gray areas and judgment involved, accounting
numbers are rarely as precise as they may seem.
What are the implications for the business if the accounting information used in
the decision is "wrong"? - CORRECT ANSWER-Because of the gray areas, it's difficult
to say that accounting information is ever "wrong." However, judgment in these gray
areas could lead to financial estimates that are on the high side or on the low side. What
are the consequences of numbers that are too high or too low? Would estimates that
are "off" in one direction be worse than the other direction?
how does accounting relate to entrepreneurs - CORRECT ANSWER-If you are planning
to be an entrepreneur, you'll first want to know if your business idea makes financial
sense. How high will volume have to be for your business to at least break even? How
high will it have to be for your business to earn the level of profit that you want to
achieve?
how does accounting relate to business management - CORRECT ANSWER-if you are
planning to be a general business manager, not a day will go by in which you don't
consider the financial ramifications of your decisions. You'll need to have a firm grasp
on the costs of obtaining or manufacturing every product you sell and/or every service
you deliver. You'll also want to understand how costly every activity within the company
is to perform and have specific strategies in hand for controlling and reducing those
costs.
how does accounting relate to marketing and sales - CORRECT ANSWER-If you are
planning to be in marketing and sales, your marketing strategy, assumptions, and
predictions will be the driving force behind the company's entire budget. As a result, you
will be intimately involved with developing the budget. Product-line profitability reports
will show you which products are most profitable and will guide your decisions about
which products to emphasize.
how does accounting relate to - CORRECT ANSWER-Even if you are planning to be a
nurse, engineer, musician, or fashion designer, the information you learn in this course
will be of consequence to you. All organizations, including nonprofits and governmental
agencies, use cost and revenue information to guide their plans, actions, and decisions.
Chief Operating Officer (COO) - CORRECT ANSWER-the position responsible for
overseeing the company's operations
Chief Financial Officer (CFO) - CORRECT ANSWER-a high-level corporate executive
who manages a firm's finances and reports directly to the company's chief executive
officer or president
BRAINSCAPE1
UTA Accounting 2302 Exam 1 Exam
with complete solutions latest
version
What is managerial accounting? - CORRECT ANSWER-the process of identifying,
measuring, analyzing, interpreting and communicating information for the pursuit of an
organization's goals
Managers' three primary responsibilities - CORRECT ANSWER-Planning
Directing
Controlling
How managerial accounting fits in - CORRECT ANSWER-Managerial accounting
building blocks
Determining unit cost
Making decisions
Planning
Controlling and evaluating
Differences between managerial accounting and financial accounting - CORRECT
ANSWER-The difference between financial and managerial accounting. ... In general,
financial accounting refers to the aggregation of accounting information into financial
statements, while managerial accounting refers to the internal processes used to
account for business transactions
Role of management accountants - CORRECT ANSWER-collecting, recording and
reporting financial data from several units of an organization, observe and analyze their
budget and suggest their funding and allocation.
How can accounting help solve the business issue, event, or problem? - CORRECT
ANSWER-Management accounting always begins with some relevant business issue
that management is facing or some economic event that occurred in the past or might
BRAINSCAPE1
, BRAINSCAPE1
occur in the future. Management accounting is used to shed light on the issue and direct
management's path.
What are the "gray areas"? - CORRECT ANSWER-assumptions, estimates,
measurement choices, and judgment calls might impact the information that is used for
decision making? Because of the gray areas and judgment involved, accounting
numbers are rarely as precise as they may seem.
What are the implications for the business if the accounting information used in
the decision is "wrong"? - CORRECT ANSWER-Because of the gray areas, it's difficult
to say that accounting information is ever "wrong." However, judgment in these gray
areas could lead to financial estimates that are on the high side or on the low side. What
are the consequences of numbers that are too high or too low? Would estimates that
are "off" in one direction be worse than the other direction?
how does accounting relate to entrepreneurs - CORRECT ANSWER-If you are planning
to be an entrepreneur, you'll first want to know if your business idea makes financial
sense. How high will volume have to be for your business to at least break even? How
high will it have to be for your business to earn the level of profit that you want to
achieve?
how does accounting relate to business management - CORRECT ANSWER-if you are
planning to be a general business manager, not a day will go by in which you don't
consider the financial ramifications of your decisions. You'll need to have a firm grasp
on the costs of obtaining or manufacturing every product you sell and/or every service
you deliver. You'll also want to understand how costly every activity within the company
is to perform and have specific strategies in hand for controlling and reducing those
costs.
how does accounting relate to marketing and sales - CORRECT ANSWER-If you are
planning to be in marketing and sales, your marketing strategy, assumptions, and
predictions will be the driving force behind the company's entire budget. As a result, you
will be intimately involved with developing the budget. Product-line profitability reports
will show you which products are most profitable and will guide your decisions about
which products to emphasize.
how does accounting relate to - CORRECT ANSWER-Even if you are planning to be a
nurse, engineer, musician, or fashion designer, the information you learn in this course
will be of consequence to you. All organizations, including nonprofits and governmental
agencies, use cost and revenue information to guide their plans, actions, and decisions.
Chief Operating Officer (COO) - CORRECT ANSWER-the position responsible for
overseeing the company's operations
Chief Financial Officer (CFO) - CORRECT ANSWER-a high-level corporate executive
who manages a firm's finances and reports directly to the company's chief executive
officer or president
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