ACCT 2170: Chapters 1 & 2

The set of activities that transforms raw resources into the goods and services end users purchase and consume is called the:

The field of accounting that reports according to generally accepted accounting principles (GAAP) is called:

Having one or more of the firm's activities performed by another firm or individual in the supply or distribution chain is called:

Costs that differ among or between two or more alternative courses of action are:

The Institute of Management Accountants' (IMA) standards of ethical conduct for management accountants includes the elements of: (check all that apply)

The specific unit of an organization that is assigned to a manager who is held accountable for that unit’s operations and resources is known as a:

What element of the value chain is development of new software applications?

What would be the cost driver for the billing department?

What is opportunity cost?

Which costs are considered prime costs? Check all that apply.