7May2023MidExManAcct830AMonline

Management Accounting and Financial Accounting differ. After reading this statement, choose if it is for Managment Accounting or Financial Accounting or Both :

Reports to managers inside the organization for planning controlling and decision making

• Financial accounting

• Managment accounting

• both

Management Accounting and Financial Accounting differ. After reading this statement, choose if it is for Management Accounting or Financial Accounting or Both :

Emphasizes financial consequences of past activities

• Financial accounting

• Management accounting

• both

Management Accounting and Financial Accounting differ. After reading this statement, choose if it is for Managment Accounting or Financial Accounting or Both :

Must follow GAAP/IFRS

• Financial accounting

• Management accounting

• both

Management Accounting and Financial Accounting differ. After reading this statement, choose if it is for Management Accounting or Financial Accounting or Both :

Not mandatory for external reporting

• Financial accounting

• Management accounting

• both

Managerial accounting helps managers perform 3 vital activities. Which one of these is NOT one of the three vital activies mentioned in our class.

• planning

• controlling

• decision making

• financing

Which one of the following is NOT a manufacturing cost category? Choose the best answer.

• direct materials

• direct labour

• manufacturing overhead

• cost of goods sold

• none of these are correct, as all of these are manufacturing costs

choose the correct term that goes with this definition :

elements that become an integral part of a finished product and whose cost can be conveniently traced to the cost object.

• direct material

• indirct material

• finished product inventory

• cost of goods sold

choose the term that does with this definition:

A cost that cannot be easily and conveniently traced to a specific cost object.

• indirect cost

• cost of goods sold

• direct labour

• direct materials

• unit cost

choose the definition which goes with this term :

All manufacturing costs except direct materials and direct labour.

• manufacturing overhead

• cost of goods sold

• indirect costs

• cumulative manufacturing expenses

choose the term which goes with this definition:

costs that are taken directly to the income statment as expenses in the period in which they are incurred or accrued.

• period cost

• product cost

• direct material and direct labour only

• cost of goods sold

• manufacturing overhead expense