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Cost Accounting

Review for final test

QuestionAnswer
What refers to accounting information developed for managers within an organization? managerial accounting
The primary users of management accounting information are internal decision makers
The acronym GAAP is most closely connected with financial accounting
The cost of using the telephone, which involves a flat rate per month plus a fee for extra usage would be considered a mixed cost
Costs that change abruptly at intervals of activity because the resources and their costs come in indivisible chunks are called step costs
what type of users need aggregate rather than detailed cost information external users
What type of firms need cost accounting systems manufacturing, service organizations, and nonprofit organizations
what is NOT another name for the required rate of return compound rate
long-term planning for making and financing investments that affect financial results for more than the current year is called capital budgeting decisons
the cost of capital is sometimes referred to as the discount rate,the hurdle rate, and the required rate of return
a major benefit of effective budgeting is that it compels managers to think ahead,it aids managers in communicating objectives to units, and it provides benchmarks to evaluate subsequent performance
budgets are generally more effecitve if they are created with the active participation of all affected employees,understood and accepted by affected managers, and supported by top management
a sales forecast is a prediction of sales under a given set of conditions
the financial budget includes the capital budget,the cash budget, and the budgeted balance sheet
a static budget is another name for the what budget master static budget
an example of a favorable variance is actual expenses are less than expected
a variance is the difference between an actual result and a budgeted amount
what are specific tangible achievements that can be observed on a short-term basis objectives
what is the logical integration of management accounting tools to gather and report data and to evaluate performance a management control system
What are the most basic components of a management control system the organization's goals
what are characteristics or attributes that managers must achieve to drive the organization toward its goals key success factors
an effecitve mangement control system reports on what the results of activities,the manager's influence on those results and the effects of controllable events
Created by: Christy.Waterman on 2009-06-02



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