Review for final test
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| 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
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
Christy.Waterman
Popular Accounting sets