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Cost Accounting
Review for final test
| Question | Answer |
|---|---|
| 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
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