Accounting for Decision Makers
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Reliable | show 🗑
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| Relevant | show 🗑
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| show | Information that is important enough to make a difference
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| Conservatism | show 🗑
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| show | Prepare financial statements
Analyze financial statements
Gather information
Make decision
Implement decision
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| Comprehensive income | show 🗑
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| Net Income | show 🗑
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| Income from Continuing Operations | show 🗑
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| extraordinary items | show 🗑
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| Comprehensive income | show 🗑
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| show | a cornerstone of accrual accounting together with matching principle. They both determine the accounting period, in which revenues and expenses are recognized.
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| Revenue recognition | show 🗑
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| Expanded Accounting Equation | show 🗑
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| show | Thus far, the only national government to adopt the accrual basis for its official accounting system is ______
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| Statement of Cash Flows Categories are | show 🗑
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| show | Cash Receipts: Sale of goods , services, trading securities, interest revenue, and dividend revenue. Cash Payments: inventory purchases, Wages, Taxes, Interest expense, other expenses
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| show | Cash Receipts: Sale of planet assets, business segment, nontrading securities, collection of princip. on loads. Cash Payments: Purchase of plant assets, nontrading securities, making loans to other entities
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| Cash equivalents | show 🗑
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| Which of the following is the typical sequencing of activities on the statement of cash flows? | show 🗑
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| Financing Activities | show 🗑
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| show | Reported in a narrative or in a separate schedule
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| indirect method | show 🗑
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| show | reporting the information contained in the last column of the adjustment worksheet
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| indirect method | show 🗑
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| What is a cost that will change in the future based upon the decision made? | show 🗑
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| show | The benefits lost or forfeited as a result of selecting one alternative course of action over another.
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| show | Costs that require an outlay of cash or other resources.
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| Pro Forma | show 🗑
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| Sunk Costs | show 🗑
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| Cost Behavior | show 🗑
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| Cost Drivers | show 🗑
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| show | Total cost being generated by a specific overhead cost activity.
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| show | Future costs that change as a result of a decision; also called incremental or relevant costs.
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| show | Costs that are specifically traceable to a unit of business or segment being analyzed.
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| Period Costs | show 🗑
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| show | Costs associated with products or services offered.
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| Activity-based Costing (ABC) | show 🗑
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| Unit-level Activities | show 🗑
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| show | Activities that take place in order to support a product line, regardless of the number of batches or individual units produced.
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| show | Activities necessary to have a facility in order to participate in the development and production of products or services; activities are not related to any particular line of products or services.
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| show | Activities that take place in order to support a batch or production run, regardless of the size of the batch.
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| show | Planning
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| show | Controlling decisions
Planning
Evaluating decisions
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Costs that contain both variable and fixed costs components.
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| cost-volume-profit (C-V-P) analysis | show 🗑
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Created by:
mschelle816