Fill in the Blanks: Chapter Seventeen
1. One primary difference between financial and managerial accounting is that financial is geared mainly toward the needs of ____________ external users, whereas managerial is geared mainly toward the needs of ____________ internal users.Correct
2. Because of its expanding role, complexity, and areas of involvement, managerial accounting is increasingly referred to as ____________strategic finance.
4. A business should carefully define and communicate its ____________core values to set the rules by which it will play.
5. ____________Cost Accounting can be defined as the collection, assignment, and interpretation of cost.
6. A relatively modern costing method where costs are attributed to activities, which are in turn allocated to jobs is ____________activity based costing.
7. Deviations from standards that may require management attention are known as ____________variances.
12. An inventory account that would be found only on the balance sheet of a manufacturer is ____________work in process.
13. Total production costs differ from the cost of goods manufactured due to the change in ____________work in process inventories from the beginning of the year to the end of the year.