introduction chapters
chapter 17
Introduction to
Managerial Accounting
goals discussion
goals
achievement fill
in the blanks
multiple
choice
problems
check list and key terms
1. One primary difference between financial and managerial accounting is that financial is geared mainly toward the needs of users, whereas managerial is geared mainly toward the needs of users.
2. Because of its expanding role, complexity, and areas of involvement, managerial accounting is increasingly referred to as .
3. Business value is driven by good management decisions in the areas of , , and .
4. A business should carefully define and communicate its to set the rules by which it will play.
5. 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 .
7. Deviations from standards that may require management attention are known as .
8. In the manufacture of wooden toy chests, lumber would be an example of material and nails would be an example of material.
9. Prime costs consist of and . Conversion costs consist of and .
10. costs are those that go directly into inventory and costs are those that are deducted as expenses in the period in which they are incurred.
11. The three categories of inventory for a manufacturer are , , and .
12. An inventory account that would be found only on the balance sheet of a manufacturer is .
13. Total production costs differ from the cost of goods manufactured due to the change in inventories from the beginning of the year to the end of the year.