Managerial Activities
What are the three main activities that managers do?
Who are the primary users of managerial accounting?
Internal users
What are administrative costs?
Costs associated with the general management of the company.
T or F. Managerial accounting focuses on solely objective and verifiable data that is relevant.
FALSE! They focus on relevant data!
Who is the best person to teach us accounting?
Wendy Brookes....duh!
What is an important step in the "control" part of managing?
feedback
What type of accounting is NOT required (although highly suggested)
Managerial accounting
What do manufacturing costs consist of?
Direct materials, direct labour, and manufacturing overhead
T or F. Managerial accounting is mostly so external users can make decisions about whether they want to invest in a company.
FALSE! Used mostly by internal users.
Which type of costs are recorded as inventory?
Product costs
What involves carrying out the day-to-day activities, making short and long-term decisions and managing people by directing and motivating them?
Implementation
Which type of accounting is meant to be objective and verifiable?
Financial Accounting
What are some basic materials used in manufacturing?
Raw materials
T or F. Managerial accounting is more important for small companies than larger ones.
FALSE!
What are all costs consisted of?
period costs and product costs