Show Me the Money
These Professionals are the primary users of managerial accounting information.
Who are internal users such as CFOs, managers, and the Board of Directors?
This type of cost can be directly traced to a single cost object
What is a direct cost?
This type of cost increases or decreases in direct proportion to production.
What is a variable cost?
This 2002 law was created to prevent accounting scandals and securities fraud.
What is the Sarbanes-Oxley Act (SOX)?
This formula calculates the cost of goods sold (COGS)
What is Beginning Inventory + Cost of Goods Manufactured - Ending Inventory?
The three key objectives of managerial accounting are ______, _______, and ________.
What are planning, controlling, and decesion-making?
Rent, insurance, and depreciation are all examples of this of cost
What are indirect costs?
No matter how much you produce, this cost remains unchanged.
What is a fixed cost?
This type of reporting communicates a company's economic, social, and environmental impact.
What is Corporate Sustainability Reporting (CSR)?
This costing method assigns all manufacturing costs-fixed and variable-to the product.
What is absorption costing?
This regulatory body oversees financial reporting for publicly traded companies.
What is the SEC
This cost classification combines direct materials and direct labor but excludes overhead.
What is prime cost?
A phone bill with a base charge plus usage fees is an example of this type of cost.
What is a mixed cost?
These two organizations set ethical standards for accountants
What are the AICPA and IMA? (American Institute of Certified Public Accountants)
What is variable costing?
Unlike traditional costing, this method assigns costs based on specific activities to improve accuracy.
What is Activity-Based Costing (ABC)?
Unlike product costs, these costs are not included in inventory and are expenses in the period they occur?
What are period costs?
This method is used to separate mixed costs into their fixed and variable components.
What is the high-low method?
These are the three major accounting certifications you can earn.
What are CPA, CMA, and CIA
Inventory valuation under absorption costing includes these four components.
What are direct materials, direct labor, variable overhead, and fixed overhead?
These are the two primary strategies companies use for strategic positioning.
What are cost leadership and product differentiation.
The benefit sacrificed when choosing one alternative over another is called this, and is not recorded in accounting.
A cost that stays constant up to a certain level of production, then jumps to a new level, is called this.
What is a step cost?
This provision of SOX protects employees who report corporate fraud.
What are whistleblower projections?
Because absoroption costing includes fixed overhead in inventory valuation, it always has a ____ unit product cost than variable costing?
What is higher?