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The 3 classes of manufacturing costs
Product costs and period costs
The 3 Broad Functions of Management
Tricky Questions? (maybe)
Miscellaneous ✓
100
the basic parts that are used in the manufacturing process....
What are "Direct materials"?
100
Product costs are costs that are a _________ part of producing the finished product.
possible answers: important integral necessary required
100
___________ is the core area of all the functions of management. It is the foundation upon which the other three areas should be build. From there an appropriate course of action to attain the company's goals and objectives is determined and implemented.
What is "planning"?
100
Managerial accounting issues internal reports as _________ as the need arises.
answer: frequently often as much whenever
100
triple bottom line evaluates a company's performance with regard to __________ , ________, and ________.
What is "people, planet, and profit"?
200
costs that are indirectly involved in finished goods(includes indirect materials, indirect labor, depreciation, tax, insurance, etc.)........
What is "Manufacturing overhead"?
200
Period costs include selling and ____________ expenses.
What is "administrative"?
200
Through ___________, management is able to identify any potential problems and take the necessary preventative measures.
What is "controlling"?
200
The difference between a merchandising and a manufacturing income statement is in the ________ __ _____ _____ section.
What is "costs of goods sold" section?
200
Many companies have begun to evaluate not just corporate profitability but also corporate ________ responsibility.
What is "social"?
300
physical workforce that directly involves into making finished goods........
What is "Direct labor"?
300
Companies record product costs, when incurred, as __________.
What is "inventory"?
300
Through ___________, management is able to influence and oversee the behavior of the staff in achieving the company's goals, as well as assisting them in accomplishing their own personal or career goals. This influence can be gained through motivation, communication, department dynamics, and department leadership.
What is "directing"?
300
The value chain refers to all ________ processes associated with providing a product or service.
What is "business"?
300
The primary users of managerial accounting are ________ users, who are officers, department heads, managers, and supervisors in the company.
What is "internal"?
400
Paying the manager of the company fall under the category..... Direct labor? True or false
FALSE (it would Manufacturing Overhead)
400
Product costs are also called i _ _ _ _ _ _ _ _ _ _ _ _ costs.
What is "inventoriable" costs?
400
The __________ process is ongoing. There are uncontrollable, external factors that constantly affect a company both positively and negatively. Depending on the circumstances, these external factors may cause a company to adjust its course of action in accomplishing certain goals.
What is "planning"?
400
Corporate officer who is responsible for all of the accounting and ____________ issues of the company.
What is "finance"?
400
The C F O is supported by both the _____________ and the _________________.
What is "CONTROLLER & the TREASURER"?
500
Companies account for indirect materials as part of ____________ ____________ .
What is "manufacturing overhead"?
500
Sales commissions and office rent are good examples of ___________ costs. Why?
What is "period" costs? reason why: Both items are expensed on the income statement in the period in which they are incurred. Thus they are said to be period costs.
500
Employees that are highly motivated generally go above and beyond in their job performance, thereby playing a vital role in the company achieving its goals. For this reason, managers tend to put a lot of focus on motivating their employees. They come up with reward and incentive programs based on job performance and geared toward the employees' needs. Which function of management is this?
What is "Directing"
500
Period costs are costs that are matched with the _________ of a specific time period rather than included as part of the cost of a salable product
What is "revenue"? ✓
500
DAILY DOUBLE question. Worth 1,000 points!!! WITHOUT using the internet, or your textbook: List 2 trends and/or improved practices in managerial accounting in recent years.
answer Managerial accounting has experienced many changes in recent years. Improved practices include a focus on managing the value chain through techniques such as just-in-time inventory, total quality management, activity-based costing and theory of constraints.