Both deal with economic events of a business and with events to be quantified and communicated to interested parties
What is similarityies of Finacial and Managerial Accounting
200
Clarifies management responsibilities, requires ceertification from CEOs and CFOs, and substantially increases penalties for misconduct.
What is Sarbanes-Oxley Act?
200
Basic materials used in manufacturing
What are Raw Materials?
200
Costs that are indirectly associated with manufacturing the finished product.
What is Manufacturing Overhead?
200
Beginning work in process inventory + total manufacturing costs - ending work in progress inventory.
What is cost of goods manufactured?
300
One is focused externally and one is focused inetrnally
What are differences in Financial and Managerial Accounting?
300
Intentional misstatement of finacial statements.
What is financial reporting fraud?
300
Raw materials that can be physically and directly associated with the finished product.
What are Direct Materials?
300
Includes manufacturing product costs and period costs.
What are all costs?
300
The three manufacturing inventory accounts on the balance sheet.
What are Raw Materials, Work in Progress, and Finished Goods?
400
Management activities classifications
What are Planning, Directing, and Controlling?
400
Ineffective and unrealistic controls may result in this.
What is declining product quality? Could be other answers too like unethical behavior.
400
Raw materials that cannot be easily associated with the finished product.
What are Indirect Materials?
400
A necessary and integral part of producing a product, is recorded as inventory when incurred, and is not an expense until the finished goods inventory is sold.
What are Product Costs?
400
Activities associated with providing a product or service.
What is the Value Chain?
500
Looking ahead and establishing objectives.
What is Planning?
500
Name a company who has committed finacial fraud.
What is Enron, Worldcom, etc?
500
Work of factory employees that can be physically and directly associated with converting raw materials into finished goods.
What is Direct Labor?
500
Matched with revenue of a specific time period, charged to expenses when incurred, are non-manufacturing costs, and include selling and administrative expenses.