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Accounting 211 Final (Pt 1)

According to your professor, which of the following career paths represents the largest percentage of professional accountants in business
Management Accountants
Which of the following is NOT one of the primary responsibilities of management
Adhering to GAAP
Which of the following is being fulfilled when management compares the budget to actual results
Controlling
The Institute of Management Accountants (IMA) offers which of the following certifications
Certified Management Accountant (CMA)
Which of the following relates primarily to the field of Managerial Accounting
ALL of the above relate primarily to the field of Managerial Accounting (Focused on reporting relevant information for decision making, is NOT governed by Generally Accepted Accounting Principals, Primary users of information are internal users, e.g., managers and employees)
Which of the following IS NOT a characteristic of financial accounting
Focus is on providing relevant information to internal decision makers
Direct Labor is defined as
Conversion Cost (Yes)
Product Cost (Yes)
Prime Cost (Yes)
The three basic elements of manufacturing costs are
Direct Materials
Direct Labor
Manufacturing Overhead
Prime costs consist of
Direct Labor plus Direct Material
An example of a product cost is (are)
All of the above (Depreciation expense on machinery used in production, freight in on raw materials, fire insurance on the plant facility)
Within relevant range, the difference between variable costs and fixed costs is
Total variable costs fluctuate and total fixed costs are constant
An example of a period cost is (are)
Product distribution costs

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