Managerial Accounting

  1. Managerial accounting measures, analyzes and reports financial and non financial information that helps?
    managers make decisions to fulfill the goals of the organization.
  2. True or False

    Primary users of Managerial Accounting are investors and creditors.
  3. True or False
    Internal reports are private and reports are unregulated.
    Timely and relevant for decision-making.
    Includes many estimates and predictions of future conditions that do not follow GAAP
  4. What are the 3 levels in which firms compete?
    • 1) Product Quality
    • 2) Price
    • 3) Features
  5. True or False

    Total Quality Management -TQM- six sigma refers to a production with no more than 3.4 defects per million products
  6. Explain how JIT differs from TQM. Give an example of a company that practices JIT
    JIT manufacturing sells the product then produces it. Apple Inc.
  7. In Job order costing accounts for cost by?
    Cost are accumulated for each unique job (customer order).
  8. Process Costing accounts for cost?
    Cost are accumulated at the production department and assigned to products as they move through the departments.
  9. __________ is used by service firms and Manufactures that produce custom products while ___________ is used often used by companies involved in mass manufacturing.
    Job order costing, Process costing
Card Set
Managerial Accounting
Accounting Test 1