ACCT 2101 Lecture Notes - Lecture 1: Management Accounting, Internal Control
Document Summary
True/ false: monitoring metrics that are important to various areas of operations is part of directing/leading functions: false, a given cost can be relevant to one scenario and irrelevant to another: true. Multiple choice: in an attempt to reduce the opportunities for error and fraud, sox places additional responsibilities on: All managers: the sarbanes oxley act: Costs are treated differently in different situations. There are many different ways to categories costs: the distinction between manufacturing and nonmanufacturing cost applies: A direct cost can be easily and conveniently traced to be a specific cost object. Managerial accounting provides information for internal use and financial accounting provides information to external users. Learnsmart chapter 1: introduction to managerial accounting: a relevant cost: Direct labor and indirect labor are product costs. Advertising and sales commissions are period costs: managerial accounting information: is important for both profit making and nonprofit organizations, manufacturing costs include: : managers need more detailed information than financial reports can capture.