ACCY 207 Study Guide - Midterm Guide: Decision-Making, Execution Unit, Expense
Document Summary
The # of questions for each concept is a general guideline. Some questions may include more than one concept, so there may be some overlap. Some questions may include an understanding of a concept as part of the problem solution but is not directly addressed in the problem. Some questions may be conceptual and some may be mathematical. Prologue & chapter 1: managerial accounting vs. financial accounting (1 2 questions) Managerial accounting: concerned with providing information to managers for use within the organization, emphasizes decisions affecting the future, not mandatory, emphasis on timeliness, planning, controlling, and decision making. Financial accounting: concerned with reporting financial information to external parties, such as stockholders, creditors, and regulators, emphasizes consequences of past activities (historical, emphasis on precision, work of management: planning, controlling & decision making (1 2 questions) Indirect materials= materials used to support the production process. Indirect labor= wages paid to employees who are not directly involved in production work.
