Shared Flashcard Set

Details

Acct. 270
Exam 1
8
Accounting
Undergraduate 2
01/24/2012

Additional Accounting Flashcards

 


 

Cards

Term
For whom is managerial accounting information intended for?
Definition
providing information to report to managers.
Term
What are the three primary activities of managers when it comes to managerial accounting?
Definition
1. planning
2. controlling
3. decision making
4. evaluating what's been done
Term
What are the advantages of managerial accounting when compared with financial accounting?
Definition
It emphasizes:
1.decisions affecting the future
2. relevance
3. timeliness
4. segment reports
Term
Review the provisions of the Sarbanes-Oxley Act of 2002.
Definition
pg. 20-21
Term
Know about the four standards of ethical conduct for managerial accountants.
Definition
1. competence
2. confidentiality
3. integrity
4. credibility
Term
What are the three basic elements of manufacturing cost?
Definition
1. Direct Materials
2. Direct Labor
3. Manufacturing Overhead
Term
Prime costs
Definition
is the sum of direct materials cost and direct labor cost.
Term
Conversion Cost
Definition
is the sym of direct labor cost nd manufacturing overhead cost.
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