Which of the following are included in the IMA Statement of Ethical Professional Practice? Professional Competence, Integrity, Credibility, Confidentiality Accuracy, Reliability, Objectivity, Independence Honesty, Transparency, Accountability, Fairness Compliance, Ethics, Responsibility, Trust

Professional Competence, Integrity, Credibility, Confidentiality

What are the three main types of manufacturing (product) costs? Direct Labor, Indirect Materials, Administrative Costs Variable Costs, Fixed Costs, Mixed Costs Direct Materials, Direct Labor, Manufacturing Overhead Direct Materials, Indirect Labor, Fixed Costs

Direct Materials, Direct Labor, Manufacturing Overhead

What costs include all costs outside the factory such as selling, general, and administrative costs? Variable Costs Manufacturing Overhead Nonmanufacturing (Period) Costs Direct Costs

Nonmanufacturing (Period) Costs

Managerial Accounting Flashcards: Cost Classifications & Decision Making

Flashcard

Learn Mode

Match

Library

Create

Flashcards

Library

Match (Coming Soon)

Finance - Personal Finance

charlotte1oxhi Created by 10 mon ago

Cards in this deck(44)

Which type of accounting is primarily used by internal users and does not require adherence to GAAP/IFRS?

Which type of accounting is mandatory for external users and must follow GAAP/IFRS?

What term describes all manufacturing costs that are not direct materials or direct labor?

Which of the following are included in the IMA Statement of Ethical Professional Practice?

What are labor costs that can be easily traced to individual units of product called?

What are raw materials that become an integral part of the finished product and whose costs can be traced to a product?

What are the three main types of manufacturing (product) costs?

What costs include all costs outside the factory such as selling, general, and administrative costs?

What are costs that contain both a variable and a fixed-cost element and change in total but not proportionately with changes in the activity level?

What type of costs remain constant in total, regardless of changes in the level of activity?

What type of costs vary in total, in direct proportion to changes in the level of activity?

What is the correct flow of costs through the inventory accounts?

What is the journal entry for the issuance of direct and indirect materials?

What is the journal entry for the purchase of materials on account?

What is the journal entry for accrued wages including direct and indirect labor?

What is the journal entry for the application of actual manufacturing overhead to jobs?

In a T-account, what should the balance be closer to?

What happens when applied overhead is less than actual overhead?

What occurs when applied overhead is greater than actual overhead?

What does a high r-square value indicate in statistical analysis?

What is the primary difference between absorption costing and variable costing?

Which costing method is used for GAAP purposes?

What components are included in the absorption costing unit product cost?

What components are included in the variable costing unit product cost?

What happens to operating income when inventory increases under absorption costing compared to variable costing?

What happens to operating income when there is no change in inventory under absorption costing compared to variable costing?

What happens to operating income when inventory decreases under absorption costing compared to variable costing?

What does the Master Budget always start with?

Why are budgets used in organizations?

What is an investment center and how are managers evaluated in such a center?

What is a profit center and how are managers evaluated in such a center?

What is a cost center and how are managers evaluated in such a center?

What are the three types of responsibility centers?

What is the goal of increasing Return on Investment (ROI) and what indicates a good ROI?

How is ROI affected by a change in operating income or assets?

What are future costs and benefits that do not differ among alternatives called?

What are costs and benefits that differ between at least two alternatives called?

What is the margin of safety in budgeting?

What does the production budget determine?

What does the direct materials purchases budget determine?

Who is responsible for dealing with the direct materials price variance?

Who is responsible for dealing with the direct materials quantity variance?

Who is responsible for dealing with the direct labor rate variance?

Who is responsible for dealing with the direct labor efficiency variance?

Ask Our AI Tutor

Get Instant Help with Your Questions

Need help understanding a concept or solving a problem? Type your question below, and our AI tutor will provide a personalized answer in real-time!

How it works

Ask any academic question, and our AI tutor will respond instantly with explanations, solutions, or examples.

Get Started

Browse questions and discover topic-based flashcards
Practice with engaging flashcards designed for each subject
Strengthen memory with concise, effective learning tools

Discover By Topic

Managerial Accounting Flashcards: Cost Classifications & Decision Making

Related Decks