Question

INSTRUCTIONS: Complete each of the following statements by writing the app 2-3. 0. A type of information that managementusesin conducting daily operations and in planning future operations and thatincludes both historical and estimated data is................. .............. 1. A departmentunit that provides services, assistance, and advice to departments directly involved in the basic objectives of the organization is a Managerial accounting reports use two types of information. These include:............................. .... data................ data.......... 4. The Sales Department would be considered a (line, staff) department.... 5. The chief management accountant is called the 6-7. Manufacturing costs are generally classified into two categories: 7. ........... 8. The development of organizational objectives and the translation of these objectives into courses of action is called.. 9-11. Work in process consists of these costs that have entered the manufacturing process on unfinished products: ........... 10........... 11. 12. The term used to describe the cost of materials thatare an integral part of total product cost is. 13. Factory overhead is sometimes called... 14. Direct labor and factory overhead are what kind of cost of the product? 15. Direct labor and direct materials are what kind of cost of the product?.... 16. The information thatallows management to isolate significant departures from plans for furtherinvestigation and possible remedial action is called 17. The philosophy of continually improving employees, business processes and products is called 18. Indirect materials, indirectlabor and production-equipmentdepreciation expense are examples of this manufacturing cost... 19. The cost of finished products on hand that have not been sold is called

Answer 1

1. Staff department 2. Managerial information to managers and decision makers within a company or organization 3. Daily budgeting data is to help managers make decisions that increase the organizations operational effectiveness and efficiency 4. Because it is directly involved in the basic objectives of the organization 5. Controller 6. Direct material costs, direct labour costs 7. Manufacturing overhead 8. Organizational development 9. Raw material cost 10. Labor cost 11. Overhead costs 12. Manufacturing and production costs 13. Manufacturing overhead or work overhead 14. Prime costs 15. Prime costs 16. The philosophy of managing which involves monitoring the operating results of implemented plans and comparing the expected results with actual results. 17. Continuous improvement process 18. Manufacturing overhead 19. Cost of goods available for sale