Qusetion 1 :Management Accounting TerminologyMatch the following terms

Qusetion 1 :Management Accounting TerminologyMatch the following terms with the best descriptions. Each description is used only once.Terms1. Ethics2. Mission3. Controlling4. Goal5. Cost driver6. Quality7. Balance statement8. Income statement9. Strategic cost management10.Financial accounting11.Activity cost driver12.Structural cost driver13.Managerial accounting14.Resources15.Product differentiationDescriptiona. Making decisions concerning specific cost driversb. Factors that influence costsc. Reports a company’s financial positiond. Accounting for external userse. Increase year 2017 sales by 10 percent over year 2016 salesf. Shows the results of operations for a period timeg. Packing an order for shipmenth. Deciding to limit market focus to a region rather than the entire nationi. The degree to which a new e-book reader meets a buyer’s expectationsj. Used internally to make decisionsk. Consumed by activitiesl. The propriety of taking some actionm. Reduces customer price sensitivityn. Basic purpose toward which activities are directed0. Comparing the budget with the actual resultsQuestion 2:Financial and Managerial AccountingIndicate whether each phrase is more descriptive of financial accounting or managerial accounting.a May be subjectiveb Often used to state corporate goalsc Typically prepared quarterly or annuallyd May measure time or customer satisfactione Future orientedf Has a greater emphasis on cost-benefit analysisg Keeps records of assets and liabilitiesh Highly aggregated statementsi Must conform to external standardsj Special-purpose reportsk Decision-making tooll Income statement, balance sheet, and statement of cash flowsQuestion 3: Activities and Cost DriversFor each of the following activities, select the most appropriate cost driver. Each cost driver may be used only once.Activity1. Pay vendors2. Receive material deliveries3. Inspect raw materials4. Plan for purchases of raw materials5. Packaging6. Supervision7. Employee training8. Operating machines9. Machine maintenance10.Opening accounts at a bankCost Drivera. Number of different raw material itemsb. Number of classes offeredc. Number of machine hoursd. Number of employeese. Number of maintenance hoursf. Number of units of raw materials receivedg. Number of new customersh. Number of deliveriesi. Number of checks issuedj. Number of customer orders

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Qusetion 1 :Management Accounting TerminologyMatch the following terms

Qusetion 1 :Management Accounting TerminologyMatch the following terms with the best descriptions. Each description is used only once.Terms1. Ethics2. Mission3. Controlling4. Goal5. Cost driver6. Quality7. Balance statement8. Income statement9. Strategic cost management10.Financial accounting11.Activity cost driver12.Structural cost driver13.Managerial accounting14.Resources15.Product differentiationDescriptiona. Making decisions concerning specific cost driversb. Factors that influence costsc. Reports a company’s financial positiond. Accounting for external userse. Increase year 2017 sales by 10 percent over year 2016 salesf. Shows the results of operations for a period timeg. Packing an order for shipmenth. Deciding to limit market focus to a region rather than the entire nationi. The degree to which a new e-book reader meets a buyer’s expectationsj. Used internally to make decisionsk. Consumed by activitiesl. The propriety of taking some actionm. Reduces customer price sensitivityn. Basic purpose toward which activities are directed0. Comparing the budget with the actual resultsQuestion 2:Financial and Managerial AccountingIndicate whether each phrase is more descriptive of financial accounting or managerial accounting.a May be subjectiveb Often used to state corporate goalsc Typically prepared quarterly or annuallyd May measure time or customer satisfactione Future orientedf Has a greater emphasis on cost-benefit analysisg Keeps records of assets and liabilitiesh Highly aggregated statementsi Must conform to external standardsj Special-purpose reportsk Decision-making tooll Income statement, balance sheet, and statement of cash flowsQuestion 3: Activities and Cost DriversFor each of the following activities, select the most appropriate cost driver. Each cost driver may be used only once.Activity1. Pay vendors2. Receive material deliveries3. Inspect raw materials4. Plan for purchases of raw materials5. Packaging6. Supervision7. Employee training8. Operating machines9. Machine maintenance10.Opening accounts at a bankCost Drivera. Number of different raw material itemsb. Number of classes offeredc. Number of machine hoursd. Number of employeese. Number of maintenance hoursf. Number of units of raw materials receivedg. Number of new customersh. Number of deliveriesi. Number of checks issuedj. Number of customer orders

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