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Contents - Lessons & Practice

Business

Principles of Accounting, Volume 2: Managerial Accounting

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Principles of Accounting, Volume 2: Managerial Accounting

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Questions from the 13 chapters of Principles of Accounting, Volume 2: Managerial Accounting. Each item asks for a term, a definition, or a claim the chapter itself states.

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Principles of Accounting, Volume 2: Managerial Accounting

13 lessons

One lesson for each chapter of Principles of Accounting, Volume 2: Managerial Accounting, in the book’s order. The lesson teaches what that chapter says you need to know, then checks it.

  1. 1Accounting as a Tool for ManagersThe purpose of managerial accounting is to supply financial and nonfinancial information to the organization’s management and other internal decision makers
  2. 2Building Blocks of Managerial AccountingFor manufacturing firms, it is essential that they differentiate among direct materials, direct labor, and manufacturing overhead in order to identify and manage their total product costs
  3. 3Cost-Volume-Profit AnalysisA break-even point can be found on a per-unit basis or as a dollar amount, depending upon whether a per-unit contribution margin or a contribution margin ratio is applied
  4. 4Job Order CostingThe cost of goods manufactured includes the beginning work in process inventory, the materials used in production, the direct labor assigned to each job, and the manufacturing overhead costs assigned, less the costs…
  5. 5Process CostingProcess costing often groups direct labor and manufacturing overhead as conversion costs
  6. 6Activity-Based, Variable, and Absorption CostingOverhead is allocated to each product based on the estimated predetermined overhead rate and the number of units in the selected activity base
  7. 7BudgetingA master budget includes the subcategories of operating budgets and financial budgets
  8. 8Standard Costs and VariancesA favorable variance is when the actual price or quantity is less than the standard amount
  9. 9Responsibility Accounting and DecentralizationManagement control systems allow managers to develop a reporting structure to help the organization meet its strategic goals
  10. 10Short-Term Decision MakingDeciding to accept or reject a special order is a choice between alternatives
  11. 11Capital Budgeting DecisionsThis process includes determining capital needs, exploring resource limitations, establishing baseline criteria for alternatives, evaluating alternatives using screening and preference decisions, and making the decision
  12. 12Balanced Scorecard and Other Performance MeasuresWell-designed performance measurement systems help businesses achieve goal congruence between the company and the employees
  13. 13Sustainability ReportingThis management goal is called business sustainability