Managerial Accounting review

Front

What is the purpose of managerial accounting?

Back

To explain the purpose of managerial accounting

Front

What is the purpose of an operational plan?

Back

To describe the purpose of an operational plan

Front

What is the primary focus of managerial accounting?

Back

Providing information to internal stakeholders for decision-making

Front

Which of the following is a characteristic of financial accounting? Reports to internal stakeholders, Flexible and tailored to internal needs, Adheres to standardized rules like GAAP or IFRS, Future-focused and operational

Back

Adheres to standardized rules like GAAP or IFRS

Front

What is the purpose of a cash budget?

Back

To track expected cash inflows and outflows

Front

What does a performance report compare?

Back

Actual results to budgeted expectations

Front

Which of the following is a characteristic of fixed costs?

Back

Remain constant regardless of production volume

Front

How is gross profit calculated?

Back

Sales revenue – Cost of Goods Sold (COGS)

Front

What does break-even analysis determine?

Back

The sales volume needed to cover total costs

Front

Which tool is used to model how adjustments in cost, sales price, and volume affect net income?

Back

Sensitivity analysis