Question

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M14-12. Management Accounting Terminology Match the following terms with the best descriptions. Each description is used...

M14-12. Management Accounting Terminology

Match the following terms with the best descriptions. Each description is used only once.

Terms

1. Ethics 9. Strategic cost management

2. Mission 10. Financial accounting

3. Controlling 11. Activity cost driver

4. Goal 12. Structural cost driver

5. Cost drivers 13. Managerial accounting

6. Quality 14. Resources

7. Balance sheet 15. Product differentiation

8. Income statement

Description

a. Making decisions concerning specific cost drivers

b. Factors that influence costs

c. Reports a company’s financial position

d. Accounting for external users

e. Increase year 2017 sales by 10 percent over year 2016 sales

f. Shows the results of operations for a period of time

g. Packing an order for shipment

h. Deciding to limit market focus to a region rather than the entire nation

i. The degree to which a new e-book reader meets a buyer’s expectations

j. Used internally to make decisions

k. Consumed by activities

l. The propriety of taking some action

m. Reduces customer price sensitivity

n. Basic purpose toward which activities are directed

o. Comparing the budget with the actual results

Solutions

Expert Solution

1. Ethics (L)The propriety of taking some action.

2. Mission (N)Basic purpose toward which activities are directed.

3. Controlling (O)Comparing the budget with the actual results.

4. Goal (E)Increase year 2017 sales by 10 percent over year 2016 sales.

5. Cost drivers (B)Factors that influence cost.

6. Quality (I)The degree to which a new e-book reader meets buyer’s expectations.

7. Balance sheet (C)Reports a company’s financial position.

8. Income statement (F)Show the results of operation for a period of time.

9. Strategic cost management (A)Making decisions concerning specific cost drivers.

10. Financial accounting (D) Accounting for external users.

11. Activity cost driver (G)parking an order for shipment.

12. Structural cost driver (H)deciding to limit market focus a region rather than an entire nation.

13. Managerial accounting (J)Used internally to make decision.

14. Resources (K)Consumed by activities.

15. Product differentiation (M)Reduces customer price sensitivity

ekkarill92 answered 1 year ago

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