ACC 241 Final EXAM BUNDLE 100% Solved!!

The four primary responsibilities of a manager - ANSWERSPlanning Directing Controlling Decision Making planning - ANSWERSsetting goals and objectives for the company and determining how to achieve them Directing - ANSWERSoverseeing the companies day to day operations Controlling - ANS...

If the finished goods inventory decreases between the beginning and the end of a period, then the cost of goods manufactured for the period is larger than the cost of goods sold. T/F - ANSWERSFalse (Finished Goods T-Account) Predetermined overhead rates are based on actual cost and activity data....

Planning, directing, and controlling are a manager's three primary responsibilities - ANSWERSTrue In a manufacturing firm, manufacturing costs and product costs are the same - ANSWERSTrue If the finished goods inventory decreases between the beginning and the end of a period, then the cost ...

variable cost ( slope) - ANSWERSchange in cost/ change in volume Total fixed costs - ANSWERStotal operating cost - total varible cost Variable Sales Rate - ANSWERSVariable Expesnes/ Sales ( x + x ) / x= Break Even Income - ANSWERS( Fixed expenses + Operating Income) / Contribution Margin Ra...

Unit‐level activities - ANSWERSactivities occur every time a service is performed or a product is made. The costs of direct materials, direct labor, and machine maintenance are examples of unit‐level activities. Batch‐level activities - ANSWERSlevel activities are costs incurred every t...

Total inventoriable product cost - ANSWERSDM + DL + MOH Total prime cost - ANSWERSDM + DL Total conversion cost - ANSWERSMOH + DL Total MOH costs - ANSWERSIndirect materials + indirect labor + other MOH Manufacturing overhead allocated - ANSWERSPredetermined manufacturing overhead rate...

What are the three responsibilities of managers? - ANSWERS1. Plan 2. Direct 3. Control Planning - ANSWERSSetting up goals and objectives and then developing strategies to obtain those goals. Directing - ANSWERSOverseeing the company's day-to-day operations. Controlling - ANSWERSEvaluat...

departmental overhead allocation - ANSWERSthis kind of overheard rate increases the accuracy of job costs when each department incurs different types and amounts of manufacturing overhead and each product, or job, uses the departments to a different extent formula: total estimated departmental over...

Which of the following report to the audit committee of the Board of Directors? A.The treasurer and controller B.The CFO and internal audit department C.The internal audit department and the independentCPA firm D.The CFO and the independent CPA firm - ANSWERSc Which of the following managemen...

Who reports to the audit committee of the Board of Directors? - ANSWERSThe internal audit department and the independent CPA firm Which management responsibilities are being fulfilled when management uses feedback to take corrective action on the budgets - ANSWERSControlling and decision-making ...

Which of the following is NOT a step in the accounting process? a. Identification b. Recording c. Communication d. Verification - ANSWERSd. Verification Which of the following statements about users of accounting information is INCORRECT? a. Regulatory authorities are internal users. b. Ma...

Four primary responsibilities of a manager - ANSWERS-planning -directing -controlling -decision making Financial Accounting - ANSWERS-external users -aids in making credit/ investment decisions -general purpose financial statements -compliance with GAAP Managerial Accounting - ANSWERS-int...

The main focus of managerial accounting is: - ANSWERSdecision making What are objectives of Management accounting? - ANSWERS1. to provide information for planning, controlling, evaluating and continuous improvement 2. to provide information for decision making 3. to provide information fo...

Finished Goods Beginning Inventory - ANSWERSCost of Goods Sold + Finished Goods Inventory (ending) - Cost of Goods manufactured Cost of Goods Sold (Manufacturer) - ANSWERSBI+COGMS-EFI + Beginning finished goods inventory + Cost of goods manufactured = Cost of goods available for sale - Endi...