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ACCT 303 Final Exam with complete solutions 2024_2025.
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ACCT 303 Final Exam with complete solutions 2024_2025.
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ACCT 303 Final Exam with completesolutions 2024/2025
The difference between variable costing and absorption costing in measuring net
income lies in the treatment of - ANSWER-fixed manufacturing overhead
All the following are included as costs of inventory under absorption costing
except - ANSWER-fixed operating
When computing product costs, direct materials, direct labor, and all
manufacturing overhead (fixed and variable) are used with - ANSWER-absorption
costing
The formula for the fixed MOH volume variance is - ANSWER-budgeted fixed MOH
costs less applied fixed MOH
The fixed MOH volume variance measures - ANSWER-the actual usage of
capacity compared to the planned usage of capacity
The formula for applied fixed MOH is - ANSWER-budgeted fixed MOH rate times
the actual units produced
When computing product costs, direct materials, direct labor, and only variable
manufacturing overhead are used with - ANSWER-variable costing
On an income statement prepared using variable costing, variable operating
expenses are deducted from _ to get _ - ANSWER-sales, contribution margin
, When calculating inventory for the balance sheet using variable costing as
opposed to absorption costing, the inventory values will generally be - ANSWER-
less
Once a business is ready to move from identifying industry challenges to
overcoming them, the company may choose to complete a SWOT analysis. This
tool helps the organization identify internal and external factors affecting them.
Which of the following is the best breakdown of Internal and External forces in a
SWOT analysis? - ANSWER-Internal: Strengths, Weaknesses; and External:
Opportunities, Threats
Cameron would like to improve the overall performance of the factory where he
works. He has decided to use a balanced scorecard (BSC) so he can take both
financial and nonfinancial performance into consideration. Which of the following
is an appropriate objective to implement from the financial perspective? -
ANSWER-Increase revenue per customer
The management team for an Italian restaurant has started its annual review of
the overall performance of the organization. In an effort to include both financial
and nonfinancial measures, the managers will complete a balanced scorecard
(BSC). If they are focusing on the internal business process perspective, which of
the following would be an appropriate initiative and measure to decrease time
from order placement to meal service? - ANSWER-Initiative: Conduct efficiency
study, and Measure: Time from order placement to meal service
Which of the following steps in the strategic planning process should be
completed first? - ANSWER-Create a mission statement
When an organization starts up, it decides on a mission and vision, and these two
components inform every step of the company's goal achievement. Which of the
following best represents the component that results from coordination of
business units across the organization tracking dollars and dates? - ANSWER-
Measures and targets
Classify each measure as financial or non-financial
average time to hire - ANSWER-nonfinancial
product defect percentage
employee well-being
manufacturing efficiency
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