ACC 241 Exam 1 Practice Questions Chapters 1,2,3,4,6 with Complete Solutions | Verified and Updated
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Course
ACC 241
Institution
ACC 241
ACC 241 Exam 1 Practice Questions
Chapters 1,2,3,4,6 with Complete
Solutions | Verified and Updated
Planning, directing, and controlling are a manager's three primary responsibilities - ️️
Correct-True
In a manufacturing firm, manufacturing costs and product costs are the same - ️️
Co...
Managerial accounting focuses on the whole organization
Financial accounting is primarily concerned with providing information for internal users
Financial accounting is oriented toward the planning and control aspects of
management
Managerial accounting uses both financial and non-financial measures of performance -
✔️✔️Correct-Managerial accounting uses both financial and non-financial measures of
performance
If a frozen pizza plant (factory) is the cost object, classify each of the following costs as
direct or indirect, respectively: property insurance, plant supervisor wages, and janitorial
supplies - ✔️✔️Correct-All are direct
Product (inventoriable) costs differ from period expenses because - ✔️✔️Correct-Product
costs may appear on the balance sheet as assets
Sunnybrook Orange Groves processes a variety of fresh juices. The company has the
following expenses for July:
Depreciation expense on bottling machines 63,000
3/18
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