ACC 241 Final Exam Questions and Answers | 100% Pass
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Course
ACC 241
Institution
ACC 241
ACC 241 Final Exam Questions and
Answers | 100% Pass
What are the three responsibilities of managers? - ️️ Correct-1. Plan
2. Direct
3. Control
Planning - ️️ Correct-Setting up goals and objectives and then developing strategies to
obtain those goals.
Directing - ️️ Correct-Overs...
Direct cost - ✔️✔️Correct-A cost that can be traced back to the cost object.
Indirect cost - ✔️✔️Correct-A cost that can't be traced back to the cost object.
Inventoriable product costs - ✔️✔️Correct-Costs incurred during the
production/purchases stage.
Period costs - ✔️✔️Correct-Aka operating expense never become part of inventory and
includes all stages in the value chain except for production/purchases.
Merchandising inventoriable costs - ✔️✔️Correct-Includes cost of purchasing product
from suppliers and costs incurred when transferring product to place of business.
Prime costs - ✔️✔️Correct-Includes DL and DM.
Conversion costs - ✔️✔️Correct-Includes MOH and DL.
Fringe benefits are expensed as what? - ✔️✔️Correct-Expensed as period costs for non-
manufacturing employees.
All inventoriable costs should what? - ✔️✔️Correct-Should stay in the inventory until it is
sold which then becomes cogs.
3/20
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