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ACC 241 Exam Questions and Answers 100% Correct
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ACC 241 Exam Questions and Answers 100% CorrectACC 241 Exam Questions and Answers 100% CorrectACC 241 Exam Questions and Answers 100% Correct Planning, directing, and controlling are a manager's three primary responsibilities. T/F - ANSWER - T In a manufacturing firm, manufacturing costs and pr...

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  • November 1, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • acc 241 exam questions and answers 100 correct
  • acc 241 exam questions and answers stuvia
  • planning directing and controlling are a manager

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  • ACC 241
  • ACC 241

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ACC 241 Exam Questions and
Answers 100% Correct
Planning, directing, and controlling are a manager's three primary responsibilities.
T/F - ANSWER - T


In a manufacturing firm, manufacturing costs and product costs are the same. T/F -
ANSWER - T


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 - ANSWER - F


A plantwide overhead rate is calculated by dividing the estimated total
manufacturing overhead costs for the year by estimated total amount of the
allocation base for the year. T/F - ANSWER - T


Which of the following statements correctly distinguishes between financial and
managerial accounting? - ANSWER - Managerial accounting uses both financial and
non-financial measures of performance


Products and their costs flow through a production facility in the following order: -
ANSWER - Raw materials, work-in-process, finished goods, cost of goods sold


Claire Corporation allocates (applies) Overhead based on direct labor hours. Here is
selected Data from the Jacob Corporation:
Estimated Manufacturing Overhead (MOH) $500,000
Actual Manufacturing Overhead (MOH) $480,000
Estimated DLH 50,000
Actual DLH 55,000
Since actual MOH is $20,000 less than estimated MOH, then overhead must have
been over-allocated by $20,000. T/F - ANSWER - F

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