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ACC 241 ASU Geiger Exam 1 Questions and Answers 100% Correct $12.49   Add to cart

Exam (elaborations)

ACC 241 ASU Geiger Exam 1 Questions and Answers 100% Correct

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  • ACC 241 ASU
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  • ACC 241 ASU

ACC 241 ASU Geiger Exam 1 Questions and Answers 100% CorrectACC 241 ASU Geiger Exam 1 Questions and Answers 100% CorrectACC 241 ASU Geiger Exam 1 Questions and Answers 100% CorrectACC 241 ASU Geiger Exam 1 Questions and Answers 100% CorrectManagerial Accounting - ANSWER - 1. Internally focused 2. ...

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  • November 1, 2024
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  • Exam (elaborations)
  • Questions & answers
  • ACC 241 ASU
  • ACC 241 ASU
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Crystall
ACC 241 ASU Geiger Exam 1
Questions and Answers 100%
Correct
Managerial Accounting - ANSWER - 1. Internally focused
2. No mandatory rules
3. Financial and nonfinancial info, subjective info possible
4. Emphasis on future
5. Internal evaluation based on detailed info
6. Broad, multidisciplinary


Least-Squares Regression Method - ANSWER - y = vX + f


(in coefficients)
X Variable 1 = Variable cost per unit
Intercept = f (fixed cost)


R squared is how fitting the data is 1.0-.8 is good, .8-.2 is questionable, .2-.0 is not
correlating?


Calculating Adjusted COGS - ANSWER - Over and under applied necessary, over you
subtract and under you add difference


Financial Accounting - ANSWER - 1. Externally focused
2. Must follow externally imposed rules
3. Objective financial info
4. Historically oriented
5. Info about the firm as a whole
6. More self-contained

, Cost is a(n): - ANSWER - asset, if the benefit exceeds one accounting period


expense, if benefit is consumed within one accounting period


Direct cost - ANSWER - Costs that can be easily and conveniently traced to a unit of
product or other cost objects


Indirect cost - ANSWER - Costs that supports more than one cost object--must be
allocated to be assigned to a unit of product or other cost object


Product cost - ANSWER - Costs associated with making the products available and
ready to sell.


Included as inventory on the balance sheet until sold, then it is expensed on an
income statement as COGS


High-Low Method - ANSWER - high cost - low cost / high activity - low activity =
VCpU


Contribution Margin Income Statement - ANSWER - Variable Expenses (VE) =
activity level (x) x VCpU
Fixed Expenses = f


Contribution margin/sales % = 1 - (VE / Sales)


Period cost - ANSWER - Costs that are not product costs such as selling costs or
administrative.


Expensed on an income statement when incurred.


Raw Materials Inventory - ANSWER -

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