UFC1 WGU 2024 ACTUAL EXAM QUESTIONS AND VERIFIED ANSWERS /GET IT 100% ACCURATE|ALREADY GRADED A+
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UFC1 WGU
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UFC1 WGU
UFC1 WGU 2024 ACTUAL EXAM QUESTIONS AND
VERIFIED ANSWERS /GET IT 100% ACCURATE|ALREADY
GRADED A+
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Terms in this set (123)
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Direct Labor Variances. Rate is pay and Efficiency is hours Or Quantity
Managerial Accounting Provides financi...
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12/13/24, 12:17 PM UFC1 WGU 2024 ACTUAL EXAM QUESTIONS AND VERIFIED ANSWERS /GET IT 100% ACCURATE|ALREADY GRADED A+…
UFC1 WGU 2024 ACTUAL EXAM QUESTIONS AND
VERIFIED ANSWERS /GET IT 100% ACCURATE|ALREADY
GRADED A+
Practice questions for this set
Learn 1 /7 Study with Learn
Direct Labor Variances. Rate is pay and Efficiency is hours Or Quantity
Choose matching term
1 Cost-plus basis 2 Rate/Efficiency Variances
3 Material Receiving Report 4 Materials Requisition
Don't know?
Terms in this set (123)
Provides financial and nonfinancial information to an internal
Managerial Accounting
decision makers
Customer/employee satisfaction data, % of on time deliveries, and
Nonfinancial Info
product defect rates
Planning Process of setting goals and making plans to achieve them
Process of monitoring planning decisions and evaluating an
Control
organizations activities and employees
Benefits employee, violates employee obligation to employer,
Fraud Includes
cost employer, hidden from employer
Monitor and control business activities with policies and
Internal Control System
procedures
Classification by behavior Fixed Cost, Variable Costs, or Mixed Cost
, 12/13/24, 12:17 PM UFC1 WGU 2024 ACTUAL EXAM QUESTIONS AND VERIFIED ANSWERS /GET IT 100% ACCURATE|ALREADY GRADED A+…
Product Costs=needed to finish end product, and Period costs
Classification by Function
(selling and admin expenses)
Expenditures necessary to a finished product, assigned to
Product Costs
inventory on balance sheet until sold
Expenditures with a time period for the finished product, assigned
Period Costs
to expenses on Income sheet
3 Inventory of Mfg Co Raw Materials, Goods in progress, and finished goods.
COG Manufactured Includes direct materials, direct labor, and factory overhead
Direct Materials Tangible components that are separately and readily traced
Efforts of employee who physically convert materials to finished
Direct Labor
product.
Indirect materials and labor, not traceable. Not to include period
Factory Overhead
costs (that are expensed)
Costs directly associated with manufacturing costs (Direct
Prime Cost
material and direct labor costs)
Conversion Costs Costs of converting raw materials to finished good
More
Flow of Mfg Activities Materials Activity, Production Activities, and Sales Activities
Raw materials inventory carried over plus new materials
Materials Activities
purchased
Beginning goods in process, direct materials, direct labor, and
Production Activities
overhead
Finished goods beginning inventory plus goods manufactured in
Sales Activity
the current period.
Manufacturing activities are described. Types and amounts of
Manufacturing Statement
costs.
Direct materials, Direct labor, Factory overhead, and Cost of
Mfg Statement Parts
Goods Manufactured
Total Quality Management, Just in time Manufacturing, Value
Lean Business Practices
Chain, Continuous Improvement
Metric that measures time to Mfg product. Process
Cycle Time
time+Inspection Time+Move Time+ Wait time.
Why a Cost acct sys? To generate timely and accurate inventory information
Records Mfg activities using perpetual inventory. Live updates for
Cost Acct System
costs/in progress/finished inventory.
Job Order Production Customized products (wedding invitation, artwork)
Producing more than one custom unit. (t-shirt for a race, benches
Job Lot
for a church)
Jobs on speculation When production is started before the contract is signed.
1. Predict the Cost to complete the job. 2. Negotiate price, decide
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