Exam (elaborations)
ACCT 526 Midterm Exam Practice Questions and Answers (100% Pass)
- Course
- Institution
ACCT 526 Midterm Exam Practice Questions and Answers (100% Pass)
[Show more]
Content preview
©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AMWEST VIRGINIA UNIVERSIRTY- (WV) : 26506
ACCT 526 Midterm Exam Practice
Questions and Answers (100% Pass)
Period Costs - ✔️✔️Costs that are matched with the revenue of a specific time period
and charged to expense as incurred.
Indirect Labor - ✔️✔️Work of factory employees that has no physical association with the
finished product, or it is impractical to trace the costs to the good produced.
Product Costs - ✔️✔️costs that are a necessary and integral part of producing the
finished product
Manufacturing Overhead - ✔️✔️Manufacturing costs that are indirectly associated with
the manufacture of the finished product.
Managerial Accounting - ✔️✔️A field of accounting that provides economic and financial
information for internal users.
Direct Labor - ✔️✔️The work of factory employees that can be physically and directly
associated with converting raw materials into finished goods.
Manufacturing Overhead - ✔️✔️Identify: Factory supervisor's salary
1
,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AM
WEST VIRGINIA UNIVERSIRTY- (WV) : 26506
Period Costs - ✔️✔️Identify: Supplies for the general office
Direct Materials - ✔️✔️Identify: Rubber latex purchased for the use in the manufacture of
automobile tires
Period Costs - ✔️✔️Identify: Advertising
Manufacturing Overhead - ✔️✔️Identify: Rent on factory equipment
Period Costs - ✔️✔️Identify: Utility cost for the store
Period Costs - ✔️✔️Identify: Salary paid to the company's chief executive officer
Manufacturing Overhead - ✔️✔️Identify: Salary paid to mechanics who maintain and
repair factory equipment
Direct Labor - ✔️✔️Identify: Wages paid to assembly-line workers who install interiors in
automobiles
a. deal with the economic events of an enterprise - ✔️✔️Financial and managerial
accounting are similar in that both:
a. deal with the economic events of an enterprise.
b. produce general-purpose reports.
c. have the same primary users.
d. have reports that are prepared quarterly and annually.
2
,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AM
WEST VIRGINIA UNIVERSIRTY- (WV) : 26506
c. the product is sold - ✔️✔️Product costs are expenses on the income statement when:
a. the product completes the manufacturing process.
b. the order is received for the product.
c. the product is sold.
d. raw materials for the product are purchased.
a. $22,500
15,500 + 44,500 - 37,500 = - ✔️✔️Super Tread Inc. is a large manufacturer of auto tires.
Super Tread has provided the following information:
Sales Revenue $55,000
Beginning Finished Goods Inventory $15,500
Cost of Goods sold $37,500
Cost of Goods Manufactured $44,500
Calculate the amount of ending Finished Goods Inventory reported on Super Tread's
balance sheet.
c. $1,135,000
3
, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AM
WEST VIRGINIA UNIVERSIRTY- (WV) : 26506
Direct Materials (81,000+360,000-59,000) + Direct Labor (471,000) + Factory Overhead
(19,000+24,000+268,000) + Work-in-Process (26,000-55,000) - ✔️✔️Payton Corporation
provided the following information for the year:
Beginning Balance - Work-in-Process Inventory $26,000
Ending Balance - Work-in-Process Inventory $55,000
Beginning Balance - Direct Materials 81,000
Ending Balance - Direct Materials 59,000
Purchases - Direct Materials 360,000
Direct Labor 471,000
Indirect Labor 19,000
Depreciation on Factory Plant and Equipment 24,000
Plant Utilities and Insurance 268,000
What was the amount of the cost of goods manufactured for the year?
a. $1,363,000
b. $1,193,000
4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller OliviaWest. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79650 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now