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ACCT 526 MIDTERM PRACTICE EXAM QUESTIONS AND ANSWERS (100% PASS)
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ACCT 526 MIDTERM PRACTICE EXAM QUESTIONS AND ANSWERS (100% PASS)
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AMWEST VIRGINIA UNIVERSIRTY- (WV) : 26506
ACCT 526 MIDTERM PRACTICE EXAM
QUESTIONS AND ANSWERS (100% PASS)
All of the following are steps outlined by the Institute of Management Accountants (IMA)
for resolving ethical conflicts except:
Select one:
a. None of these
b. following the policies of the organization for resolving ethical conflicts
c. consulting an objective advisor such as an attorney
d. bringing the matter to the attention of local news agencies
e. presenting the matter to the audit committee, if a satisfactory resolution is not
reached by all higher levels of management - ✔️✔️d. bringing the matter to the attention
of local news agencies
All of the following are examples of managerial accounting information except: Select
one:
a. monthly income statement for each store
b. monthly analysis of product profitability
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,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AM
WEST VIRGINIA UNIVERSIRTY- (WV) : 26506
c. None of these
d. budget versus actual reports
e. annual balance sheet prepared in accordance with US GAAP - ✔️✔️c. annual balance
sheet prepared in accordance with US GAAP
Direct labor costs related to production are:
Select one:
a. included in manufacturing overhead
b. expensed when the products are sold
c. expensed in the period in which they are incurred
d. period costs - ✔️✔️b. expensed when the products are sold
Which of the following is classified as a general and administrative expense?
Select one:
a. utility costs for the production facility
b. salaries of sales personnel
c. salaries of production supervisors
d. None of these
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, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AM
WEST VIRGINIA UNIVERSIRTY- (WV) : 26506
e. salaries of human resource department personnel - ✔️✔️e. salaries of human resource
department personnel
Costs of completed but unsold products would be found in which account?
Select one:
a. work in process inventory
b. cost of goods sold
c. raw materials inventory
d. None of these
e. finished goods inventory - ✔️✔️e. finished goods inventory
All of the following are included in Balance Sheet accounts containing product costs
except:
Select one:
a. cost of goods manufactured
b. None of these
c. raw materials
d. work in process inventory
e. cost of good sold - ✔️✔️e. cost of good sold
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