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ACC 241 Final Exam 140 Questions with Verified Answers,100% CORRECT
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ACC 241 Final Exam 140 Questions with Verified Answers
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ACC 241 Final Exam 140 Questions with Verified AnswersWhat are the three responsibilities of managers? - CORRECT ANSWER 1. Plan
2. Direct
3. Control
Planning - CORRECT ANSWER Setting up goals and objectives and then developing
strategies to obtain those goals.
Directing - CORRECT ANSWER Overseeing the company's day-to-day operations.
Controlling - CORRECT ANSWER Evaluating results against the plan and then
making necessary adjustments.
What are the characteristics of managerial accounting? - CORRECT ANSWER 1. It
focuses on the future
2. Managers decide on what they want to report
3. Data needs to be relevant not objective
4. There are no independent audits
What are the roles of management accounting? - CORRECT ANSWER 1. Ensure
that financial records are accurate
2. Plan, analyze, and interpret financial data
3. Provide decision support
4. Impact of technology
Institute of management accountants (IMA) - CORRECT ANSWER A professional
institution for management accountants. They help further continue your
education, ethical standards, research, and certification.
Unethical behavior includes what? - CORRECT ANSWER - Dishonesty
- Unfairness
- Lack of objectivity
- Irresponsibility
,Enterprise resource planning (ERP). What are the advantages and disadvantages?
- CORRECT ANSWER A system that integrates a company's function, department,
and data.
Advantages:
- Streamline operations
- Reacts quickly to changes
- Can replace system software
Disadvantage:
- Expensive
Just-in-time inventory reduces what? - CORRECT ANSWER - Raw materials and
finished goods inventory
- Storage and handling costs
Value chain - CORRECT ANSWER - R&D
- Research
- Production/purchases
- Marketing
- Distribution
- Customer service
Direct cost - CORRECT ANSWER A cost that can be traced back to the cost object.
Indirect cost - CORRECT ANSWER A cost that can't be traced back to the cost
object.
Inventoriable product costs - CORRECT ANSWER Costs incurred during the
production/purchases stage.
Period costs - CORRECT ANSWER Aka operating expense never become part of
inventory and includes all stages in the value chain except for
production/purchases.
Merchandising inventoriable costs - CORRECT ANSWER Includes cost of
purchasing product from suppliers and costs incurred when transferring product
to place of business.
, Prime costs - CORRECT ANSWER Includes DL and DM.
Conversion costs - CORRECT ANSWER Includes MOH and DL.
Fringe benefits are expensed as what? - CORRECT ANSWER Expensed as period
costs for non-manufacturing employees.
All inventoriable costs should what? - CORRECT ANSWER Should stay in the
inventory until it is sold which then becomes cogs.
Cost of goods manufactured - CORRECT ANSWER Cost of goods that were
completed and moved into finished goods.
Differential costs - CORRECT ANSWER The difference of costs between 2
alternatives.
Direct labor is treated as what kind of cost? - CORRECT ANSWER Variable cost.
MOH includes what kind of costs? - CORRECT ANSWER Variable and fixed costs.
What is the formula to calculate total cost? - CORRECT ANSWER TOTAL FIXED
COST + (VARIABLE COST PER UNIT X NUMBER OF UNITS)
The average cost per unit is not for predicting what? - CORRECT ANSWER The
total costs at different level of outputs.
What is the formula to calculate total inventoriable costs? - CORRECT ANSWER DL
+ DM + MOH
What is the formula to calculate DM used? - CORRECT ANSWER Beginning raw
materials
+ Purchases of DM
= Materials available for use
- Ending raw materials
= DM used
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