ACC 241 Exam 1 Questions and
Answers | 100% Pass
The main focus of managerial accounting is: - ️️ Correct-decision making
What are objectives of Management accounting? - ️️ Correct-1. to provide information
for planning, controlling, evaluating and continuous improvement
2. to provide ...
Total MOH Costs - ✔️✔️Correct-Labor and Factory costs
taxes, insurance, depreciation, factory salaries and wages, maintenance, equipment
materials
Cost of Production - ✔️✔️Correct-= depreciation, wages, and costs of product
T/F: Indirect manufacturing costs should be included in manufacturing overhead. -
✔️✔️Correct-T
Inventoriable product costs for a manufactured product include: - ✔️✔️Correct-cost of
direct materials, direct labor and MOH
Cost of Goods Sold - ✔️✔️Correct-= cost of goods manufactured - finished goods
inventory, ending
Direct Materials Used - ✔️✔️Correct-= (COG Manufactured + Ending WIP - Beg. WIP) -
Direct Labor - MOH
When work-in-process inventories increase during the period (the ending balance is
greater than the beginning balance), what can be said of the relationship between total
manufacturing costs and the cost of goods manufactured? (Assume no change in per
unit costs.) - ✔️✔️Correct-Total Manufacturing Costs are greater than the Cost of Goods
Manufactured
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