ACC 241 Exam #1 Multiple choice Questions and Answers 100% Correct ACC 241 Exam #1 Multiple choice Questions and Answers 100% Correct
If the finished goods inventory decreases between the beginning and the end of a period, then the cost of goods manufactured for the period is larger than the cost...
ACC 241 Exam #1 Multiple choice
Questions and Answers 100%
Correct
If the finished goods inventory decreases between the beginning and the end of a
period, then the cost of goods manufactured for the period is larger than the cost of
goods sold. T/F - ANSWER - False (Finished Goods T-Account)
Predetermined overhead rates are based on actual cost and activity data. T/F -
ANSWER - False (Total ESTIMATED manufacturing overhead cost/Total ESTIMATED
cost driver)
Since actual MOH is $20,000 less than estimated MOH, then overhead must have
been over-allocated by $20,000. T/F - ANSWER - False (Compare applied to
estimated, not actual)
In activity-based costing, a separate activity rate (i.e., predetermined overhead
rate) is computed for each activity cost pool by dividing the estimated overhead
cost in the activity cost pool by the total expected activity for the activity cost pool.
T/F - ANSWER - True
Choosing the method of allocating costs to products (i.e. plantwide vs ABC) can
have an impact on the total manufacturing costs. T/F - ANSWER - False (Has impact
on product level not total manufacturing cost)
Machine set-up would be most likely be considered a unit-level cost. T/F - ANSWER -
False
Which of the following statements correctly distinguishes between financial and
managerial accounting? - ANSWER - Managerial accounting uses both financial and
non-financial measures of performance
If a frozen pizza plant is the cost object, classify each of the following costs as direct
or indirect, respectively: property insurance, plant supervisor wages, and janitorial
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 Crystall. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
