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ACC 241 Exam 1 Practice Questions Chapters 1,2,3,4,6 with All Correct Answers $12.49
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ACC 241 Exam 1 Practice Questions Chapters 1,2,3,4,6 with All Correct Answers
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ACC 241 Exam 1 Practice Questions Chapters 1,2,3,4,6 with All Correct AnswersACC 241 Exam 1 Practice Questions Chapters 1,2,3,4,6 with All Correct AnswersACC 241 Exam 1 Practice Questions Chapters 1,2,3,4,6 with All Correct Answers Planning, directing, and controlling are a manager's three primary...

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  • November 1, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • acc 241
  • acc 241 exam 1 practice questions chapters 1234
  • acc 241 exam 1 practice questions chapters 1234
  • planning directing and controlling are a manage

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  • ACC 241
  • ACC 241

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ACC 241 Exam 1 Practice
Questions Chapters 1,2,3,4,6 with
All Correct Answers
Planning, directing, and controlling are a manager's three primary responsibilities -
ANSWER - True


In a manufacturing firm, manufacturing costs and product costs are the same -
ANSWER - True


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 - ANSWER - False


A plantwide overhead is calculated by dividing the estimated total manufacturing
overhead costs for the year by estimated total amount of the allocation base for the
year - ANSWER - True


Claire Corp. allocates (applies) Overhead based on direct labor hours. Here is
selected Data from the Jacob Corp.:
est. manufacturing overhead (MOH) 500,000
actual manufacturing overhead (MOH) 480,000
estimated DLH 50,000
actual DLH 55,000
since actual MOH is 20,000 less than est. MOH, then overhead must have been
over-allocated by 20,000 - ANSWER - False


Applied Overhead = $500,000 Est MOH / 50,000 Est DLH = $10/DLH PDOR
$10 PDOR x 55,000 actual DLH = $550,000 Applied
Actual MOH - Applied MOH = $480,000 - $550,000 = $70,000 OVER-applied

, Choosing the method of allocating costs to products (ie plantwide vs ABC) can have
an impact on the total manufacturing costs - ANSWER - False


Direct Costs don't change, MOH potentially change at individual product level but
not overall


Traditional overhead allocation methods that use unit-based cost drivers are never
accurate - ANSWER - False


Cost distortion occurs when some products are overcosted while other products are
undercosted by the cost allocation system - ANSWER - True


As output decreases fixed costs per unit will also decrease - ANSWER - False


The relevant range is the range of activity for which the assumed cost relationships
are valid - ANSWER - True


Which of the following statements correctly distinguishes between financial and
managerial accounting?


Financial accounting is oriented toward the future


Managerial accounting focuses on the whole organization


Financial accounting is primarily concerned with providing information for internal
users


Financial accounting is oriented toward the planning and control aspects of
management


Managerial accounting uses both financial and non-financial measures of
performance - ANSWER - Managerial accounting uses both financial and non-
financial measures of performance

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