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Accounting Exam 1 Spring 2025--> Terms Questions and Answers
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Accounting Exam 1 Spring 2025--> Terms Questions and Answers
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Accounting Exam 1 Spring 2025-->Terms Questions and Answers
The amount assigned to WIP inventory using a predetermined rate is known as
____________ overhead? - Answer-applied
If actual overhead exceeds applied overhead, factory overhead is said to be overapplied
TRUE OR FALSE - Answer-True
A _________ is a planning document that prersents expected variable & fixed overhead
costs at different activity levels - Answer-flexible budget
If the level of activity increases, what happens to variable cost per unit?
Increase, Decrease, Stay the Same, Indeterminable - Answer-variable cost per unit will
stay the same but total variable cost increases and decreases depending on the
changes in activity level.
In the formula y=a+bx
What does 'a' represent? - Answer-
An item or event that has a cause-effect relationship with the incurrene of a variable
cost is called..
a- mixed cost
b- predictor
c- overhead cost
d- cost driver - Answer-d- Cost Driver
The term "relevant range" means the range where:
a- costs may fluctuate
b- cost relationships are static
c- production may vary
d- relevant costs are incurred - Answer-
Lead time minus production time is equal to:
a- Idle Time
b- Storage Time
c- Non-Value-Added Time
d- Value-Added Time - Answer-a- Idle Time
When non-value added time is greater, manufacturing cycle efficiency is higher:
TRUE OR FALSE - Answer-False
What is the journal entry when a product is completed but not yet sold? - Answer-
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