Acct 526 midterm 2024 - Study guides, Class notes & Summaries

ACCT 526 Midterm exam-with latest solutions-2023-2024

product costs - ANSWERSconsist of the three elements of manufacturing cost: DM, DL, MOH period costs - ANSWERScosts that are expenses in the period in which they are incurred income statement - ANSWERSwhere are the period costs found manufacturing overhead - ANSWERScosts that cannot be practically traced to the end product predetermined overhead - ANSWERSestimated cost that is used before actual overhead costs are known, is called merchandiser - ANSWERSa company that purchases a p...

period costs - ANSWERSCosts that are matched with the revenue of a specific time period and charged to expense as incurred. indirect labor - ANSWERSWork of factory employees that has no physical association with the finished product, or it is impractical to trace the costs to the goods produced. product costs - ANSWERSCosts that are a necessary and integral part of producing the finished product. manufacturing overhead - ANSWERScosts that are indirectly associated with the manufacture o...

All of the following are steps outlined by the Institute of Management Accountants (IMA) for resolving ethical conflicts except: Select one: a. None of these b. following the policies of the organization for resolving ethical conflicts c. consulting an objective advisor such as an attorney d. bringing the matter to the attention of local news agencies e. presenting the matter to the audit committee, if a satisfactory resolution is not reached by all higher levels of management - ANSWERSd....

Describe a financial accountant. - ANSWERSprovides historical information to external users in accordance with GAAP Describe a managerial accountant. - ANSWERS- provides detailed financial information and nonfinancial information to internal users for decision making, planning, and control purposes - planning, directing, controlling ___ establishes goal - ANSWERSPlanning ___ assesses whether goals were achieved. - ANSWERSControl Describe the hierarchy of typical organization. - ANSW...

ACCT 526 MIDTERM EXAM LATEST UPDATE 2024 QUESTIONS AND CORRECT ANSWERS GRADED A+