Acct 23 - Study guides, Class notes & Summaries

1. Match each product with the type of manufacturing most likely to be used—job order or process operations.  Job order  customized home  Process  soft drinks  Process  oil changes  Process  chocolate chip cookies  Job order  wedding invitations 2. In process operations, costs are accumulated in each process. In the final process, cost are transferred to: Finished goods 3. Process and job order operations are similar in that both  Are used to determi...

1. Characteristics of budgets include:  Expressed in monetary terms  Formal statement of a company’s plans  Typically span a month, quarter or one year 2. Budgeted performance considers all of the following in relation to a benchmark:  Economic factors  Company factors  Industry factors 3. All of the following are guidelines for budgeting except: budgets should be prepared using a top-down approach 4. Most companies prepare a(n) ______ budget that is separated into ...

Auditing theories mcq - Contains different problem set and solution manual needed for the subject. Accounting 1 1. The primary responsibility for establishing and maintaining an internal control rests with a. The external auditors b. The internal auditors c. Management and those charged with governance d. The controller or the treasurer 2. The fundamental purpose of an internal control is to a. Safeguard the resources of the organization b. Provide reasonable assurance that the object...

ACCT 2301 Financial Accounting Accounting - correct answerAccounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities. Financial Accounting - correct answerThe field of accounting that focuses on providing information for external decision makers. Managerial Accounting - correct answeraccounting used to provide information and analyses to managers inside the o...

Review Test Submission: Acct 2301 Final Exam – ... H Exams Review Test Submission: Acct 2301 Final Exam Review Test Submission: Acct 2301 Final Exam User Shelia Rodriguez Course Principles of Financial Acct. Test Acct 2301 Final Exam Started 4/12/17 8:21 PM Submitted 4/12/17 8:21 PM Due Date 4/12/17 11:59 PM Status Completed Attempt Score 68.02 out of 100.03 points Time Elapsed 2 hours, 0 minute out of 2 hours Results Displayed Submitted Answers, Correct Answers Question 1 If su...

Ch 18: Cost Behavior and Cost-Volume-Profit Analysis 1 1. Cost-volume-profit analysis helps managers predict how changes in ________ and ______levels affect income. Costs; sales 2. Which of the following is the correct statement about fixed costs? The fixed cost per unit will decrease when volume increases. 3. A(n) ________ cost changes in proportion to changes in volume of activity Variable 4. A (n) ________ cost includes both fixed and variable components. Mixed 5. Acme Manufacturing...

-52) What is the primary purpose of financial accounting? A) Determine the amount of tax liability owed to the government. B) Communicate business activities to internal management. C) Measure business activities and communicate those measures to external users to make decisions. D) Measure the profitability of the company in order to assist employees with making decisions. - - ch 1 Answer: C -53) The primary purpose(s) of financial accounting is(are) to: A) Measure and record business ...

Which of the following is not an example of an indirect cost incurred in manufacturing automobiles? Machinery depreciation in the factory Cost of the automobile engines Plant supervisor salary Plant utilities - ANSWER Cost of the automobile engines Using traditional costing instead of ABC costing might lead to all of the following except expanding low-volume products that appear profitable cutting back on high-volume products that appear unprofitable raising the selling price of low-vo...

ACCT 2302 Exam 3 with Questions and Answers When actual cost is higher than budgeted cost it is........ ANSWER unfavorable variance Based on Predicted production of 10,000 units a company expects $100,000 of variable cost and $110,000 of fixed cost. The flexible budget amounts for variable and fixed costs at 8,000 units of production is..... ANSWER Fixed cost = $110,000 Variable cost = $80,000 VC : ( (100,000/1,000)*8,000= $80,000) A company makes concrete blocks. Each block require...