Nonmanufacturing costs - Study guides, Class notes & Summaries

The United States requires absorption costing for ______ financial reports. CORRECT ANSWER external All manufacturing costs are assigned to units of product and all nonmanufacturing costs are treated as period cost under ________ costing. CORRECT ANSWER absorption OR full Companies that make many different products each period use _______ - _______ costing. CORRECT ANSWER job order True or false: Job-order costing can only be used in manufacturing firms. CORRECT ANSWER False Select a...

ACCT 526 Midterm Exam Questions With 100% Correct Answers Describe a financial accountant. - answerprovides historical information to external users in accordance with GAAP Describe a managerial accountant. - answer- provides detailed financial information and nonfinancial information to internal users for decision making, planning, and control purposes - planning, directing, controlling ___ establishes goal - answerPlanning ___ assesses whether goals were achieved. - answerControl Desc...

Sample Exam 1 BUS 108 – Managerial Accounting For each of the following questions, select the best answer. 1.Management accounting focuses primarily on providing data for: A) internal uses by managers. B) external uses by stockholders and creditors. C) external uses by the Internal Revenue Service. D) external uses by the Securities and Exchange Commission. 2. If the total cost of alternative A is $50,000 and the total cost of alternative B is $34,000, then $16,000 is termed the: A....

WGU D073 Final Exam Questions With Answers | Verified, Graded A+ 2023/2024.An individual over-reported the company's income to increase the stock value. This led to the loss of trust among shareholders and an investigation by the Securities and Exchange Commission (SEC). How should this leader's action be characterized? four fundamental management functions - Answer planning, organizing, leading, and controlling organizing - Answer involves using resources in the most effective way, assi...

ACCT 2121 Mid-term Exam 2022 MCQ Q1 (1 point) In multiproduct situations, when the sales mix shifts toward the product with the highest contribution margin per unit, then: A) total revenues will decrease B) breakeven quantity will increase C) total contribution margin will decrease D) operating income will increase Q2 (1 point) Hope company produces and sells 500 units of its only product per month at the selling price of $1,200. The variable manufacturing cost of the 500 units is...

Indirect Labor is a part of? A. Prime Cost / B. Conversion Cost / C. Period Cost / D. Nonmanufacturing Cost correct answers B. Conversion Cost The difference between the overhead cost applied to Work in Process and the actual overhead costs of a period is termed ? correct answers underapplied or overapplied overhead. POHR= ? divided by Estimated Total Units in the allocation base for coming period correct answers POHR = Estimated Total Amount of M.O.H. Cost for the Current...

Chapter 3 Product Costing and Cost Accumulation in a Batch Production Environment Answer Key True / False Questions 1. Product or service cost is a very objective number that anyone could agree on. FALSE AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Measurement Blooms: Understand Difficulty: 1 Easy Learning Objective: 03-01 Feedback True: This statement is false. Feedback False: Correct! In reality, product cost is a slippery concept. 2. Product costs ...

Chapter 03 Product Costing and Cost Accumulation in a Batch Production Environment True / False Questions 1. Manufacturing overhead is a pool of indirect production costs that must somehow be attached to each unit manufactured. True False 2. Electricity costs that were incurred by a company's production processes should be debited to Utilities Expense. True False 3. The final step in recognizing the completion of production requires a company to debit Fi...

CHAPTER 1 MANAGERIAL ACCOUNTING SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOOM’S TAXONOMY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 C 9. 1 K 17. 2 C 25. 3 C 33. 2 C 2. 1 K 10. 2 K 18. 2 K 26. 3 C 34. 2 K 3. 1 K 11. 2 K 19. 2 K 27. 3 K 35. 2 K 4. 1 K 12. 2 K 20. 2 K 28. 4 K 36. 3 K 5. 1 K 13. 2 K 21. 3 K 29. 4 K 37. 3 K 6. 1 K 14. 2 C 22. 3 K 30. 4 K 7. 1 C 15. 2 C 23. 3 K 31. 1 K 8. 1 K 16. 2 K 24. 3 K 32. 1 K Mult...

ACCT 2121 Mid-term Exam 2022 MCQ Q1 (1 point) In multiproduct situations, when the sales mix shifts toward the product with the highest contribution margin per unit, then: A) total revenues will decrease B) breakeven quantity will increase C) total contribution margin will decrease D) operating income will increase Q2 (1 point) Hope company produces and sells 500 units of its only product per month at the selling price of $1,200. The variable manufacturing cost of the 500 units is...