Acct 202 exam questions - Study guides, Class notes & Summaries

(4) Cabinets Unlimited uses departmental overhead rates to allocate its manufacturing overhead to jobs. The company has two departments: Assembly and Sanding. The Assembly Department uses a departmental overhead rate of $45 per machine hour, while the Sanding Department uses a departmental overhead rate of $25 per direct labor hour. Job 542 used the following direct labor hours and machine hours in the two departments: Actual results for the Assembly Department and Sanding Department Direc...

4) O&G Company manufactures console tables and uses an activity−based costing system. Each console table consists of 30 separate parts totaling $250 in direct materials, and requires 5.0 hours of machine time to produce. Additional information follows: Activity - Allocation Base - Cost Allocation Rate Materials handling - Number of parts - $2.00 per part Machining - Machine hours - $4.70 per machine hour Assembling - Number of parts - $3.00 per part Packaging - Number of finished units ...

ACCT 202 Actual Exam Questions with 100% Correct Answers| Already Passed Grade A Planning involves which of the following activities? -Setting goals and objectives for the company Which of the following is being fulfilled when management compares the budget to actual results? - Controlling When management uses feedback to take corrective action on the budgets, which of the following management responsibilities are being fulfilled? -Controlling Which one of the following items is not one o...

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All of the following are reported as current liabilities except a) bonds payable. b) unearned revenues. c) notes payable. d) accounts payable. - a) bonds payable

ACCT 202 Exam 3 Questions with 100% Correct Answers| Already Passed Grade A what happens if no par value is issued for stated value - it becomes legal capital before transferring the ownership right in shares, the stockholder.... - does not need permission from anyone Paid-In Capital - The amount paid into the corporation by the stockholders in exchange for shares of ownership

Acct 355 exam 3 Questions and answers | Latest 2024/25 RATED A+

Which type of company typically produces its own inventory? -Manufacturer Before these materials are used to manufacture its cars, Toyota classifies steel, glass, and plastic as - raw materials inventory. Macy's (the department store chain) classifies its clothing held for sale as -merchandise inventory. How would Chevrolet classify its partially completed vehicles? -Work in process inventory Which of the following is a characteristic of a service company? -Service companies generally hav...

Which of the following is a focus of managerial accounting? - to provide information to business managers to assist them in controlling their businesses Managerial accounting focuses on providing information for internal planning and control. - True The cost of direct materials cannot easily be traced to the manufactured product, and therefore, it is a component of manufacturing overhead. - False

Kahn Company's static budget was based on sales volume of 12,000 units. Its flexible budget was based on sales volume of 14,000 units. Based on this information - the (variable cost) labor cost volume variance is expected to be unfavorable. Capilla Company experienced a favorable sales volume variance and an unfavorable sales price flexible budget variance. Which of the following is a logical explanation for these variances? - The company reduced its sales price and therefore sold more ite...