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ACC 241 Exam 1(100% Solved)
The main focus of managerial accounting is: - ANSWERSdecision making What are objectives of Management accounting? - ANSWERS1. to provide information for planning, controlling, evaluating and continuous improvement 2. to provide information for decision making 3. to provide information for costing of services, products, and other objects of interest to management What is TRUE about managerial accounting? - ANSWERSmanagerial accounting reports provide detailed internal information ...
- Exam (elaborations)
- • 3 pages •
The main focus of managerial accounting is: - ANSWERSdecision making What are objectives of Management accounting? - ANSWERS1. to provide information for planning, controlling, evaluating and continuous improvement 2. to provide information for decision making 3. to provide information for costing of services, products, and other objects of interest to management What is TRUE about managerial accounting? - ANSWERSmanagerial accounting reports provide detailed internal information ...
ACC 241 Exam #1 Study Guide 100% Accurate!!
Four primary responsibilities of a manager - ANSWERS-planning -directing -controlling -decision making Financial Accounting - ANSWERS-external users -aids in making credit/ investment decisions -general purpose financial statements -compliance with GAAP Managerial Accounting - ANSWERS-internal users -planning, directing, controlling -internal reports are desired -not bound by authoritative rules How management accountants fit into an organization's structure - ANSWERS- They g...
- Exam (elaborations)
- • 7 pages •
Four primary responsibilities of a manager - ANSWERS-planning -directing -controlling -decision making Financial Accounting - ANSWERS-external users -aids in making credit/ investment decisions -general purpose financial statements -compliance with GAAP Managerial Accounting - ANSWERS-internal users -planning, directing, controlling -internal reports are desired -not bound by authoritative rules How management accountants fit into an organization's structure - ANSWERS- They g...
ACC 241 Exam 1 Questions & Answers 100% Accurate!!
Which of the following is NOT a step in the accounting process? a. Identification b. Recording c. Communication d. Verification - ANSWERSd. Verification Which of the following statements about users of accounting information is INCORRECT? a. Regulatory authorities are internal users. b. Management is an internal user. c. Taxing authorities are external users. d. Present creditors are external users. - ANSWERSa. Regulatory authorities are internal users. The first step in solving a...
- Exam (elaborations)
- • 16 pages •
Which of the following is NOT a step in the accounting process? a. Identification b. Recording c. Communication d. Verification - ANSWERSd. Verification Which of the following statements about users of accounting information is INCORRECT? a. Regulatory authorities are internal users. b. Management is an internal user. c. Taxing authorities are external users. d. Present creditors are external users. - ANSWERSa. Regulatory authorities are internal users. The first step in solving a...
ACC 241 Exam #1(100% Accurate)
Who reports to the audit committee of the Board of Directors? - ANSWERSThe internal audit department and the independent CPA firm Which management responsibilities are being fulfilled when management uses feedback to take corrective action on the budgets - ANSWERSControlling and decision-making Managerial Accounting information - ANSWERSEmphasizes relevance Who would be LEAST likely to receive detailed managerial accounting reports? - ANSWERSCurrent shareholders To resolve ethical di...
- Exam (elaborations)
- • 3 pages •
Who reports to the audit committee of the Board of Directors? - ANSWERSThe internal audit department and the independent CPA firm Which management responsibilities are being fulfilled when management uses feedback to take corrective action on the budgets - ANSWERSControlling and decision-making Managerial Accounting information - ANSWERSEmphasizes relevance Who would be LEAST likely to receive detailed managerial accounting reports? - ANSWERSCurrent shareholders To resolve ethical di...
Acc 241 Exam Questions & Answers 100% Correct!!
Which of the following report to the audit committee of the Board of Directors? A.The treasurer and controller B.The CFO and internal audit department C.The internal audit department and the independentCPA firm D.The CFO and the independent CPA firm - ANSWERSc Which of the following management responsibilities are being fulfilled when management uses feedback to take corrective action on the budgets? A.Directing and planning B.Planning and decision-making C.Controlling and decision-mak...
- Exam (elaborations)
- • 5 pages •
Which of the following report to the audit committee of the Board of Directors? A.The treasurer and controller B.The CFO and internal audit department C.The internal audit department and the independentCPA firm D.The CFO and the independent CPA firm - ANSWERSc Which of the following management responsibilities are being fulfilled when management uses feedback to take corrective action on the budgets? A.Directing and planning B.Planning and decision-making C.Controlling and decision-mak...
ACC 241 Exam 2 ASU Dallmus Questions & Answers 100% Correct!!
departmental overhead allocation - ANSWERSthis kind of overheard rate increases the accuracy of job costs when each department incurs different types and amounts of manufacturing overhead and each product, or job, uses the departments to a different extent formula: total estimated departmental overhead cost pool/total estimated amount of the departmental allocation base steps of activity based costing - ANSWERS1.Identify the activities and estimate the manufacturing overhead costs of each ac...
- Exam (elaborations)
- • 6 pages •
departmental overhead allocation - ANSWERSthis kind of overheard rate increases the accuracy of job costs when each department incurs different types and amounts of manufacturing overhead and each product, or job, uses the departments to a different extent formula: total estimated departmental overhead cost pool/total estimated amount of the departmental allocation base steps of activity based costing - ANSWERS1.Identify the activities and estimate the manufacturing overhead costs of each ac...
ACC 241 Final Exam 100% Solved!!
What are the three responsibilities of managers? - ANSWERS1. Plan 2. Direct 3. Control Planning - ANSWERSSetting up goals and objectives and then developing strategies to obtain those goals. Directing - ANSWERSOverseeing the company's day-to-day operations. Controlling - ANSWERSEvaluating results against the plan and then making necessary adjustments. What are the characteristics of managerial accounting? - ANSWERS1. It focuses on the future 2. Managers decide on what they want...
- Exam (elaborations)
- • 12 pages •
What are the three responsibilities of managers? - ANSWERS1. Plan 2. Direct 3. Control Planning - ANSWERSSetting up goals and objectives and then developing strategies to obtain those goals. Directing - ANSWERSOverseeing the company's day-to-day operations. Controlling - ANSWERSEvaluating results against the plan and then making necessary adjustments. What are the characteristics of managerial accounting? - ANSWERS1. It focuses on the future 2. Managers decide on what they want...
ACC 241 Exam 100% Accurate!!
Total inventoriable product cost - ANSWERSDM + DL + MOH Total prime cost - ANSWERSDM + DL Total conversion cost - ANSWERSMOH + DL Total MOH costs - ANSWERSIndirect materials + indirect labor + other MOH Manufacturing overhead allocated - ANSWERSPredetermined manufacturing overhead rate x actual DL costs Overallocated - ANSWERSIf allocated is more than actual Hourly rate - ANSWERSannual salary / hours per year DL cost - ANSWERSHourly rate x billing hours Gross profit - A...
- Exam (elaborations)
- • 2 pages •
Total inventoriable product cost - ANSWERSDM + DL + MOH Total prime cost - ANSWERSDM + DL Total conversion cost - ANSWERSMOH + DL Total MOH costs - ANSWERSIndirect materials + indirect labor + other MOH Manufacturing overhead allocated - ANSWERSPredetermined manufacturing overhead rate x actual DL costs Overallocated - ANSWERSIf allocated is more than actual Hourly rate - ANSWERSannual salary / hours per year DL cost - ANSWERSHourly rate x billing hours Gross profit - A...
Exam 1 ACC 241 ASU 2024 Questions & Answers 100% Correct!!
Unit‐level activities - ANSWERSactivities occur every time a service is performed or a product is made. The costs of direct materials, direct labor, and machine maintenance are examples of unit‐level activities. Batch‐level activities - ANSWERSlevel activities are costs incurred every time a group (batch) of units is produced or a series of steps is performed. Purchase orders, machine setup, and quality tests are examples of batch‐level activities. Product‐line activities...
- Exam (elaborations)
- • 6 pages •
Unit‐level activities - ANSWERSactivities occur every time a service is performed or a product is made. The costs of direct materials, direct labor, and machine maintenance are examples of unit‐level activities. Batch‐level activities - ANSWERSlevel activities are costs incurred every time a group (batch) of units is produced or a series of steps is performed. Purchase orders, machine setup, and quality tests are examples of batch‐level activities. Product‐line activities...
ACC 241 EXAM 2 QUESTIONS & ANSWERS 100% CORRECT!!
variable cost ( slope) - ANSWERSchange in cost/ change in volume Total fixed costs - ANSWERStotal operating cost - total varible cost Variable Sales Rate - ANSWERSVariable Expesnes/ Sales ( x + x ) / x= Break Even Income - ANSWERS( Fixed expenses + Operating Income) / Contribution Margin Ratio Contribution Margin Ratio : - ANSWERSCM / Sales Rev Break Even Sales Per Unit : - ANSWERSfixed expenses + operating expenses / contribution margin per unit CM per unit : - ANSWERSsales pr...
- Exam (elaborations)
- • 10 pages •
variable cost ( slope) - ANSWERSchange in cost/ change in volume Total fixed costs - ANSWERStotal operating cost - total varible cost Variable Sales Rate - ANSWERSVariable Expesnes/ Sales ( x + x ) / x= Break Even Income - ANSWERS( Fixed expenses + Operating Income) / Contribution Margin Ratio Contribution Margin Ratio : - ANSWERSCM / Sales Rev Break Even Sales Per Unit : - ANSWERSfixed expenses + operating expenses / contribution margin per unit CM per unit : - ANSWERSsales pr...
GMS 6552 Exam 2 Questions and Answers 100% Correct!
Swift River Medical-Surgical Questions and Answers 100% Verified!
Colorado QS/CO Pesticide Test Questions & Answers(scored A+)
TED 300: Epic Training Build Exam 100% Correct!!
ILTS 305 Elementary Education Content Test 2023 Questions & Answers 100% Correct!