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ACC 200 Exam | Questions And Answers Latest {2024- 2025} A+ Graded |100% Verified
Planning Activities - Involve the development of both short- term and long-term objectives and goals,
and the identification of the resources needed to achieve them.
Operating Activities - Involve the activities that management must do to run the business on a day-to-
day basis.
Controlling Activities - Involve the motivation and monitoring of employees and other resources used in
the business.
(T/F) Relevant costs differ among alternatives. - True
(T/F) Decision making should not take into account ethical considerations. - False
(T/F) The first step in the decision making process is to define the problem. - True
(T/F)Managerial accounting is more timely than financial accounting. - True
(T/F)Most decisions do not involve risk. - False
(T/F)Managerial accounting reports should always follow GAAP. - False
(T/F)Sunk costs are always irrelevant in decision making. - True
(T/F)Opportunity costs are not relevant to decision making. - False
(T/F)One of the steps in stakeholder analysis requires the company to understand the nature of each
stakeholder's interests. - True
,(T/F)Managerial accounting is more focused on the past than financial accounting. - False
(T/F) Inventory is "pulled" from one factory area to another in a traditional manufacturing environment
whereas inventory is "pushed" from one factory area to another in a JIT manufacturing environment. -
False
(T/F)It is normal to accumulate buffers of raw materials or finished goods inventories in a traditional
manufacturing environment. - True
(T/F) The JIT manufacturing process begins when a customer places an order. - True
(T/F) It is not as important for companies that have a JIT manufacturing environment to have reliable
suppliers and employees than companies that have a traditional manufacturing environment. - False
Which of the following statements is (are) false?
a) Job-order costing systems can be used by service firms.
b) Costs are traced to departments and then allocated to units of product when job-order costing
is used.
c) Companies that produce many different products or services would probably use job-order costing
systems.
d) All of the above. - b) Costs are traced to departments and then allocated to units of product when
job-order costing
is used.
In a job order cost system, the usage of direct materials would be recorded as a credit (reduction) to:
a) Finished Goods inventory. b) Work in Process inventory. c) ManufacturingOverhead. d) Raw Materials
inventory. - d) Raw Materials inventory.
In more labor-intensive companies, the cost of utility might be allocated by using ________ as cost
driver.
a) Material cost
, b) Factoryrent
c) Labor hours
d) Machine hours - c) Labor hours
Costs associated with factory costs such as insurance, maintenance, rent, property taxes, and other
similar items are typically included in manufacturing overhead and assigned to products:
a. primarily based on whatever technique is easiest.
b. based on a related cost driver that can be identified and measured.
c. if not treated as a period cost.
d. basedontherelativesalesrevenuegeneratedbytheproduct. - b. based on a related cost driver that can
be identified and measured.
Which of the following statements is correct?
a. Overhead consists of a limited variety of costs that should have the same cost driver.
b. Overhead consists of a wide variety of costs that should have the same cost driver.
c. Overhead consists of a variety of costs that may potentially have different cost drivers.
d. Overhead consists of a limited variety of costs that must each have a unique cost driver. - c. Overhead
consists of a variety of costs that may potentially have different cost drivers.
Machine setups are an example of which type of cost?
A. Unit Level Costs.
B. Batch Level Costs
C. Facility Level Costs.
D. Product Level Costs. - B. Batch Level Costs
Which of the following statements is true regarding the identification of activities in ABC?
A. The identification of activities that drive overhead costs is done after cost drivers are selected.
B. An activity can be thought of as a procedure or process that causes work to be accomplished.
C. Each type of overhead cost should be traced to only one activity.
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