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ACC 241 Exam 1 Practice Questions Chapters 1,2,3,4,6(100% Accurate)
Planning, directing, and controlling are a manager's three primary responsibilities - ANSWERSTrue In a manufacturing firm, manufacturing costs and product costs are the same - ANSWERSTrue If the finished goods inventory decreases between the beginning and the end of a period, then the cost of goods manufactured for the period is larger than the cost of goods sold - ANSWERSFalse A plantwide overhead is calculated by dividing the estimated total manufacturing overhead costs for the yea...
- Examen
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Planning, directing, and controlling are a manager's three primary responsibilities - ANSWERSTrue In a manufacturing firm, manufacturing costs and product costs are the same - ANSWERSTrue If the finished goods inventory decreases between the beginning and the end of a period, then the cost of goods manufactured for the period is larger than the cost of goods sold - ANSWERSFalse A plantwide overhead is calculated by dividing the estimated total manufacturing overhead costs for the yea...
ACC 241 Exam #1 Multiple choice(100% Correct)
If the finished goods inventory decreases between the beginning and the end of a period, then the cost of goods manufactured for the period is larger than the cost of goods sold. T/F - ANSWERSFalse (Finished Goods T-Account) Predetermined overhead rates are based on actual cost and activity data. T/F - ANSWERSFalse (Total ESTIMATED manufacturing overhead cost/Total ESTIMATED cost driver) Since actual MOH is $20,000 less than estimated MOH, then overhead must have been over-allocated by $20...
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If the finished goods inventory decreases between the beginning and the end of a period, then the cost of goods manufactured for the period is larger than the cost of goods sold. T/F - ANSWERSFalse (Finished Goods T-Account) Predetermined overhead rates are based on actual cost and activity data. T/F - ANSWERSFalse (Total ESTIMATED manufacturing overhead cost/Total ESTIMATED cost driver) Since actual MOH is $20,000 less than estimated MOH, then overhead must have been over-allocated by $20...
ACC 241 Exam 1 ASU Dallmus(100% Correct)
The four primary responsibilities of a manager - ANSWERSPlanning Directing Controlling Decision Making planning - ANSWERSsetting goals and objectives for the company and determining how to achieve them Directing - ANSWERSoverseeing the companies day to day operations Controlling - ANSWERSevaluating results of the business operation against the plan and making adjustments to keep company pressing towards goal management accounting - ANSWERSspecializes in the study of how manager...
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The four primary responsibilities of a manager - ANSWERSPlanning Directing Controlling Decision Making planning - ANSWERSsetting goals and objectives for the company and determining how to achieve them Directing - ANSWERSoverseeing the companies day to day operations Controlling - ANSWERSevaluating results of the business operation against the plan and making adjustments to keep company pressing towards goal management accounting - ANSWERSspecializes in the study of how manager...
ACC 241 Exam 1 Questions & Answers 100% Correct!!
Primary responsibilities of a manager - ANSWERSPlanning - setting goals for company and determining how to achieve them Directing - overseeing companies day to day operation Controlling - evaluating results of the business operation against the plan and making adjustments to keep company pressing towards goal Evaluating management accounting - ANSWERSspecializes in the study of how managers use accounting and/or financial information in current or future business decisions. Management acco...
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Primary responsibilities of a manager - ANSWERSPlanning - setting goals for company and determining how to achieve them Directing - overseeing companies day to day operation Controlling - evaluating results of the business operation against the plan and making adjustments to keep company pressing towards goal Evaluating management accounting - ANSWERSspecializes in the study of how managers use accounting and/or financial information in current or future business decisions. Management acco...
CPFO Operating and Capital Budgeting Sample Exam 100% Accurate!!
Which of the following is an essential feature of a good budget process, as defined by the National Advisory Council on State and Local Budgeting (NACSLB)? a) Focuses budget decisions on results and outcomes b) Involves and promotes effective communication with stakeholders c) Establishes linkages to broad organizational goals d) All of the above - ANSWERSd) All of the above Which of the following is a true statement regarding the advantages of line-item budgeting? a) It obscures tradeof...
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Which of the following is an essential feature of a good budget process, as defined by the National Advisory Council on State and Local Budgeting (NACSLB)? a) Focuses budget decisions on results and outcomes b) Involves and promotes effective communication with stakeholders c) Establishes linkages to broad organizational goals d) All of the above - ANSWERSd) All of the above Which of the following is a true statement regarding the advantages of line-item budgeting? a) It obscures tradeof...
CPFO Accounting exam 100% Accurate!!
Which of the following groups normally would NOT be considered a primary user of state or local government's general-purpose external financial statements? A. Citizens B. Legislative and oversight bodies C. Management D. Investors and creditors - ANSWERSC - The primary users of general-purpose external financial statements are those who, unlike management, do not have direct access to accounting information. (page 6) (Chapter 1) Which of the following groups took the lead in setting ge...
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Which of the following groups normally would NOT be considered a primary user of state or local government's general-purpose external financial statements? A. Citizens B. Legislative and oversight bodies C. Management D. Investors and creditors - ANSWERSC - The primary users of general-purpose external financial statements are those who, unlike management, do not have direct access to accounting information. (page 6) (Chapter 1) Which of the following groups took the lead in setting ge...
GFOA CPFO Capital and Operating Budgeting Exam 100% Accurate!!
Capital Project Service-Level Goals - ANSWERSThe means by which a local government can illustrate to its citizens what level of service can be provided with available resources. Needs Assessment - ANSWERSThis should address any gaps in service delivery and form the basis for a capital projects request. Public Participation Survey - ANSWERSShould be conducted every few years with similar questions each time to gauge changing opinions. Questions should therefore be developed with the anticip...
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Capital Project Service-Level Goals - ANSWERSThe means by which a local government can illustrate to its citizens what level of service can be provided with available resources. Needs Assessment - ANSWERSThis should address any gaps in service delivery and form the basis for a capital projects request. Public Participation Survey - ANSWERSShould be conducted every few years with similar questions each time to gauge changing opinions. Questions should therefore be developed with the anticip...
CPFO - Chapter 16 Procurement Policies Exam 100% Solved!
Elements of Procurement Policies - ANSWERS1. Guiding values of public procurement 2. Objectives of the purchasing system 3. Purchasing authority 4. Exceptions to bidding 5. Purchasing preferences 6. Standards 2. Objectives of Purchasing Policies - ANSWERSBasic Objectives of purchasing function: 1. Cost (lifecycle cost policy). E 2. Quality. E 3. Timeliness 4. Managing Risks 5. Accomplishing social and economic objectives 6. Maximizing competition. E 7. Maintaining integrity and tr...
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Elements of Procurement Policies - ANSWERS1. Guiding values of public procurement 2. Objectives of the purchasing system 3. Purchasing authority 4. Exceptions to bidding 5. Purchasing preferences 6. Standards 2. Objectives of Purchasing Policies - ANSWERSBasic Objectives of purchasing function: 1. Cost (lifecycle cost policy). E 2. Quality. E 3. Timeliness 4. Managing Risks 5. Accomplishing social and economic objectives 6. Maximizing competition. E 7. Maintaining integrity and tr...
CPFO Exam – Procurement(100% Solved!!)
Procurement - ANSWERSis the process through which government acquires goods and services for its own use The stages procurement - ANSWERSplanning/scheduling, source selection/ purchasing, contract administration competitive sealed bids - ANSWERSinvitation to/for bids (ITB/IFB). Flat price or fixed unit costs. The award is made to the vendor submitting the lowest bid. Competitive sealed proposals (CSP) - ANSWERSused for goods and services above the small purchase threshold, through the i...
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Procurement - ANSWERSis the process through which government acquires goods and services for its own use The stages procurement - ANSWERSplanning/scheduling, source selection/ purchasing, contract administration competitive sealed bids - ANSWERSinvitation to/for bids (ITB/IFB). Flat price or fixed unit costs. The award is made to the vendor submitting the lowest bid. Competitive sealed proposals (CSP) - ANSWERSused for goods and services above the small purchase threshold, through the i...
CPFO Exam - Risk, Benefits, Procurement Exam 100% Correct!!
How many full-time public employees are covered by defined benefit plans? - ANSWERSNinety-one percent How many full-time public employees are covered by defined contribution plans? - ANSWERSnine percent Prudent-Person Rule - ANSWERSRequires each retirement board member to perform his or her duties as a prudent person would when acting in a like capacity and in a similar situation. Defined Benefit Plan - ANSWERSProvides for a guaranteed benefit at retirement using a formula generally bas...
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How many full-time public employees are covered by defined benefit plans? - ANSWERSNinety-one percent How many full-time public employees are covered by defined contribution plans? - ANSWERSnine percent Prudent-Person Rule - ANSWERSRequires each retirement board member to perform his or her duties as a prudent person would when acting in a like capacity and in a similar situation. Defined Benefit Plan - ANSWERSProvides for a guaranteed benefit at retirement using a formula generally bas...
GMS 6552 Exam 2 Questions and Answers 100% Correct!
Swift River Medical-Surgical Questions and Answers 100% Verified!
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TED 300: Epic Training Build Exam 100% Correct!!
ILTS 305 Elementary Education Content Test 2023 Questions & Answers 100% Correct!