ACCT 505 MIDTERM EXAM QUESTIONS AND ANSWERS
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ACCT 505 MIDTERM EXAM QUESTIONS AND ANSWERS
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ACCT 505 MIDTERM EXAM
QUESTIONS AND ANSWERS
1. Question : (TCO A) Direct material cost is a part of
Student Answer:
Conversion Cost NO.... Prime Cost NO.
Conversion Cost YES.... Prime Cost NO.
Conversion Cost YES.... Prime Cost YES.
Conversion Cost NO.... Prime Cost YES.
Instructor
Explanation:
See Chapter 2.
Question 2. Question : (TCO A) A cost incurred in the past that is not relevant to any current
decision is classified as a(n)
Student Answer:
period cost.
incremental cost...
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ACCT 505 MIDTERM EXAM QUESTIONS AND ANSWERS
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ACCT 505 MIDTERM EXAM QUESTIONS AND ANSWERS 1. Question : (TCO A) Direct material cost is a part of Student Answer: Conversion Cost NO.... Prime Cost NO. Conversion Cost YES.... Prime Cost NO. Conversion Cost YES.... Prime Cost YES. Conversion Cost NO.... Prime Cost YES. Instructor Explanation: See Chapter 2. Question 2. Question : (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n) Student Answer: period cost. incremental cost...
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