ACCT 526

ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminology 100% Correct!

Period Costs Correct Answer Costs that are matched with the revenue of a specific time period and charged to expense as incurred. Indirect Labor Correct Answer Work of factory employees that has no physical association with the finished product, or it is impractical to trace the costs to the good produced. Product Costs Correct Answer costs that are a necessary and integral part of producing the finished product Manufacturing Overhead Correct Answer Manufacturing costs that are indirect...

ACCT 526 Test Questions and Answers The work of factory employees that can be physically and conveniently associated with converting raw materials into finished goods. - Answer-Direct Labor Work of factory employees that has no physical association with the finished product, or it is impractical to trace the costs to the goods produced. - Answer-Indirect labor Manufacturing costs that are indirectly associated with the manufacture of the finished product. - Answer-Manufacturing overhead ...

Managerial accounting is the provision of accounting for a company's external users.T or F? - ANSWERSFalse Providing an analysis for a company regarding adding a particular product line, retracting sales markets, or dealing with risks or opportunities are some of the responsibilities of managerial accountants. T or F? - ANSWERSTrue . Managerial accounting follows the same rules as financial accounting. T or F - ANSWERSFalse Managerial accountants need to understand their company's str...

Cost Behavior The foundation upon which managerial accounting is built and the general term for describing whether a cost changes when the level of output changes. The provision of accounting information for internal users is known as a. financial accounting. b. managerial accounting. c. accounting. d. accounting for planning and control. e. information provision. b. managerial accounting Three Characteristics of Cost Behavior Costs can be variable, fixed or mixed. Variable Cost a cost that ...

ACCT 526 Final Questions & Answers 100% Verified!! cost behavior - ANSWERSthe general term for describing whether and how a cost changes when the level of output changes cost driver - ANSWERSis a casual factor that measures the output of the activity that leads (or causes) costs to change relevant range - ANSWERSis the range of output over which the assumed cost relationship is valid for the normal operations of a firm fixed costs - ANSWERSare costs that in total are constant within ...

ACCT 526 MidTerm Exam Questions With 100% Correct Answers Product costs - answerconsist of the three elements of manufacturing cost: DM, DL, MOH period costs - answercosts that are expenses in the period in which they are incurred income statement - answerwhere are the period costs found manufacturing overhead - answercosts that cannot be practically traced to the end product predetermined overhead - answerestimated cost that is used before actual overhead costs are known, is called merc...

ACCT 526 MidTerm Exam Questions With 100% Correct Answers Product costs - answerconsist of the three elements of manufacturing cost: DM, DL, MOH period costs - answercosts that are expenses in the period in which they are incurred income statement - answerwhere are the period costs found manufacturing overhead - answercosts that cannot be practically traced to the end product predetermined overhead - answerestimated cost that is used before actual overhead costs are known, is called merc...

Overhead costs are assigned to production using an overhead application rate, whereas no such application rate is used to assign the costs of DM and DL to production. The reason for this difference in procedures is that: A. Overhead is an indirect cost which cannot be traced easily and directly to specific units of product. B. Independent of both the number and the type of products manufactured and also independent of the amount of overhead costs incurred C. Traceable directly to the produc...

ACCT 526 Final Exam Terminology 100% Accurate!! Cost Behavior - ANSWERSthe way in which a cost changes when the level of output changes. Cost Driver - ANSWERSa causal factor that measures the output of the activity that leads (or causes) costs to change. Relevant Change - ANSWERSthe range of output over which an assumed cost relationship is valid for the normal operations of a firm. Fixed Costs - ANSWERScosts that, in total, are constant within the relevant range as the level of output...