Acct 526 midterm exam - Study guides, Class notes & Summaries

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...

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...

ACCT 526 midterm Exam Questions And Answers (Updated And Verified) Period costs - answerCosts that are matched with the revenue of a specific time period and charged to expense as incurred. indirect labor - answerWork of factory employees that has no physical association with the finished product, or it is impractical to trace the costs to the goods produced. product costs - answerCosts that are a necessary and integral part of producing the finished product. manufacturing overhead - ans...

ACCT 526 MIDTERM Exam Questions With 100% Correct Answers All of the following are steps outlined by the Institute of Management Accountants (IMA) for resolving ethical conflicts except: Select one: a. None of these b. following the policies of the organization for resolving ethical conflicts c. consulting an objective advisor such as an attorney d. bringing the matter to the attention of local news agencies e. presenting the matter to the audit committee, if a satisfactory resolution i...

Acct 526 Midterm Exam Questions and A The process of choosing among competing alternatives is called - ANSWERSdecision making Adriana Alvarado has decided to purchase a personal computer. She has narrowed the choices to two: Drantex and Confiar. Both brands have the same processing speed, 6.4 gigabytes of hard-disk capacity, two USB ports, and a DVDRW drive, and each comes with the same basic software support package. Both come from mail-order companies with good reputations. The selling pri...

AND ANSWERS 2024 GRADED A All of the following are steps outlined by the Institute of Management Accountants (IMA) for resolving ethical conflicts except: Select one: a. None of these b. following the policies of the organization for resolving ethical conflicts c. consulting an objective advisor such as an attorney d. bringing the matter to the attention of local news agencies e. presenting the matter to the audit committee, if a satisfactory resolution is not reached by all higher lev...

Carlson Company uses a predetermined rate to apply overhead. At the beginning of the year, Carlson estimated its overhead costs at $260,000, direct labor hours at 45,000, and machine hours at 20,000. Actual overhead costs incurred were $172,000, actual direct labor hours were 42,000, and actual machine hours were 13,000. If the predetermined overhead rate is based on machine hours, what will be the total amount applied to the overhead account for the year for Carlson? a. $172,000 b. $264,...

Acct 526 Midterm Exam Questions & answers

ACCT 526 Midterm Exam Practice Questions and Answers (100% Pass)

g raw materials into finished goods. manufacturing overhead - answeridentify: Factory supervisor's salary period costs - answeridentify: Supplies for the general office direct materials - answeridentify: Rubber latex purchased for the use in the manufacture of automobile tires period costs - answeridentify: advertising manufacturing overhead - answeridentify: Rent on factory equipment period costs - answeridentify: Utility cost for the store period costs - answeridentify: Salary paid to...