Acct 526 midterm - Study guides, Class notes & Summaries
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ACCT 526 MidTerm Exam Questions With 100% Correct Answers
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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...
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ACCT 526 MIDTERM Questions & Answers 100% Accurate!
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ACCT 526 MIDTERM Questions & Answers 100All 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...
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ACCT 526 Midterm (Accounting 526 Midterm) Package
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ACCT 526 Midterm (Accounting 526 Midterm) Package
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Acct 526 Midterm Exam 100% Accurate!!
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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...
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ACCT 526 midterm Questions and Answers 100%Accurate!
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ACCT 526 midterm Questions and Answers 10period costs - ANSWERSCosts that are matched with the revenue of a specific time period and charged to expense as incurred. 
 
indirect labor - ANSWERSWork 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 - ANSWERSCosts that are a necessary and integral part of producing the finished product. 
 
manufacturing overhead - ANSWERScosts that are ind...
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ACCT 526 midterm Exam Questions And Answers (Updated And Verified)
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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...
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ACCT 526 MIDTERM Exam Questions With 100% Correct Answers
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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...
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Acct 526 Midterm Exam Questions and Answers 100% Accurate!
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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...
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ACCT 526 MIDTERM with complete solution
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ACCT 526 MIDTERM with complete solution
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ACCT 526 midterm Exam With Questions 100% Solved
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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,...
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