CSCC ACCOUNTING 1212 1
COMPREHENSIVE STUDY GUIDE 2026
FULL QUESTIONS AND SOLUTIONS
GRADED A+
◍ Who oversees accounting rules (GAAP)?.
Answer: The Financial Accounting Standards Board (FASB)
◍ Define cost Principle.
Answer: states that acquired assets and services should be recorded at their
actual cost
◍ Exhibit 1-4 Know the key points of a corporation.
Answer: A business organized under state law that is separated legal entity.
◍ Accounting Equation.
Answer: Assets = Liabilities + Equity
◍ Compute expenses using the accounting equation and revenues..
Answer: t
◍ Define Assets.
Answer: an economic resource that is expected to benefit the business in the
future.
◍ Define Liabilities.
Answer: Are debts that are owed to Creators.
◍ What is accounting journal entry format?.
Answer: •Step 1: ID accounts and account type •Step 2: increases or
decreases? then apply the rules of debits and credits.•Step 3: Record the
transaction in the journal.•Step 4: Post the journal entry to the ledger.•Step
, 5: Determine whether the accounting equation is in balance.
◍ What does debit and credit mean?.
Answer: t
◍ 1. Normal balances of accounts..
Answer: t
◍ 1 Treasurers, Inc., a manufacturer of gift articles, uses a single plantwide
rate to allocate indirect costs with machine hours as the allocation base.
Estimated overhead costs for the year are $6,000,000. Estimated machine
hours are 29,000. During the year, the actual machine hours used were
50,000. Calculate the predetermined overhead allocation rate. (Round your
answer to the nearest dollar.)A) $120B) $88C) $207D) $63.
Answer: C) $207
◍ Define Accounts Receivable.
Answer: t
◍ Define Accounts Payable.
Answer: t
◍ Define trial Balance.
Answer: t
◍ 2 The costs most easily traced to each product manufactured are
________.A) direct materials and direct laborB) direct materials and indirect
materialsC) direct labor and manufacturing overheadD) indirect materials
and indirect labor.
Answer: A) direct materials and direct labor
◍ 3 Stealth, Inc. produces two types of drones, rotary and fixed wing. Stealth
estimated $1,210,000 of manufacturing overhead, and 55,000 machine hours
for the year. The allocation base for overhead costs is machine hours. The
rotary model actually consumed 26,000 machine hours, and the fixed wing
type consumed 29,000 machine hours. How much overhead is allocated to
the rotary model?A) $572,000B) $638,000C) $260,000D) $212,667.
COMPREHENSIVE STUDY GUIDE 2026
FULL QUESTIONS AND SOLUTIONS
GRADED A+
◍ Who oversees accounting rules (GAAP)?.
Answer: The Financial Accounting Standards Board (FASB)
◍ Define cost Principle.
Answer: states that acquired assets and services should be recorded at their
actual cost
◍ Exhibit 1-4 Know the key points of a corporation.
Answer: A business organized under state law that is separated legal entity.
◍ Accounting Equation.
Answer: Assets = Liabilities + Equity
◍ Compute expenses using the accounting equation and revenues..
Answer: t
◍ Define Assets.
Answer: an economic resource that is expected to benefit the business in the
future.
◍ Define Liabilities.
Answer: Are debts that are owed to Creators.
◍ What is accounting journal entry format?.
Answer: •Step 1: ID accounts and account type •Step 2: increases or
decreases? then apply the rules of debits and credits.•Step 3: Record the
transaction in the journal.•Step 4: Post the journal entry to the ledger.•Step
, 5: Determine whether the accounting equation is in balance.
◍ What does debit and credit mean?.
Answer: t
◍ 1. Normal balances of accounts..
Answer: t
◍ 1 Treasurers, Inc., a manufacturer of gift articles, uses a single plantwide
rate to allocate indirect costs with machine hours as the allocation base.
Estimated overhead costs for the year are $6,000,000. Estimated machine
hours are 29,000. During the year, the actual machine hours used were
50,000. Calculate the predetermined overhead allocation rate. (Round your
answer to the nearest dollar.)A) $120B) $88C) $207D) $63.
Answer: C) $207
◍ Define Accounts Receivable.
Answer: t
◍ Define Accounts Payable.
Answer: t
◍ Define trial Balance.
Answer: t
◍ 2 The costs most easily traced to each product manufactured are
________.A) direct materials and direct laborB) direct materials and indirect
materialsC) direct labor and manufacturing overheadD) indirect materials
and indirect labor.
Answer: A) direct materials and direct labor
◍ 3 Stealth, Inc. produces two types of drones, rotary and fixed wing. Stealth
estimated $1,210,000 of manufacturing overhead, and 55,000 machine hours
for the year. The allocation base for overhead costs is machine hours. The
rotary model actually consumed 26,000 machine hours, and the fixed wing
type consumed 29,000 machine hours. How much overhead is allocated to
the rotary model?A) $572,000B) $638,000C) $260,000D) $212,667.
