ACCT 201B Final Exam Questions with
All Solved Solutions 2026-2027 Updated.
What are the three major activities? - Answer 1 Planning
2 Directing and motivating
3 Controlling
Planning - Answer Involves establishing a basic strategy, selecting a course of action, and
specifying how the action will be implemented.
Identify alts and select the best that fits the org's strategy and objectives.
Directing and Motivating - Answer involves mobilizing people to carry out plans and run
routine operations
Controlling - Answer involves ensuring that the plan is actually carried out and is appropriately
modified as circumstances change
Where is management accounting information most vital? - Answer Planning and contrl
Feedback - Answer Signals whether operations are on track and is key to effective control
Performance Report - Answer Suggest where operations are not proceeding as planned and
where some parts of the org may require additional attention
Planning and Control Cycle - Answer involves the smooth flow of management activities from
planning through directing and motivating, controlling, and back to planning again
Managerial Accounting - Answer -Concerned with providing info to managers and those
INSIDE org
-Emphasizes decisions affecting the future
-Emphasizes relevance
-Emphasizes detailed segment report about depts, products, and customers
-No need for GAAP
-NOT MANDATORY
, Financial Accounting - Answer -Reports to those OUTSIDE org: owners, creditors, tax
authorities, regulators
-Emphasizes financial consequences of past activities
-Emphasizes objectivity and verifiability
-Emphasizes summary data concerning entire org
-Must follow GAAP
-Mandatory for external reports
What are manufacturing costs? - Answer Direct Materials
Direct Labor
Manufacturing Overhead
Raw Materials - Answer Any materials (direct or indirect) that go into the final product
Direct Materials - Answer Materials that become an integral part of the finished product and
whose costs can be conveniently traced to the finished product
Direct labor - Answer Labor costs that can be easily traced to individual units of product
Indirect Labor - Answer Labor costs that cannot be physically traced to particular products
Manufacturing Overhead - Answer Includes all manufacturing costs EXCEPT direct materials
and direct labor that are associated with operating the factory
What are Indirect Labor and Indirect Materials part of? - Answer Manufacturing Overhead
What are other names for Manufacturing Overhead? - Answer Indirect Manufacturing Cost,
Factory Overhead, and Factory Burden
What are the two Nonmanufacturing Costs? - Answer Selling Costs and Administrative Costs
Selling Costs - Answer Includes all costs that are incurred to secure customer orders and get
the finished product to the customer
Administrative Costs - Answer Include all costs associated with the general management of an
org rather than with manufacturing or selling
All Solved Solutions 2026-2027 Updated.
What are the three major activities? - Answer 1 Planning
2 Directing and motivating
3 Controlling
Planning - Answer Involves establishing a basic strategy, selecting a course of action, and
specifying how the action will be implemented.
Identify alts and select the best that fits the org's strategy and objectives.
Directing and Motivating - Answer involves mobilizing people to carry out plans and run
routine operations
Controlling - Answer involves ensuring that the plan is actually carried out and is appropriately
modified as circumstances change
Where is management accounting information most vital? - Answer Planning and contrl
Feedback - Answer Signals whether operations are on track and is key to effective control
Performance Report - Answer Suggest where operations are not proceeding as planned and
where some parts of the org may require additional attention
Planning and Control Cycle - Answer involves the smooth flow of management activities from
planning through directing and motivating, controlling, and back to planning again
Managerial Accounting - Answer -Concerned with providing info to managers and those
INSIDE org
-Emphasizes decisions affecting the future
-Emphasizes relevance
-Emphasizes detailed segment report about depts, products, and customers
-No need for GAAP
-NOT MANDATORY
, Financial Accounting - Answer -Reports to those OUTSIDE org: owners, creditors, tax
authorities, regulators
-Emphasizes financial consequences of past activities
-Emphasizes objectivity and verifiability
-Emphasizes summary data concerning entire org
-Must follow GAAP
-Mandatory for external reports
What are manufacturing costs? - Answer Direct Materials
Direct Labor
Manufacturing Overhead
Raw Materials - Answer Any materials (direct or indirect) that go into the final product
Direct Materials - Answer Materials that become an integral part of the finished product and
whose costs can be conveniently traced to the finished product
Direct labor - Answer Labor costs that can be easily traced to individual units of product
Indirect Labor - Answer Labor costs that cannot be physically traced to particular products
Manufacturing Overhead - Answer Includes all manufacturing costs EXCEPT direct materials
and direct labor that are associated with operating the factory
What are Indirect Labor and Indirect Materials part of? - Answer Manufacturing Overhead
What are other names for Manufacturing Overhead? - Answer Indirect Manufacturing Cost,
Factory Overhead, and Factory Burden
What are the two Nonmanufacturing Costs? - Answer Selling Costs and Administrative Costs
Selling Costs - Answer Includes all costs that are incurred to secure customer orders and get
the finished product to the customer
Administrative Costs - Answer Include all costs associated with the general management of an
org rather than with manufacturing or selling
