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ACC241 Exam 100% answers and worked solutions

Which of the following report to the audit committee of the Board of Directors? Which of the following management responsibilities are being fulfilled when management uses feedback to take corrective action on the budgets? Which of the following statements is TRUE about managerial accounting information? Which of the following persons or groups would be LEAST likely to receive detailed managerial accounting reports? To resolve ethical dilemmas, the IMA suggests that management accountants should FIRST: SOX requires publicly traded companies to have ___________ assessed annually Managerial accounting is needed by which type of company? Which of the following items would NOT be found in raw materials inventory for a furniture manufacturer? When determining the cost of a manufactured product, a salesperson’s salary would be classified as: All of the following would be considered a direct material for a mattress EXCEPT: Comfy Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from the past year include: Prime costs for Comfy Furniture Company totaled: In a manufacturing plant, which is an example of indirect labor? When do inventoriable costs become expenses? When manufacturing products, which of the following is an example of an inventoriable cost? Towpath Tennis & Recreation’s operating activities for the year are listed below (000s omitted). What is the cost of goods sold for the year? Purchases $150,000 Operating expenses 62,000 Beginning inventory 27,000 Ending inventory 32,000 Sales revenue 302,000 ____________ information is that which differs between alternatives and can affect the future. Variable costs: Job order costing might be used by a: Selected financial information for Sunnydale Manufacturing is presented in the following table (000s omitted). Sales revenue $ 4,000 Purchases of direct materials $ 500 Direct labor $ 450 Manufacturing overhead $ 620 Operating expenses $ 700 Beginning raw materials inventory $ 150 Ending raw materials inventory $ 170 Beginning work in process inventory $ 320 Ending work in process inventory $ 310 Beginning finished goods inventory $ 250 Ending finished goods inventory $ 200 What was direct materials used? The assignment of direct and indirect materials to cost objects reduces: An internal request for raw materials calls for a _____________ to be completed. Chilson Company manufactures custom engines for use in the lawn and garden equipment industry. The company allocates manufacturing overhead based on machine hours. Selected data for costs incurred for Job 612 are as follows: What amount of manufacturing overhead would be allocated to Job 612? Use the following information for Garrett Company for the next two questions. Estimated manufacturing overhead $ 240,000 Factory utilities $ 29,100 Estimated labor hours 35,000 Indirect labor $ 23,500 Actual direct labor hours 36,000 Sales commissions $ 53,700 Estimated direct labor cost $ 300,000 Factory rent $ 49,200 Actual direct labor cost $ 320,000 Factory property taxes $ 28,100 Factory depreciation $ 67,200 Indirect materials $ 33,000 If the company allocates overhead based on direct labor cost, what is the predetermined manufacturing overhead rate? If the company allocates manufacturing overhead based on direct labor cost, what are the allocated manufacturing overhead costs? If a job consists of a batch of identical units, managers find the unit cost by: Clyde Company gathered the following information for the year ended December 31: Direct labor cost incurred for the year $180,000 Estimated manufacturing overhead costs $240,000 Estimated direct labor cost $200,000 Work in process inventory, Dec. 31 $55,000 Finished goods inventory, Dec. 31 $67,500 Cost of goods sold $141,000 Estimated direct labor hours 300,000 What would the predetermined manufacturing overhead rate for the year be using direct labor cost as the allocation base? Before the year began, Johnson Manufacturing estimated that manufacturing overhead for the year would be $160,000 and that 12,000 direct labor hours would be worked. Actual results for the year included the following: If the company allocates manufacturing overhead based on direct labor hours, the manufacturing overhead for the year would have been: If manufacturing overhead has been underallocated during the period, then: Finished goods inventory is debited and work in process inventory is credited for: The journal entry needed to allocate manufacturing overhead to specific jobs would include a: Cost distortion results in the: Which of the following condition(s) favors using departmental overhead rates in place of a plantwide overhead rate? ABC costing might lead to: Durable Engines Company uses ABC to account for it manufacturing process. Durable Engines Company expects to produce 2,000 engines. Durable Engines Company also expects to use 12,000 parts and have 16 setups. The allocation rate for materials handling will be: Sparrow Manufacturing manufactures small parts and uses an activity-based costing system. Activity Est. Indirect Activity Costs Allocation base Cost allocation rate Materials $70,000 Material moves $2.00/move Assembling $240,000 Direct labor hours $8.00/dir. labor hour Packaging $80,000 # of finished units $0.80/finished unit The following parts were produced in October with the following information: Total manufacturing costs for part A is: Rach & Johnson is an advertising agency. The firm uses an activity-based costing system to allocate overhead costs to its services. Information about the firm’s activity cost pool rates follows: Smythe Company was a client of Rach & Johnson. Recently, 8 administrative assistant hours, 2 new ad campaigns, and 6 meeting hours were incurred for the Smythe Company account. Using the activity-based costing system, how much overhead cost would be allocated to the Smythe Company account? Non-value-added activities are: The benefits of using the ABC costing system are higher if the company: Which of the following is TRUE about a lean production system? If a company were to increase its appraisal costs by inspecting more units as the units are completed, the company’s internal failure costs:

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