C253 MANAGERIAL ACCOUNTING QUIZZES ANS CORRECT ANSWERS.

C253 MANAGERIAL ACCOUNTING QUIZZES
ANS CORRECT ANSWERS.
Pre-determined,overhead,rate,formula,,ANS,-,,projected,overhead,costs,/,expected,activity,base



applied,overhead,formula,,ANS,-,,pre-
determined,overhead,rate,x,actual,units,of,allocation,based,(such,as,direct,labor,hours)



Under/over,applied,overhead,rate,=,,ANS,-,,actual,MOH,-,applied,MOH



Job,cost,=,,ANS,-,,Direct,materials,+,direct,labor,+,applied,MOH,+,(beg,wip,-,ending,wip)



Cost,of,good,sold,=,,ANS,-,,cost,of,goods,manufactured,+,(beginning,finished,goods,-
,ending,finished,goods)




adjusted,cost,of,goods,sold,=,,ANS,-,,cost,of,goods,manufactured,+,(beginning,finished,goods,-
,ending,finished,goods),+/-,under/over,applied,MOH




Process,Costing,,ANS,-
,,A,system,for,assigning,costs,to,a,large,number,of,identical,units,that,typically,pass,through,a,series,of,unif
orm,production,steps.,Costs,are,averaged,over,the,units,produced,such,that,each,unit,bears,the,same,unit
,cost.




Weighted,Average,Method,,ANS,-
,,a,process,costing,method,that,blends,together,units,and,costs,from,both,the,current,and,prior,periods




Weighed,average,units,transferred,=,,ANS,-,,beginning,units,+,units,started,-,ending,WIP



Weighted,average,equivalent,units,for,materials,=,,ANS,-
,,(units,transferred,*,100%),+(end,WIP,*,completion,%)

, Weighted,average,equivalent,units,for,conversion,=,,ANS,-
,,(Units,transferred,*,100%,),(end,WIP,*,completion,%)




Cost,/,equivalent,unit,for,materials,=,,ANS,-,,(Beg,WIP,$,+,Current,cost$)/,Equivalent,units,for,materials.



Cost/equivalent,unit,for,conversion,=,,ANS,-,,(Beg,WIP$+Current,cost$),/,Equivalent,units,for,conversion



Cost,assigned,to,units,transferred,=,,ANS,-
,,(units,transferred,*,cost/eq,units,for,materials),+,(units,transferred,*,cost,/eq,unit,for,conversion)




Cost,assigned,to,ending,WIP,=,,ANS,-
,,(End,WIP,eq,units,for,materials,*,cost,/eq,unit,for,materials,),+,(end,WIP,eq,units,for,conversion,*,cost/eq
,unit,for,conversion)




Variable,absorption,costing,=,,ANS,-,,direct,material,+,direct,labor,+,variable,MOH



absorption,costing,product,cost,=,,ANS,-,,direct,material,+,direct,labor,+,variable,MOH,+,fixed,MOH



Difference,in,net,income,between,variable,an,absorption,costing,,ANS,-
,,=,ending,inventory,*,fixed,MOH/unit.




Material,price,variance,formula,,ANS,-,,(AP,-,SP),x,AQ



Material,quantity,variance,formula,,ANS,-,,(AQ,-SQ),x,SP



A,labor,variance,is,a,difference,between,,ANS,-,,scheduled,hours,and,actual,hours,worked



labor,variance,formula,,ANS,-,,AH(AR-SR)