C253 Managerial cAcounting exam with correct answers

C253 Managerial cAcounting exam with
correct answers

Pre-determined ||overhead ||rate ||formula ||- ||correct ||answerprojected ||overhead ||costs ||/ ||expected ||
activity ||base



applied ||overhead ||formula ||- ||correct ||answerpre-determined ||overhead ||rate ||x ||actual ||units ||of ||
allocation ||based ||(such ||as ||direct ||labor ||hours)



Under/over ||applied ||overhead ||rate ||= ||- ||correct ||answeractual ||MOH ||- ||applied ||MOH



Job ||cost ||= ||- ||correct ||answerDirect ||materials ||+ ||direct ||labor ||+ ||applied ||MOH ||+ ||(beg ||wip ||- ||ending
||wip)




Cost ||of ||good ||sold ||= ||- ||correct ||answercost ||of ||goods ||manufactured ||+ ||(beginning ||finished ||goods ||-
||ending ||finished ||goods)




adjusted ||cost ||of ||goods ||sold ||= ||- ||correct ||answercost ||of ||goods ||manufactured ||+ ||(beginning ||
finished ||goods ||- ||ending ||finished ||goods) ||+/- ||under/over ||applied ||MOH



Process ||Costing ||- ||correct ||answerA ||system ||for ||assigning ||costs ||to ||a ||large ||number ||of ||identical ||
units ||that ||typically ||pass ||through ||a ||series ||of ||uniform ||production ||steps. ||Costs ||are ||averaged ||over
||the ||units ||produced ||such ||that ||each ||unit ||bears ||the ||same ||unit ||cost.




Weighted ||Average ||Method ||- ||correct ||answera ||process ||costing ||method ||that ||blends ||together ||
units ||and ||costs ||from ||both ||the ||current ||and ||prior ||periods



Weighed ||average ||units ||transferred ||= ||- ||correct ||answerbeginning ||units ||+ ||units ||started ||- ||ending ||
WIP

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



Weighted ||average ||equivalent ||units ||for ||conversion ||= ||- ||correct ||answer(Units ||transferred ||* ||100%
||) ||(end ||WIP ||* ||completion ||%)




Cost ||/ ||equivalent ||unit ||for ||materials ||= ||- ||correct ||answer(Beg ||WIP ||$ ||+ ||Current ||cost$)/ ||Equivalent
||units ||for ||materials.




Cost/equivalent ||unit ||for ||conversion ||= ||- ||correct ||answer(Beg ||WIP$+Current ||cost$) ||/ ||Equivalent ||
units ||for ||conversion



Cost ||assigned ||to ||units ||transferred ||= ||- ||correct ||answer(units ||transferred ||* ||cost/eq ||units ||for ||
materials) ||+ ||(units ||transferred ||* ||cost ||/eq ||unit ||for ||conversion)



Cost ||assigned ||to ||ending ||WIP ||= ||- ||correct ||answer(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 ||= ||- ||correct ||answerdirect ||material ||+ ||direct ||labor ||+ ||variable ||MOH



absorption ||costing ||product ||cost ||= ||- ||correct ||answerdirect ||material ||+ ||direct ||labor ||+ ||variable ||
MOH ||+ ||fixed ||MOH



Difference ||in ||net ||income ||between ||variable ||an ||absorption ||costing ||- ||correct ||answer= ||ending ||
inventory ||* ||fixed ||MOH/unit.



Material ||price ||variance ||formula ||- ||correct ||answer(AP ||- ||SP) ||x ||AQ



Material ||quantity ||variance ||formula ||- ||correct ||answer(AQ ||-SQ) ||x ||SP



A ||labor ||variance ||is ||a ||difference ||between ||- ||correct ||answerscheduled ||hours ||and ||actual ||hours ||
worked