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ACC 406 MIDTERM REVIEW EXAM QUESTIONS WITH CORRECT ANSWERS

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ACC 406 MIDTERM REVIEW EXAM QUESTIONS WITH CORRECT ANSWERS

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ACC 406 MIDTERM REVIEW EXAM QUESTIONS
WITH CORRECT ANSWERS

Indirect |Cost |- |CORRECT |ANSWER✔✔-Hard |to |trace

Example: |The |transportation |of |pizza |toppings, |the |wages |for |the |employees



Direct |Cost |- |CORRECT |ANSWER✔✔-Easy |to |trace, |physically |observed



Behaviour |of |fixed |cost |- |CORRECT |ANSWER✔✔-When |the |cost |stays |constant |whether |or |not |
the |output |increases |or |decreases



Mixed |cost |- |CORRECT |ANSWER✔✔-The |combination |of |variable |and |fixed |cost.



Behaviour |of |variable |cost |- |CORRECT |ANSWER✔✔-The |cost |varies |in |proportion |to |the |output
|increase |or |decrease




Characteristics |of |Financial |Accounting |(5) |- |CORRECT |ANSWER✔✔-External, |historical, |must |
follow |rules, |objective, |information |about |the |entire |firm |as |a |whole



Objectives |of |Managerial |Accounting |(3) |- |CORRECT |ANSWER✔✔-- |Information |is |used |for |
planning |the |organizations |actions

- |Information |is |used |for |controlling |the |organizations |actions

- |Information |is |used |to |make |decisions



Cost |of |Goods |Manufactured |Formula |- |CORRECT |ANSWER✔✔-DM |+ |DL |+ |OH |+ |Beginning |
WIP |- |End |WIP

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