ACG 2071 Exam Questions with Correct Answers

ACG 2071 Exam Questions with Correct Answers


Question 1:
Costs which are tangible components of the finished product are called Direct Materials
Conversion costs consisted of
Answer:
Factory Overhead and Direct Labor


Question 2:
Which are included in the Raw Materials inventory?
Answer:
Indirect and Direct Materials


Question 3:
Factory overhead examples:
Answer:
Indirect Labor and Indirect Materials


Question 4:
Prime Costs consist of
Answer:
direct labor and direct materials


Question 5:
List the activities in the order in which they occur.
Answer:
Materials, Production, Sales


Question 6:
How to Calculate Cost of Goods Sold for a Manufacturing Company
Answer:
Beginning finished goods inventory + Cost of goods manufactured - ending finished goods
inventory An Emphasis on the changing needs and wants of customers is called
Customer Orientation
Expansion of competition which provides customers with many choices is called Global
Economy