ACC 241 Exam 1 ASU Dallmus Questions and Answers.

ACC 241 Exam 1 ASU Dallmus Questions
and Answers
Question 1
Production Plan
Correct Answer
an outline of the activities undertaken to combine resources (inputs) to create
goods or services (outputs)



Question 2
Purpose and major provisions of the Sarbanes-Oxley
Correct Answer
Restore trust in publicly traded corporations, their management, their financial
statements, & their auditors.



Question 3
Merchandising Companies

Correct Answer
Like Walmart resell tangible products. Have inventory and incur inventory related
costs (ads, travel)



Question 4
Inventoriable Costs (Direct Material, Direct Labor, and Manufacturing Overhead)
Correct Answer
All costs of a product that are recorded as an asset (inventory) under US GAAP
(direct materials, direct labor and manufacturing overhead). These costs are not
expensed until the related product is sold.




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, Question 5
Raw Materials Record
Correct Answer
detailed information about each item in stock, including the number of units
received, the number of units used, and the running balance of units currently in
stock.



Question 6
Job Cost Record

Correct Answer
a written or electronic document that lists the direct materials, direct labor, and
manufacturing overhead costs assigned to each individual job



Question 7
materials requisition
Correct Answer
authorizes the removal of the necessary quantity of raw materials from the
storeroom



Question 8
fixed costs
Correct Answer
Costs that do not vary with the quantity of output produced
(A cost that does not vary depending on production or sales levels, such as rent,
property tax, insurance, or interest expense.)



Question 9
Direct Costs

Correct Answer
A cost that can be directly related to producing specific goods or performing a
specificservice.




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