ACC 312 FINAL EXAM QUESTIONS AND CORRECT ANSWERS
Correct 164
Incorrect 00
1 of 164
Term
BN: What are these terms?
- The process of determining cost behavior?
- The relationship between cost and activity?
- Using knowledge of cost behavior to forecast the level of cost at a
particular level of activity?
Give this one a try later!
It provides timely information or
When the material used and bought
decision making, planning , and
are different!
control!!!!
Cost estimation, cost behavior, Involve costs and benefits to be
cost prediction realized in the future!
, Don't know?
2 of 164
Term
HW: What are the benefits of using a predetermined overhead rate
instead of an actual overhead rate?
Give this one a try later!
It allows for the exact calculation of
It eliminates the need to budget for
overhead costs at the end of the
manufacturing overhead in the future.
period.
It ensures that actual overhead costs It provides timely information or
are never recorded in the accounting decision making, planning , and
system. control!!!!
Don't know?
3 of 164
Term
CN: What is the regression analysis?
What are the advantages (2), disadvantage (1)
Give this one a try later!
, Regression analysis is a statistical approach that is both objective and
considers all data points. The cost line is positioned so as to minimize the sum
of the square deviation between the cost line and the data points.
Advantage: More accurate than high or low, and very objective
Disadvantage: Not easy to do or explain
A direct cost can be easily traced to the cost object like electricity for a
manufacturing plant while a indirect cost cannot be easily traced like electricity to
make a product.
a predetermined or standard performance level, a measure of actual performance,
and a comparison between standard and actual performance.
Visual-fit method uses scatter diagram, plot recent observation of the cost or costs
at various activity levels.
Advantage: easy to use and easy to find outlier
Disadvantage: Very subjective
Don't know?
4 of 164
Term
CN: When do you use direct material purchase price variance?
Give this one a try later!
, When the material used and bought When the material is used in the
are exactly the same! production process!
When the material used and When the material is purchased in
bought are different! bulk quantities!
Don't know?
5 of 164
Term
Chapter 11: Flexible Budgeting and Analysis of Overhead Costs
Give this one a try later!
Chapter 10: Standard Costing and Chapter 12: Standard Costing and
Analysis of Direct Costs Variance Analysis
Chapter 8: Cost-Volume-Profit Non-homework questions, class
Analysis notes, or book notes!!
Don't know?
Correct 164
Incorrect 00
1 of 164
Term
BN: What are these terms?
- The process of determining cost behavior?
- The relationship between cost and activity?
- Using knowledge of cost behavior to forecast the level of cost at a
particular level of activity?
Give this one a try later!
It provides timely information or
When the material used and bought
decision making, planning , and
are different!
control!!!!
Cost estimation, cost behavior, Involve costs and benefits to be
cost prediction realized in the future!
, Don't know?
2 of 164
Term
HW: What are the benefits of using a predetermined overhead rate
instead of an actual overhead rate?
Give this one a try later!
It allows for the exact calculation of
It eliminates the need to budget for
overhead costs at the end of the
manufacturing overhead in the future.
period.
It ensures that actual overhead costs It provides timely information or
are never recorded in the accounting decision making, planning , and
system. control!!!!
Don't know?
3 of 164
Term
CN: What is the regression analysis?
What are the advantages (2), disadvantage (1)
Give this one a try later!
, Regression analysis is a statistical approach that is both objective and
considers all data points. The cost line is positioned so as to minimize the sum
of the square deviation between the cost line and the data points.
Advantage: More accurate than high or low, and very objective
Disadvantage: Not easy to do or explain
A direct cost can be easily traced to the cost object like electricity for a
manufacturing plant while a indirect cost cannot be easily traced like electricity to
make a product.
a predetermined or standard performance level, a measure of actual performance,
and a comparison between standard and actual performance.
Visual-fit method uses scatter diagram, plot recent observation of the cost or costs
at various activity levels.
Advantage: easy to use and easy to find outlier
Disadvantage: Very subjective
Don't know?
4 of 164
Term
CN: When do you use direct material purchase price variance?
Give this one a try later!
, When the material used and bought When the material is used in the
are exactly the same! production process!
When the material used and When the material is purchased in
bought are different! bulk quantities!
Don't know?
5 of 164
Term
Chapter 11: Flexible Budgeting and Analysis of Overhead Costs
Give this one a try later!
Chapter 10: Standard Costing and Chapter 12: Standard Costing and
Analysis of Direct Costs Variance Analysis
Chapter 8: Cost-Volume-Profit Non-homework questions, class
Analysis notes, or book notes!!
Don't know?
