ACC 241 Exam Questions and Answers 100% Correct

ACC 241 Exam Questions and
Answers 100% Correct
Planning, directing, and controlling are a manager's three primary responsibilities.
T/F - ANSWER - T


In a manufacturing firm, manufacturing costs and product costs are the same. T/F -
ANSWER - T


If the finished goods inventory decreases between the beginning and the end of a
period, then the cost of goods manufactured for the period is larger than the cost of
goods sold. T/F - ANSWER - F


A plantwide overhead rate is calculated by dividing the estimated total
manufacturing overhead costs for the year by estimated total amount of the
allocation base for the year. T/F - ANSWER - T


Claire Corporation allocates (applies) Overhead based on direct labor hours. Here is
selected Data from the Jacob Corporation:
Estimated Manufacturing Overhead (MOH) $500,000
Actual Manufacturing Overhead (MOH) $480,000
Estimated DLH 50,000
Actual DLH 55,000
Since actual MOH is $20,000 less than estimated MOH, then overhead must have
been over-allocated by $20,000. T/F - ANSWER - F


Choosing the method of allocating costs to products (ie plantwide vs ABC) can have
an impact on the total manufacturing costs. T/F - ANSWER - F


If a frozen pizza plant (factory) is the cost object, classify each of the following costs
as direct or indirect, respectively: property insurance, plant supervisor wages, and
janitorial supplies. - ANSWER - All are direct