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
Which of the following statements correctly distinguishes between financial and
managerial accounting? - ANSWER - Managerial accounting uses both financial and
non-financial measures of performance
Products and their costs flow through a production facility in the following order: -
ANSWER - Raw materials, work-in-process, finished goods, cost of goods sold
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
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
Which of the following statements correctly distinguishes between financial and
managerial accounting? - ANSWER - Managerial accounting uses both financial and
non-financial measures of performance
Products and their costs flow through a production facility in the following order: -
ANSWER - Raw materials, work-in-process, finished goods, cost of goods sold
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
