ACC 241 Exam 1(100% Solved)
The main focus of managerial accounting is: - ANSWERSdecision making
What are objectives of Management accounting? - ANSWERS1. to provide information
for planning, controlling, evaluating and continuous improvement
2. to provide information for decision making
3. to provide information for costing of services, products, and other objects of interest
to management
What is TRUE about managerial accounting? - ANSWERSmanagerial accounting
reports provide detailed internal information
The value chain is used by - ANSWERSservice, manufacturing, and merchandising
businesses
What is an ex. of MOH expense in a factory? - ANSWERSwages of factpry
maintenance personnel
Product Costs - ANSWERS= all costs required for production (minus sales costs)
Cost of Goods Sold - ANSWERS= cost of goods manufactured - finished goods
inventory, ending
Direct Materials Used - ANSWERS= (COG Manufactured + Ending WIP - Beg. WIP) -
Direct Labor - MOH
When work-in-process inventories increase during the period (the ending balance is
greater than the beginning balance), what can be said of the relationship between total
manufacturing costs and the cost of goods manufactured? (Assume no change in per
unit costs.) - ANSWERSTotal Manufacturing Costs are greater than the Cost of Goods
Manufactured
(will be opposite if WIP inventories decrease)
Actual and normal costing are similar in their accounting for - ANSWERSdirect material
and direct labor costs
A job costing system can be used by which types of companies? - ANSWERSservice,
manufacturing, and merchandising businesses
overhead is a significant portion of total costs
The main focus of managerial accounting is: - ANSWERSdecision making
What are objectives of Management accounting? - ANSWERS1. to provide information
for planning, controlling, evaluating and continuous improvement
2. to provide information for decision making
3. to provide information for costing of services, products, and other objects of interest
to management
What is TRUE about managerial accounting? - ANSWERSmanagerial accounting
reports provide detailed internal information
The value chain is used by - ANSWERSservice, manufacturing, and merchandising
businesses
What is an ex. of MOH expense in a factory? - ANSWERSwages of factpry
maintenance personnel
Product Costs - ANSWERS= all costs required for production (minus sales costs)
Cost of Goods Sold - ANSWERS= cost of goods manufactured - finished goods
inventory, ending
Direct Materials Used - ANSWERS= (COG Manufactured + Ending WIP - Beg. WIP) -
Direct Labor - MOH
When work-in-process inventories increase during the period (the ending balance is
greater than the beginning balance), what can be said of the relationship between total
manufacturing costs and the cost of goods manufactured? (Assume no change in per
unit costs.) - ANSWERSTotal Manufacturing Costs are greater than the Cost of Goods
Manufactured
(will be opposite if WIP inventories decrease)
Actual and normal costing are similar in their accounting for - ANSWERSdirect material
and direct labor costs
A job costing system can be used by which types of companies? - ANSWERSservice,
manufacturing, and merchandising businesses
overhead is a significant portion of total costs
