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Accounting 241- Chapter 1 Question and answers rated A+ 2025/2026 Managerial Accounting - correct answer provides economic and financial information for managers and other interal users Manager's activities and responsibilites are: - correct answer Planning, Directing, and Controlling Planning - correct answer requires managers to look ahead and to establish objectives. These objectives are often diverse: maximizing short-term profits and market share, maintaining a commitment ...

Accounting 241 - Chapter 2 Questions and answers rated A+ 2025/2026 What does accrual accounting attempt to accomplish? - correct answer Accrual accounting attempts to record the effects of accounting events in the period when such events occur, regardless of when cash is received or paid. The goal is to match expenses with the revenues that they produce. If cash is collected in advance of performing services, when is the associated revenue recognized? - correct answer If cash is colle...

ACC 241: Exam 3 Study Guide Question and answers correctly solved 2025/2026 Describe how and why managers use budgets - correct answer Helps managers determine how to use resources and estimate future costs and revenues. - Budgets are planning tools, helps quantify goals. Helps coordinate the activities of the organization. - Forces managers to plan provides information that can be used to improve decision making, provides a standard for performance evaluation, and improves communication ...

Acc 241 Quiz 2 Question and answers rated A+ 2025/2026 Period costs are - correct answer always recorded as an expense when incurred. When deciding to buy a new computer, all of the following should be considered except for the - correct answer cost of the old computer. Which of the following is an example of indirect labor in a manufacturing plant? - correct answer Plant managers Schlabig & Associates, a public accounting firm that provides business consulting to a consumer, i...

ACC 241 Final Exam Question and answers already passed 2025/2026 What are the three responsibilities of managers? - correct answer 1. Plan 2. Direct 3. Control Planning - correct answer Setting up goals and objectives and then developing strategies to obtain those goals. Directing - correct answer Overseeing the company's day-to-day operations. Controlling - correct answer Evaluating results against the plan and then making necessary adjustments.

ACC 241 Exam #1 Study Guide Question and answers verified to pass 2025/2026 Four primary responsibilities of a manager - correct answer -planning -directing -controlling -decision making Financial Accounting - correct answer -external users -aids in making credit/ investment decisions -general purpose finan

ACC 241 Exam #1 Multiple choice Question and answers 100% correct 2025/2026 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 - correct answer False (Finished Goods T-Account) Predetermined overhead rates are based on actual cost and activity data. T/F - correct answer False (Total ESTIMATED manufacturing overhead cost/Total ESTIMATED cost driver) Sinc...

ACC 241 Exam #3 Question and answers rated A+ 2025/2026 Which of the following alternatives reflects the proper order of preparing components of the master budget? 1. Production budget 2. Sales budget 3. Direct materials budget - correct answer a. 2, 3, 1 b. 1, 3, 2 *c. 2, 1, 3 d. 3, 1, 2 Which of the following is a potential disadvantage of participative budgeting? - correct answer *a. Managers may build slack into the budget b. Managers are more likely to be motivated by budge...

ACC 241 Exam 3 Question and answers 100% correct 2025/2026 1. Forces managers to plan 2. Facilitates coordination and communication within the business 3. Helps motivate personnel throughout organization to meet planned objectives 4. Provides a standard for performance evaluation - correct answer Benefits of Budgeting Budgetary Slack - correct answer the practice of managers knowingly including a higher amount of expenditures or a lower amount of revenue in a budget. Sales Bud...

ACC 241 Exam 3 ASU Question and answers verified to pass 2025/2026 Budget Committee - correct answer A group of upper managers who are responsible for overall policy matters relating to the budget program and for coordinating the preparation of the budget and its final review approval Cost Center - correct answer A business unit that is only responsible for the costs that it incurs. The manager of this unit is not responsible for revenue generation or asset usage. The performance of th...