ACCT 526 Study guides, Class notes & Summaries
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ACCT 526 midterm Exam With Questions 100% Solved
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Utility Supplies Company applies overhead based on direct labor hours. At the beginning of 
the year, Utility Supplies Company estimates 
overhead to be $475,000, machine hours to be 100,000, and direct labor hours to be 
25,000. During September, Utility Supplies Company has 2,500 direct labor hours and 
10,000 machine hours. 
What is the predetermined overhead rate? 
a. $4.75 per machine hour 
b. None of these 
c. $19.00 per direct labor hour 
d. $90 per direct labor hour 
e. $47.50 per machin...
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ACCT 526 MidTerm Exam Questions With 100% Correct Answers
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ACCT 526 MidTerm Exam Questions 
With 100% Correct Answers 
Product costs - answerconsist of the three elements of manufacturing cost: DM, DL, MOH 
period costs - answercosts that are expenses in the period in which they are incurred 
income statement - answerwhere are the period costs found 
manufacturing overhead - answercosts that cannot be practically traced to the end product 
predetermined overhead - answerestimated cost that is used before actual overhead costs are 
known, is called 
merc...
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Cupid Admin CAR400 Exam Questions And Answers (Verified And Updated)
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ACCT 526 Midterm Exam Questions 
With 100% Correct Answers 
Describe a financial accountant. - answerprovides historical information to external users in 
accordance with GAAP 
Describe a managerial accountant. - answer- provides detailed financial information and 
nonfinancial information to internal users for decision making, planning, and control purposes 
- planning, directing, controlling 
___ establishes goal - answerPlanning 
___ assesses whether goals were achieved. - answerControl 
Desc...
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ACCT 526 Midterm Exam Questions And Answers (Updated And Verified)
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ACCT 526 Midterm Exam Questions And 
Answers (Updated And Verified) 
Period Costs - answerCosts that are matched with the revenue of a specific time period and 
charged to expense as incurred. 
Indirect Labor - answerWork of factory employees that has no physical association with the 
finished product, or it is impractical to trace the costs to the good produced. 
Product Costs - answercosts that are a necessary and integral part of producing the finished 
product 
Manufacturing Overhead - answe...
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ACCT 526 midterm Exam Questions And Answers (Updated And Verified
- Exam (elaborations) • 9 pages • 2024
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ACCT 526 midterm Exam Questions And 
Answers (Updated And Verified) 
Period costs - answerCosts that are matched with the revenue of a specific time period and 
charged to expense as incurred. 
indirect labor - answerWork of factory employees that has no physical association with the 
finished product, or it is impractical to trace the costs to the goods produced. 
product costs - answerCosts that are a necessary and integral part of producing the finished 
product. 
manufacturing overhead - ans...
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ACCT 526 MIDTERM Exam Questions With 100% Correct Answers
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ACCT 526 MIDTERM Exam Questions 
With 100% Correct Answers 
All of the following are steps outlined by the Institute of Management Accountants (IMA) for 
resolving ethical conflicts except: 
Select one: 
a. None of these 
b. following the policies of the organization for resolving ethical conflicts 
c. consulting an objective advisor such as an attorney 
d. bringing the matter to the attention of local news agencies 
e. presenting the matter to the audit committee, if a satisfactory resolution i...
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ACCT 526 Midterm Exam Questions and Answers Latest Updated 2024/2025 (GRADED A+)
- Exam (elaborations) • 19 pages • 2024
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ACCT 526 Midterm Exam Questions and Answers Latest Updated 2024/2025 (GRADED A+) Costs of completed but unsold products would be found in which account? 
Select one: 
a. nished goods inventory 
b. raw materials inventory 
c. cost of goods sold 
d. work in process inventory 
e. none of these 
The correct answer is: nished goods inventory 
Cost of goods sold: 
a. represents all costs associated with research, development, and general administration of an organization. 
b. is the cost of the pa...
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ACCT 526 Midterm Exam Questions With Correct Answers Latest Updated 2024/2025 (GRADED A+)
- Exam (elaborations) • 19 pages • 2024
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ACCT 526 Midterm Exam Questions With Correct Answers Latest Updated 2024/2025 (GRADED A+) Costs of completed but unsold products would be found in which account? 
Select one: 
a. nished goods inventory 
b. raw materials inventory 
c. cost of goods sold 
d. work in process inventory 
e. none of these 
The correct answer is: nished goods inventory 
Cost of goods sold: 
a. represents all costs associated with research, development, and general administration of an organization. 
b. is the cost ...
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ACCT 526 Midterm Exam Questions and Answers Latest Updated 2024/2025 (GRADED A+)
- Exam (elaborations) • 19 pages • 2024
-
- $13.99
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ACCT 526 Midterm Exam Questions and Answers Latest Updated 2024/2025 (GRADED A+) Costs of completed but unsold products would be found in which account? 
Select one: 
a. nished goods inventory 
b. raw materials inventory 
c. cost of goods sold 
d. work in process inventory 
e. none of these 
The correct answer is: nished goods inventory 
Cost of goods sold: 
a. represents all costs associated with research, development, and general administration of an organization. 
b. is the cost of the pa...
-
ACCT 526 MidTerm Exam Questions With 100% Correct Answers
- Exam (elaborations) • 9 pages • 2024
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- $11.49
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ACCT 526 MidTerm Exam Questions 
With 100% Correct Answers 
Product costs - answerconsist of the three elements of manufacturing cost: DM, DL, MOH 
period costs - answercosts that are expenses in the period in which they are incurred 
income statement - answerwhere are the period costs found 
manufacturing overhead - answercosts that cannot be practically traced to the end product 
predetermined overhead - answerestimated cost that is used before actual overhead costs are 
known, is called 
merc...
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