ACCT 212 Midterm Week 4

ACCT 505 Practice Midterm Page 1 1. Indirect labor is a part of a prime cost. b conversion cost. - c period cost. d nonmanufacturing cost. Answer: B Explanation: Conversion costs are all m anufacturing costs other than direct materials cost. 2. Prime cost and conversion cost share what common element of total cost? A Direct materials B Direct labor -- C Variable overhead D Variable overhead Answer: B Explanation: Prime costs and conversion costs have direct labor cost as an overlapping item. For...

ACCT 212 Midterm Exam

1. TheItermIGAAPIstandsIfor: - GenerallyIAcceptedIAccountingIPrinciples 2. FinancialIaccountingIservesIwhichIprimaryIfunction(s)? I. MeasuresIbusinessIactivities. II. CommunicatesIbusinessIactivitiesItoIinterestedIparties. III. MakesIbusinessIdecisionsIonIbehalfIofIinterestedIparties. - I.IandIII. 3. WhichIofItheIfollowingIrepresentsIanIobligationIofItheIcompany? - Liabilities 4. WhichIbodyIhasItheIprimaryIresponsibilityIforItheIestablishmentIofIGenerallyIAcceptedIAccountingIPrinciples?...

ACCT 505 - Test Bank-Managerial Accounting/ACCT 505 - Test Bank-Managerial Accounting. True/False Questions 1. Although financial and managerial accounting differ in many ways, they are similar in that both rely on the same underlying financial data. Answer: True Level: Medium LO: 1 2. Managerial accounting is a branch of financial accounting and serves essentially the same purposes as financial accounting. Answer: False Level: Medium LO: 1 3. Managerial accounting places greater emphasis on the...

ACCT 304 Final Exam Sunday, February 10:05 AM Page: 1 2 3 Question 1. Question : (TCO 1) The FASB's standard-setting process includes, in the correct order, Question 2. Question : (TCO 1) When a registrant company submits its annual filing to the SEC, it uses Question 3. Question : (TCO 2) SFAC No. 5 focuses on Question 4. Question : (TCO 2) Net income equals Question 5. Question : (TCO 3) A sale on account would be recorded by debiting revenue. crediting assets. crediting liabilities. debiting...

ACCT 212 WEEK 8 FINAL EXAM

ACCT 212 WEEK 8 FINAL EXAM

DEVRY UNIVERSITY ACCT 555 FINAL EXAM. QUESTIONS AND ANSWERS. (Graded A)