Acc 241 Study guides, Class notes & Summaries

ACC 241 FINAL Exam Questions And Answers (Verified And Updated) Agent isn't liable as long as... - answerPrinicpal is fully disclosed If a principal is partially disclosed: - answerBoth agent and principal are liable If a principal is undisclosed - answerBoth agent and principal can be liable The principal is undisclosed. Who is going to be liable if this contract is breached? - answerBoth agent and principal could be liable Principal hires a minor to make contracts on behalf of the prin...

A favorable direct labor efficiency variance and an unfavorable direct labor rate variance might indicate which of the following? A) Unskilled workers using more actual hours than standard, paid at a higher rate per hour than the standard rate B) Unskilled workers using less actual hours than standard, paid a lesser rate per hour than the standard rate C) Skilled workers using less actual hours than standard, paid at a higher rate per hour than the standard rate D) Skilled workers us...

Budget Committee 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 and approval. Cost Center A cost center is a business unit that is only responsible for the costs that it incurs. The manager of a cost center is not responsible for revenue generation or asset usage. The performance of a cost center is usually evaluated through the comparison of budgeted to a...

ACC 241 (BASED ON ACCOUNTING,ECONOMICS AND FINANCE) STUDY GUIDE

__ should be selected for use in calculating the variable cost per unit and the total fixed costs when using the high-low method. - answerhighest volume and the lowest volume. Pelicans Ice is a snow cone stand near the local park. To plan for the future, Pelicans Ice wants to determine its cost behavior patterns. It has the following information available about its operating costs and the number of snow cones served. Month Number of snow cones Total operating costs January 6,400 $5,98...

Agent isn't liable as long as...Prinicpal is fully disclosed If a principal is partially disclosed:Both agent and principal are liable If a principal is undisclosedBoth agent and principal can be liable The principal is undisclosed. Who is going to be liable if this contract is breached?Both agent and principal could be liable Principal hires a minor to make contracts on behalf of the principal. When the contract goes bad, principal tries to get out of it by saying that the agent was a ...

If all direct materials are added at the end of the production process, and the units have made it 50% of the way through the production process, then the percentage completion for direct materials is0% Flying High Manufacturing produces frisbees using a threeminus step sequential process that includes molding, coloring and finishing. When the frisbees and associated costs are transferred from the molding process to the coloring process, which account is credited?WIP Inventory-Moldi...

ACC 241 Exam 1 With Correct Questions And Answers 2024

Costs of Quality (COQ) As part of TQM, many companies prepare costs of quality reports. Costs of quality reports categorize and list the costs incurred by the company related to quality. Once managers know the extent of their costs of quality, they can start to identify ways for the company to improve quality while at the same time controlling costs. Quality-related costs generally fall into four different categories: prevention costs, appraisal costs, internal failure costs, and external ...