Study guides, Class notes & Summaries

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...

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...

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...

a. deal with the economic events of an enterprise. - answerFinancial and managerial accounting are similar in that both: a. deal with the economic events of an enterprise. b. produce general-purpose reports. c. have the same primary users. d. have reports that are prepared quarterly and annually. c. the product is sold. - answerProduct costs are expenses on the income statement when: a. the product completes the manufacturing process. b. the order is received for the product. c. the pro...

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...

2024 ACCT 526 FINAL Overhead costs are assigned to production using an overhead application rate, whereas no such application rate is used to assign the costs of direct materials and direct labor to production. the reason for this difference in procedures is that: - ️️ - overhead is an indirect cost which cannot be traced easily and directly to specific units of a product an advantage of using regression analysis over the high low and scattergraph methods is that - ️️ - regression ...

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...

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...

g raw materials into finished goods. manufacturing overhead - answeridentify: Factory supervisor's salary period costs - answeridentify: Supplies for the general office direct materials - answeridentify: Rubber latex purchased for the use in the manufacture of automobile tires period costs - answeridentify: advertising manufacturing overhead - answeridentify: Rent on factory equipment period costs - answeridentify: Utility cost for the store period costs - answeridentify: Salary paid to...