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[Show more]ACC 212 EXAM 4 QUESTIONS AND CORRECT ANSWERS PACKAGE DEAL
[Show more]Recognition - ANS The process of recording an item in the financial statements as an asset, a liability, a revenue, an expense, or the like 
 
Historical Cost - ANS The amount paid for an asset and used as a basis for recognizing it on the balance sheet and carrying it on later balance sheets ...
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Add to cartRecognition - ANS The process of recording an item in the financial statements as an asset, a liability, a revenue, an expense, or the like 
 
Historical Cost - ANS The amount paid for an asset and used as a basis for recognizing it on the balance sheet and carrying it on later balance sheets ...
If the factory overhead is overapplied, then: (Check all that apply.) 
applied overhead costs > actual overhead costs. 
 
the Factory Overhead account has a credit balance. 
 
 
Match the following activities to their effect on the general ledger accounts. 
Allocate indirect labor - Credit Factor...
Preview 1 out of 3 pages
Add to cartIf the factory overhead is overapplied, then: (Check all that apply.) 
applied overhead costs > actual overhead costs. 
 
the Factory Overhead account has a credit balance. 
 
 
Match the following activities to their effect on the general ledger accounts. 
Allocate indirect labor - Credit Factor...
for a merchandising company - ANS the income statement reports the cost of the inventory sold During the period 
 
another term for gross profit - ANS gross margin 
 
a periodic inventory system - ANS D all of the above, is used for inexpensive Goods, is not an expensive to maintain, does n...
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Add to cartfor a merchandising company - ANS the income statement reports the cost of the inventory sold During the period 
 
another term for gross profit - ANS gross margin 
 
a periodic inventory system - ANS D all of the above, is used for inexpensive Goods, is not an expensive to maintain, does n...
Activity-Based Costing (ABC) - ANS A two-stage costing method in which overhead costs are assigned to products on the basis of the activities they require. 
 
Activity - ANS An event that causes the consumption of overhead resources. 
 
Activity Cost Pool - ANS A "bucket" in which costs a...
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Add to cartActivity-Based Costing (ABC) - ANS A two-stage costing method in which overhead costs are assigned to products on the basis of the activities they require. 
 
Activity - ANS An event that causes the consumption of overhead resources. 
 
Activity Cost Pool - ANS A "bucket" in which costs a...
what is created when companies... 
-Buys goods and services on credit 
-Obtains short-term loans 
-Issues long-term debt - ANS liabilities! 
 
short-term obligations that will be paid with current assets within the company's current operating cycle or within one year of the balance sheet date, w...
Preview 2 out of 6 pages
Add to cartwhat is created when companies... 
-Buys goods and services on credit 
-Obtains short-term loans 
-Issues long-term debt - ANS liabilities! 
 
short-term obligations that will be paid with current assets within the company's current operating cycle or within one year of the balance sheet date, w...
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