ACCT 526 Final Exam- ACCT526-850_ Comprehensive Final Exam Questions and Answers
50 views 0 purchase
Course
Accounting
Institution
Accounting
ACCT526-850_010-
Question 1
Correct
Mark 3.00 out of 3.00
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 proce...
Question 1 Overhead costs are assigned to production using an overhead application rate,
Correct 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
Mark 3.00 out
that:
of 3.00
Select one:
a. overhead is an indirect cost which cannot be traced easily
and directly to specific units of product
b. independent of both the number and the type of products
manufactured and also independent of the amount of overhead
costs incurred
c. traceable directly to the products manufactured but
independent of the amount of overhead costs incurred
d. independent of the type and number of units manufactured
but a casual factor in the amount of overhead cost incurred
Your answer is correct.
The correct answer is: overhead is an indirect cost which cannot be traced
easily and directly to specific units of product
,Comprehensive Final Exam Page 2 of 27
Question 2
Correct
An advantage of using regression analysis over the high-low and scattergraph
methods is that
Mark 3.00 out
of 3.00
Select one:
a. neither: regression analysis is less costly to implement than
high-low or scattergraph methods or is a more precise approach
than the high-low or scattergraph methods
b. regression analysis is less costly to implement than
high-low or scattergraph methods
c. regression analysis is a more precise approach than the
high-low or scattergraph methods
d. both: regression analysis is less costly to implement than
high-low or scattergraph methods and is a more precise
approach than the high-low or scattergraph methods
Your answer is correct.
The correct answer is: regression analysis is a more precise approach than the
high-low or scattergraph methods
Question 3
An example of a discretionary fixed cost is:
Correct
Mark 3.00 out Select one:
of 3.00 a. depreciation of buildings and equipment
b. insurance
c. management training
d. taxes on real estate
Your answer is correct.
The correct answer is: management training
, Comprehensive Final Exam Page 3 of 27
Question 4
Tucker, Inc collected the following production data for the past month:
Correct
Mark 3.00 out
of 3.00
Units Produced Total Cost
1,600 $22,000
1,300 19,000
1,500 22,500
1,100 16,500
If the high-low method is used, what is the monthly total cost equation?
Select one:
a. Total cost = $5,500 + $10/unit
b. Total cost = $0 + $15/unit
c. Total cost = $4,400 + $11/unit
d. Total cost = $3,300 + $12/unit
Your answer is correct.
The correct answer is: Total cost = $4,400 + $11/unit
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TESTSOURCE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.55. You're not tied to anything after your purchase.
