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ACG2071 Final Exam questions and answers
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ACG2071 Final Exam questions and answers
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ACG2071Final
Exam
Financial
Accounting
-
ANS--Financial
statements
-External
users
-Help
in
making
investing
and
lending
decisions
-GAAP
-Historical
focus
-Reliable
and
objective
-Company
as
a
whole
-Annually
and
quarterly
-Required
by
the
SEC
-CPA
audit
data
Managerial
Accounting
-
ANS--Various
use
for
internal
reports
-Internal
users
-Help
managers
plan,
direct,
and
control
operations
-Whatever
is
useful
-Future
focus
-Relevant
-Segments
and
divisions
-As
needed
-Not
required
-No
formal
audit
The
two
basic
ways
of
generating
more
profit
-
ANS--increase
revenue
-decrease
expenses
Service
companies
-
ANS--sell
intangible
services
-healthcare,
consulting,
banking
Merchandising
Companies
-
ANS--resell
tangible
products
they
purchased
from
suppliers
-walmart,
target,
bestbuy
Manufacturing
companies
-
ANS--convert
rm
into
fg
-toyota,
jellybelly
cost
object
-
ANS--anything
we
want
to
know
the
cost
of
-Being
the
president
of
FSU,
you
would
want
to
know
the
cost
of:
dining
halls,
athletic
department,
library,
dorms
direct
costs
-
ANS--can
trace
the
cost
object,
we
know
the
cost
belongs
to
the
cost
object
and
therefore
are
comfortable
with
these
costs indirect
costs
-
ANS--cannot
trace
to
the
cost
object,
so
we
must
allocate
these
costs.
They
are
related
but
not
as
clearly
as
direct
costs
cost
driver
-
ANS-dl
hours
sunk
costs
-
ANS-costs
that
have
already
happened
and
are
irrelevant
variable
-
ANS--constant
per
unit
-diff
in
total
fixed
-
ANS--diff
per
unit
-constant
in
total
dm
-
ANS-primary
materials
that
become
a
physical
part
of
the
finished
product
dl
-
ANS-compensation
for
employees
who
physically
convert
rm
into
fg
moh
-
ANS--all
manufacturing
costs
other
than
direct
materials
and
direct
labor.
In
other
words,
all
indirect
manufacturing
costs
such
as
indirect
materials,
indirect
labor
-depreciation,
insurance,
utilities
income
statement
for
service
comp
-
ANS-rev-op
exp=op
income
*op
exp:
salaries,
rent,
depreciation
income
statement
for
merch
comp
-
ANS-rev-cogs=gp
gp-op
exp=op
income
income
statement
for
manuf
comp
-
ANS-1.
beg
rm
inv+purchases/frieght
in-end
rm
inv=
DM
USED
2.
beg
wip
inv+dm
used+dl+moh-end
wip
inv=COGMANUF
3.
beg
fg
inv+cogmanuf-end
fg
inv=
cogs
4.
rev-cogs=gp
gp-op
exp=op
income
prime
cost
-
ANS-dm+dl
conversion
cost
-
ANS-dl+moh
job
costing
-
ANS--used
for
unique
or
custom
ordered
products
and
services
that
differ
in
the
amount
of
DM,
DL,
MOH
used
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