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BEC B3 Exam Questions & Answers 2024/2025 $8.99   Add to cart

Exam (elaborations)

BEC B3 Exam Questions & Answers 2024/2025

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  • BEC B3
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  • BEC B3

BEC B3 Exam Questions & Answers 2024/2025 What are product costs? - ANSWERSPRODUCT COSTS ARE INVENTORY/INVENTORIABLE COSTS Assets that remain on the B/S until they are sold all costs associated with mfg. a product FORMULA: product cost - ANSWERSDM + DL + MOH What are period cost...

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  • August 11, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BEC B3
  • BEC B3
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BEC B3 Exam Questions & Answers
2024/2025

What are product costs? - ANSWERSPRODUCT COSTS ARE INVENTORY/INVENTORIABLE COSTS



Assets that remain on the B/S until they are sold



all costs associated with mfg. a product



FORMULA:



product cost - ANSWERSDM + DL + MOH



What are period costs? - ANSWERSNON INVENTORIABLE



they are costs expensed in the period that they occur



ONLY ON I/S



Ex: debt financing, SG&A, salaries of HR, interest, depreciation



What are manufacturing costs? - ANSWERSthey are also product costs (inventoriable)



ALL INDIRECT AND DIRECT COSTS



What is the difference between direct costs and indirect costs? - ANSWERSdirect costs (DM, DL) are
traceable

, indirect costs (mostly MOH) are not traceable and can be allocated using traditional or activity based
costing



FORMULA:



conversion costs - ANSWERSDL + FOH



FORMULA:



prime costs - ANSWERSDM + DL



What are non-manufacturing costs/ - ANSWERScosts that all period costs (noninventoriable)



don't relate to the manufacturing of a product

ex: SG&A



MOH includes - ANSWERSboth direct and indirect costs



Indirect costs include - ANSWERSMOH, any OH, IL (jannetorial staff, trainings), other (rent, utilities,
depreciation)



What is the relevant range? - ANSWERSthe range for which the assumptions of the cost driver are valid



What is a cost driver? - ANSWERSactivities that cause costs to increase as activity increases



can be financial or nonfinancial



nonfinancial would be DL hours, machine hours, etc.

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