ACC 241 EXAM 1 Questions and
Answers | 100% Pass
T or F:
Planning, directing, and controlling are a managers 3 primary responsibilities. - ️️
Correct-True
T or F:
In a manufacturing firm, manufacturing costs and production costs are the same. - ️️
Correct-True
T or F:
If the finish...
Traditional overhead allocation methods that use unit-based cost drivers are never
accurate. - ✔️✔️Correct-False
T or F:
Cost distortion occurs when some products are over-costed while other products are
under-costed by the cost allocation system. - ✔️✔️Correct-True
T or F:
As output decreases, fixed cost per unit will also decrease. - ✔️✔️Correct-False
T or F:
The relevant range is the range of activity for which the assumed cost relationships are
valid. - ✔️✔️Correct-True
Which of the following statements correctly distinguishes between financial and
managerial accounting? - ✔️✔️Correct-Managerial accounting uses both financial and
non-financial measures of performance.
If a frozen pizza plant factory is the cost object, classify each of the following costs as
direct or indirect, respectively: property insurance, plant supervisor wages, and janitorial
supplies. - ✔️✔️Correct-All are direct
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