ACCT 526 EXAM BUNDLE(COMPLETE PACKAGE)Questions & Answers 100% Correct

Identify a true statement about the controller of an organization. a.The controller has only indirect responsibility for an organization's basic objectives. b.The controller participates in the decision-making activity of managerial accounting. c.The controller has full authority over the manage...

Describe a financial accountant. - ANSWERSprovides historical information to external users in accordance with GAAP Describe a managerial accountant. - ANSWERS- provides detailed financial information and nonfinancial information to internal users for decision making, planning, and control purpos...

product costs - ANSWERSconsist of the three elements of manufacturing cost: DM, DL, MOH period costs - ANSWERScosts that are expenses in the period in which they are incurred income statement - ANSWERSwhere are the period costs found manufacturing overhead - ANSWERScosts that cannot be prac...

Managerial accounting is the provision of accounting for a company's external users.T or F? - ANSWERSFalse Providing an analysis for a company regarding adding a particular product line, retracting sales markets, or dealing with risks or opportunities are some of the responsibilities of manageri...

All of the following are steps outlined by the Institute of Management Accountants (IMA) for resolving ethical conflicts except: Select one: a. None of these b. following the policies of the organization for resolving ethical conflicts c. consulting an objective advisor such as an attorney d. ...

The process of choosing among competing alternatives is called - ANSWERSdecision making Adriana Alvarado has decided to purchase a personal computer. She has narrowed the choices to two: Drantex and Confiar. Both brands have the same processing speed, 6.4 gigabytes of hard-disk capacity, two USB ...

True or False: Managerial accounting is the provision of accounting for a company's external users. - ANSWERSfalse True or False: Providing an analysis for a company regarding adding a particular product line, retracting sales markets, or dealing with risks or opportunities are some of the res...

Which of the following would not require an adjustment to net income under the indirect method? - ANSWERSPurchase of land Visual Manufacturing produces two types of cameras: 35mm and digital. The cameras are produced using one continuous process. Four activities involved in the production have be...

Alpha Inc. manufactures electronic gadgets. Last month, direct materials costing $500,000 were put into production. Direct labor of $600,000 was incurred, manufacturing overhead equaled $400,000, and selling and administrative costs totaled $500,000. The company manufactured 10,000 electronic gadget...

The work of factory employees that can be physically and conveniently associated with converting raw materials into finished goods. - ANSWERSDirect Labor Work of factory employees that has no physical association with the finished product, or it is impractical to trace the costs to the goods prod...

Production costs do not include - ANSWERSAll of these are production costs (DM, Fixed manufacturing overhead, DL and variable manufacturing overhead) The costs of a job are accounted for on the - ANSWERSJob-order cost sheet ___ activities are unnecessary activities. - ANSWERSNonvalue added ...

cost behavior - ANSWERSthe general term for describing whether and how a cost changes when the level of output changes cost driver - ANSWERSis a casual factor that measures the output of the activity that leads (or causes) costs to change relevant range - ANSWERSis the range of output over whi...

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 procedures is that: - ANSWERSoverhead is an indirect cost which cannot be t...

Budget - ANSWERSa detailed plan, expressed in quantitative terms, that specifies how resources will be acquired and used during a given period of time Capital expenditure budget - ANSWERSshows dollar amounts estimated to be spent to purchase additional plant assets the company will use to carry o...