Acct 202 exam - Study guides, Class notes & Summaries

Which of the following is a focus of managerial accounting? - to provide information to business managers to assist them in controlling their businesses Managerial accounting focuses on providing information for internal planning and control. - True The cost of direct materials cannot easily be traced to the manufactured product, and therefore, it is a component of manufacturing overhead. - False Manufacturing overhead includes all manufacturing costs, such as direct labor and direct materi...

4) O&G Company manufactures console tables and uses an activity−based costing system. Each console table consists of 30 separate parts totaling $250 in direct materials, and requires 5.0 hours of machine time to produce. Additional information follows: Activity - Allocation Base - Cost Allocation Rate Materials handling - Number of parts - $2.00 per part Machining - Machine hours - $4.70 per machine hour Assembling - Number of parts - $3.00 per part Packaging - Number of finished units ...

Kahn Company's static budget was based on sales volume of 12,000 units. Its flexible budget was based on sales volume of 14,000 units. Based on this information - the (variable cost) labor cost volume variance is expected to be unfavorable. Capilla Company experienced a favorable sales volume variance and an unfavorable sales price flexible budget variance. Which of the following is a logical explanation for these variances? - The company reduced its sales price and therefore sold more ite...

Which of the following is a focus of managerial accounting? - to provide information to business managers to assist them in controlling their businesses Managerial accounting focuses on providing information for internal planning and control. - True The cost of direct materials cannot easily be traced to the manufactured product, and therefore, it is a component of manufacturing overhead. - False

ACCT 212 Week 8 Final Exam With Rationale

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What adjustment must be made when converting net income to net cash provided by operating activities using the indirect method? - increases in inventory and prepaid expenses must be deducted What is the primary purpose of the statement of cash flows? - to provide information about a company's cash receipts and cash payments during a reporting period Determine the ending cash balance for Court Corporation if the net cash provided by operating activities is $31,000, net cash used by investi...

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