ACNT 2402
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Accounting Test Bank /ACNT 2402 Chapter 01 to chapter 12 Questions and Answers 2023& study guide with complete solution
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Accounting Test Bank /ACNT 2402 Chapter 01 to chapter 12 Questions and Answers 2023& study guide with complete solution
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ACNT 2402 Chapter 04 -- Process Costing – Questions and Answers 2023& study guide with complete solution
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1. When materials are purchased in a process costing system, a materials account is 
debited with the cost of the materials. 
TRUE 
2. Costs are accumulated by department in a process costing system. 
TRUE 
3. The following journal entry would be made in a processing costing system when 
units that have been completed with respect to the work done in Processing 
Department Z are transferred from Processing Department Z to Processing 
Department Y: 
Work in Process, Department 
Z 
XX 
X 
Work in ...
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ACNT 2402 Chapter 07 -- Master Budgeting – Questions and Answers 2023& study guide with complete solution
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hapter 07 -- Master Budgeting – Study Guide 
1. The cash budget is usually prepared after the budgeted income statement. 
FALSE 
2. The manufacturing overhead budget is typically prepared before the production budget. 
FALSE 
3. Self-imposed budgets prepared by lower-level managers should be scrutinized by higher 
levels of management. 
TRUE 
4. The basic idea underlying responsibility accounting is that each manager should be held 
responsible for the overall profit of the company to ensure t...
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ACNT 2402 Chapter 12 -- Statement of Cash Flows – Study Guide
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Chapter 12 -- Statement of Cash Flows – Study Guide 
1. Collecting the principal on a loan to another company would be reported on the 
investing activities section of the statement of cash flows. 
TRUE 
2. Money received from issuing bonds payable would be included as part of a 
company's financing activities on the statement of cash flows. 
TRUE 
3. The collection of a loan made to a supplier would be treated as an investing 
activity on a statement of cash flows. 
TRUE 
4. Paying taxes to ...
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ACNT 2402 Chapter 06 -Questions and Answers 2023& study guide with complete solution
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Chapter 06 -- Variable Costing and Segment Reporting: Tools for 
Management – Study Guide 
1. Under variable costing, variable production costs are not treated as product costs. 
FALSE 
2. Under variable costing, fixed manufacturing overhead cost is not treated as a product 
cost. 
TRUE 
3. Under variable costing, product costs consist of direct materials, direct labor, and variable 
manufacturing overhead. 
TRUE 
4. The costs assigned to units in inventory are typically lower under variable c...
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ACNT 2402 Chapter 02 -Questions and Answers 2023& study guide with complete solution
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1. The use of a predetermined overhead rate in a job-order cost system makes it possible to 
compute the total cost of a job before production is begun. 
FALSE 
2. If direct labor-hours is used as the allocation base in a job-order costing system, but 
overhead costs are not caused by direct-labor hours, then jobs with high direct labor 
requirements will tend to be undercosted relative to jobs with low direct labor 
requirements. 
FALSE 
3. The formula for computing the predetermined overhead r...
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Chapter 05 - Questions and Answers 2023& study guide with complete solution
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Chapter 05 -- Cost-Volume-Profit Relationships – Study Guide 
1. Incremental analysis is generally the most complicated and least direct approach 
to decision making. 
TRUE 
2. One assumption in CVP analysis is that the number of units produced and sold 
does not change. 
FALSE 
3. Reynold Enterprises sells a single product for $25. The variable expense per unit is 
$15 and the fixed expense per unit is $5 at the current level of sales. The 
company's net operating income will increase by $10...
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ACNT 2402 Chapter 03 -- Activity-Based Costing - Questions and Answers 2023& study guide with complete solution
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1. Batch-level activities are performed each time a batch of goods is processed. The cost of a 
batch-level activity is proportional to the number of units in the batch. 
FALSE 
2. Activity-based costing involves a two-stage allocation process in which overhead costs are 
first assigned to departments and then allocated to products using activity measures. 
FALSE 
3. In the second-stage allocation in activity-based costing, overhead costs are allocated from 
activity cost pools to products. 
TRU...
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