ACNT 2402
Lone Star College
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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 12 -- Statement of Cash Flows Questions and Answers 2023& study guide with complete solution
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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 governmental bodies is considered a cash outflow in the...
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ACNT 2402 Chapter 05 -- Cost-Volume-Profit Relationships – Study Guide
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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 if one more unit is sold. 
TRUE 
4. One way to compute the tota...
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Chapter 01 Managerial Accounting and Cost Concepts Questions and Answers (Solved)
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1. Selling costs can be either direct or indirect costs. 
TRUE 
2. A direct cost is a cost that cannot be easily traced to the particular cost object 
under consideration. 
FALSE 
3. Property taxes and insurance premiums paid on a factory building are examples of 
period costs. 
FALSE 
4. Conversion cost equals product cost less direct labor cost. 
FALSE 
5. Thread that is used in the production of mattresses is an indirect material that is 
therefore classified as manufacturing overhead. 
TRUE ...
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ACNT 2402 Chapter 09 -- Performance Measurement in Decentralized Organizations – Study Guide
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1. Land held for possible plant expansion would not be included as an operating asset when 
computing return on investment (ROI). 
TRUE 
2. When used in return on investment (ROI) calculations, operating assets do not include 
investments in land held for future use and investments in other companies. 
TRUE 
3. A disadvantage of using ROI to evaluate performance is that it encourages the manager to 
reduce the investment in operating assets as well as increase net operating income. 
FALSE 
4. Op...
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ACNT 2402 Chapter 06 -- Variable Costing and Segment Reporting: Tools for Management – Study Guide
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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 costing than 
under absorption costing. 
TRUE 
5. Under variable costing, product cost does no...
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ACNT 2402 >Chapter 8 – Flexible Budgets, Standard Costs, and Variance Analysis Study Guide
- Exam (elaborations) • 28 pages • 2023
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1. Comparing a static planning budget to actual costs is a good way to assess 
whether variable costs are under control. 
FALSE 
2. Directly comparing a static planning budget to actual costs helps to distinguish 
between differences in costs that are due to changes in activity and differences 
that are due to how well costs were controlled. 
FALSE 
3. Fixed costs should be ignored when evaluating how well a manager has controlled 
costs. 
FALSE 
4. Fixed costs should be included in a flexible b...
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ACNT 2402 Chapter 02 Job-Order Costing- Study Guide VERIFIED 100%
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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 8 – Flexible Budgets, Standard Costs, and Variance Analysis Study Guide
- Exam (elaborations) • 28 pages • 2023
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1. Comparing a static planning budget to actual costs is a good way to assess 
whether variable costs are under control. 
FALSE 
2. Directly comparing a static planning budget to actual costs helps to distinguish 
between differences in costs that are due to changes in activity and differences 
that are due to how well costs were controlled. 
FALSE 
3. Fixed costs should be ignored when evaluating how well a manager has controlled 
costs. 
FALSE 
4. Fixed costs should be included in a flexible b...
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ACNT 2402 Chapter 10 -Questions and Answers 2023& study guide with complete solution
- Exam (elaborations) • 5 pages • 2023
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True/False 
1. Only future costs that differ between alternatives are relevant in decision making. 
Answer: T 
2. Future costs that do not differ between the alternatives in a decision are avoidable costs. 
Answer: F 
3. The book value of a machine, as shown on the balance sheet, is not relevant in a decision concerning the replacement 
of that machine by another machine. (Ignore taxes.) 
Answer: T 
4. A cost that is relevant in one decision may not be relevant in another decision. 
Answer: T 
5...
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