Acnt 2402 - Study guides, Class notes & Summaries
Looking for the best study guides, study notes and summaries about Acnt 2402? On this page you'll find 35 study documents about Acnt 2402.
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ACNT 2402Chapter 08 - Study Guide Questions and Answers(2022/2023)
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Chapter 8 – Flexible Budgets, Standard Costs, and Variance 
Analysis Study Guide 
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 mana...
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ACNT 2402Chapter 03 - Study Guide
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Chapter 03 -- Activity-Based Costing - Study Guide 
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 a...
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ACNT 2402Chapter 03 - Study Guide
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Chapter 03 -- Activity-Based Costing - Study Guide 
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 a...
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ACNT 2402 Chapter 02 -Questions and Answers 2023& study guide with complete solution
- Exam (elaborations) • 26 pages • 2023
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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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ACNT 2402Chapter 07 - Study Guide Questions and Answers(2022/2023)
- Other • 21 pages • 2023
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Chapter 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 ...
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ACNT 2402 Chapter 07 -Questions and Answers 2023& study guide with complete solution
- Exam (elaborations) • 21 pages • 2023
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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 that all managers are acting 
together. 
FALSE 
...
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ACNT 2402Chapter 06 - Study Guide
- Other • 11 pages • 2023
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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 2402Chapter 04 - Study Guide Questions and Answers(2022/2023)
- Other • 12 pages • 2023
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Chapter 04 -- Process Costing – Study Guide 
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: 
...
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ACNT 2402Chapter 05 - Study Guide
- Other • 8 pages • 2023
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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 2402Chapter 01 - Study Guide Questions and Answers(2022/2023)
- Other • 11 pages • 2023
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Page 1 of 11 
Chapter 01 
Managerial Accounting and Cost Concepts 
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 mater...
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