Acct 526 2024 - Study guides, Class notes & Summaries

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 purposes - planning, directing, controlling ___ establishes goal - ANSWERSPlanning ___ assesses whether goals were achieved. - ANSWERSControl Describe the hierarchy of typical organization. - ANSW...

Cost objects do not need to be considered for all business and personal decisions. T/F - ANSWERSFalse When providing cost estimates, it is essential to know the decision to which the cost object is related. T/F - ANSWERSTrue Product costs are recorded in inventory as an asset on the balance sheet and then are recorded on the income statement in the form of cost of goods sold as inventory is sold. T/F - ANSWERSTrue Some period costs are immediately recorded on the income statement as exp...

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 traced easily and directly to specific units of a product an advantage of using regression analysis over the high low and scattergraph methods is that - ANSWERSregression analysis is a more precide ...

ACCT 526 MIDTERM EXAM LATEST UPDATE 2024 QUESTIONS AND CORRECT ANSWERS GRADED A+