Plantwide - Study guides, Class notes & Summaries

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...

A process cost report summarizes the following process costing steps: (Check all that apply). physical flow of units equivalent units of production costs per equivalent unit of production The journal entry to record the purchase of materials on account in process cost accounting is a(n): increase in assets and an increase in liabilities True or false: Using the weighted-average method, the computation of EUP separates units into direct materials and conversion. True D...

ACC 241 EXAM 1 Questions and Answers | 100% Pass T or F: Planning, directing, and controlling are a managers 3 primary responsibilities. - ️️ Correct-True T or F: In a manufacturing firm, manufacturing costs and production costs are the same. - ️️ Correct-True T or F: If the finished goods inventory decreases between the beginning and the end of a period, then the cost of goods manufactured for the period is larger than the cost of goods sold. - ️️ Correct-False T or F: ...

Chapter 3 Product Costing and Cost Accumulation in a Batch Production Environment Answer Key True / False Questions 1. Product or service cost is a very objective number that anyone could agree on. FALSE AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Measurement Blooms: Understand Difficulty: 1 Easy Learning Objective: 03-01 Feedback True: This statement is false. Feedback False: Correct! In reality, product cost is a slippery concept. 2. Product costs ...

Test Bank For Accounting Principles 14th Edition By Jerry J. Weygandt, Paul D. Kimmel lOMoAR cPSD| Test Bank For Managerial Accounting Tools For Business Decision Making 7th Edition Jerry J Structure aanalysis 1 (Middle East University Jordan) lOMoAR cPSD| Test Bank For Managerial Accounting: Tools For Business Decision Making, 7 th Edition By Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso Solutions Manual, Instructor' s Manual, Answer key for all chapters, Oth...

What is a CMA - ANSWER A certified accountant that works for a single company What is a CPA - ANSWER typically works in an accounting firm and can have multiple companies as clients and they may perform multiple task including audits, advising, etc. CFE - ANSWER A certified fraud examiner CIA - ANSWER Certified internal auditor What is the name of the entity created by the Sarbanes-Oxley Act of 2002? - ANSWER PCAOB (public company accounting oversight board) AAA - ANSWER American ...

MANAGERIAL ACCOUNTING Question & Answers 1) A cost driver is a factor, such as machine-hours, beds occupied, computer time, or flighthours, that causes direct costs. - ANSWER: answer: FALSE Difficulty: 2 Medium Topic: Computing Predetermined Overhead Rates Learning Objective: 02-01 Compute a predetermined overhead rate. Bloom's: Understand AACSB: Reflective Thinking AICPA: BB Critical Thinking; FN Measurement 2) Job-order costing systems often use allocation bases that do not reflect h...

Chapter 02 Systems Design: Job-Order Costing True / False Questions 1. Job-order costing would be more likely to be used than process costing in situations where many different products or services are produced each period to customer specifications. True False 2. In a job-order costing system, costs are traced to departments and then allocated to units of product using an average process. True False 3. Job-order costing is used in those situations where units of a product are homogeneo...

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...

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...