Acc 241 exam 3 - Study guides, Class notes & Summaries

acc 241 exam 1 3-4 Study Guide with Complete Solutions process costing - ️️ Correct-mass production of identical products, produced with uniform steps or processes, averages costs across all units produced (cereal or light bulbs) job costing - ️️ Correct-unique custom order products, small batches of different products, professional services, orders, batches and client engagements are jobs, costs for each job are accumulated (commercial buildings) inventory flow - ️️ Correct-...

ACC 241 - Exam 3 CH 9, 10, 11 Practice Questions and Answers Budgeting assists management in which of the following areas? - ️️ Correct-- Motivation -Planning and setting objectives -Performance measurement Which of the following is an advantage of the budgeting process? - ️️ Correct-- Budgeting provides a standard for performance evaluation -Budgeting provides resource information for decision making -Budgeting improves communication and coordination within the organization Wh...

ACC 241 -Exam II Practice Q's Ch. 7, 8, 12 Study Guide with Valid Solutions At the breakeven point, contribution margin equals revenue. True False - ️️ Correct-False If there is little or no relationship between the cost and the volume, the data points on a scatter plot will appear almost as a straight line. True False - ️️ Correct-False Operating leverage is the use of fixed cost to extract higher percentage changes in profits as sales activity changes. True False - ️️ ...

ACC 241 Final Exam Questions and Answers | 100% Pass What are the three responsibilities of managers? - ️️ Correct-1. Plan 2. Direct 3. Control Planning - ️️ Correct-Setting up goals and objectives and then developing strategies to obtain those goals. Directing - ️️ Correct-Overseeing the company's day-to-day operations. Controlling - ️️ Correct-Evaluating results against the plan and then making necessary adjustments. What are the characteristics of managerial account...

ACC 241 Exam 1 Questions and Answers | 100% Pass Management Accounting - ️️ Correct-a profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization's strategy What are the 3 primary responsibilities of managerial accounting? - ️️ Correct-1. planning 2. directing 3. controlling decisio...

ACC 241 Exam 2 Questions and Answers | 100% Pass If the sale price per unit decreases and variable costs per unit remain the same, what will be the effect on the contribution margin ratio? A. It will remain the same B. It will decrease C. It will increase D. It is impossible to determine with the given information - ️️ Correct-B. It will decrease If the contribution margin ratio increases A. price must have decreased B. the variable cost ratio decreases C. the break-even point in...

ACC 241 Exam 1 With Correct Questions And Answers 2024

ACC 241 Exam 1 Questions and Answers | 100% Pass The main focus of managerial accounting is: - ️️ Correct-decision making What are objectives of Management accounting? - ️️ Correct-1. to provide information for planning, controlling, evaluating and continuous improvement 2. to provide information for decision making 3. to provide information for costing of services, products, and other objects of interest to management What is TRUE about managerial accounting? - ️️ Correct-ma...

ACC 241 BYU FINAL EXAM STUDY GUIDE WITH COMPLETE SOLUTIONS Lesson 16: Self Check Explain how the facts in Ginn must change for a court to conclude that there was an agency relationship between the unknown patron and the nightclub. - ️️ Correct-Note the definition of agency earlier in this chapter. It requires "assent" (agreement) on the part of the principal (the manager) and the patron (agent) that the agent will act for the principal. There are no magic words, but the following wo...

Master Budget - correct answer - Used to communicate management's plans for the upcoming period throughout the organization. - Used to allocate a company's resources and coordinate its activities. Budget Committee - correct answer Group of senior level managers responsible for developing budgeting policies and overseeing the budget preparation process. - President and VP in charge of sales, production, and purchasing. Budget Order - correct answer 1. Sales 2. Produc...