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period costs - ANSWERSCosts that are matched with the revenue of a specific time period and charged to expense as incurred. indirect labor - ANSWERSWork of factory employees that has no physical association with the finished product, or it is impractical to trace the costs to the goods produced. ...
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Add to cartperiod costs - ANSWERSCosts that are matched with the revenue of a specific time period and charged to expense as incurred. indirect labor - ANSWERSWork of factory employees that has no physical association with the finished product, or it is impractical to trace the costs to the goods produced. ...
Identify a true statement about the controller of an organization. a.The controller has only indirect responsibility for an organization's basic objectives. b.The controller participates in the decision-making activity of managerial accounting. c.The controller has full authority over the manage...
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Add to cartIdentify a true statement about the controller of an organization. a.The controller has only indirect responsibility for an organization's basic objectives. b.The controller participates in the decision-making activity of managerial accounting. c.The controller has full authority over the manage...
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 purpos...
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Add to cartDescribe 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 purpos...
product costs - ANSWERSconsist of the three elements of manufacturing cost: DM, DL, MOH period costs - ANSWERScosts that are expenses in the period in which they are incurred income statement - ANSWERSwhere are the period costs found manufacturing overhead - ANSWERScosts that cannot be prac...
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Add to cartproduct costs - ANSWERSconsist of the three elements of manufacturing cost: DM, DL, MOH period costs - ANSWERScosts that are expenses in the period in which they are incurred income statement - ANSWERSwhere are the period costs found manufacturing overhead - ANSWERScosts that cannot be prac...
Managerial accounting is the provision of accounting for a company's external users.T or F? - ANSWERSFalse Providing an analysis for a company regarding adding a particular product line, retracting sales markets, or dealing with risks or opportunities are some of the responsibilities of manageri...
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Add to cartManagerial accounting is the provision of accounting for a company's external users.T or F? - ANSWERSFalse Providing an analysis for a company regarding adding a particular product line, retracting sales markets, or dealing with risks or opportunities are some of the responsibilities of manageri...
All of the following are steps outlined by the Institute of Management Accountants (IMA) for resolving ethical conflicts except: Select one: a. None of these b. following the policies of the organization for resolving ethical conflicts c. consulting an objective advisor such as an attorney d. ...
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Add to cartAll of the following are steps outlined by the Institute of Management Accountants (IMA) for resolving ethical conflicts except: Select one: a. None of these b. following the policies of the organization for resolving ethical conflicts c. consulting an objective advisor such as an attorney d. ...
The process of choosing among competing alternatives is called - ANSWERSdecision making Adriana Alvarado has decided to purchase a personal computer. She has narrowed the choices to two: Drantex and Confiar. Both brands have the same processing speed, 6.4 gigabytes of hard-disk capacity, two USB ...
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Add to cartThe process of choosing among competing alternatives is called - ANSWERSdecision making Adriana Alvarado has decided to purchase a personal computer. She has narrowed the choices to two: Drantex and Confiar. Both brands have the same processing speed, 6.4 gigabytes of hard-disk capacity, two USB ...
True or False: Managerial accounting is the provision of accounting for a company's external users. - ANSWERSfalse True or False: Providing an analysis for a company regarding adding a particular product line, retracting sales markets, or dealing with risks or opportunities are some of the res...
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Add to cartTrue or False: Managerial accounting is the provision of accounting for a company's external users. - ANSWERSfalse True or False: Providing an analysis for a company regarding adding a particular product line, retracting sales markets, or dealing with risks or opportunities are some of the res...
Which of the following would not require an adjustment to net income under the indirect method? - ANSWERSPurchase of land Visual Manufacturing produces two types of cameras: 35mm and digital. The cameras are produced using one continuous process. Four activities involved in the production have be...
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Add to cartWhich of the following would not require an adjustment to net income under the indirect method? - ANSWERSPurchase of land Visual Manufacturing produces two types of cameras: 35mm and digital. The cameras are produced using one continuous process. Four activities involved in the production have be...
ACCT526 Midterm Questions & Answers 100% Correct!ACCT526 Midterm Questions & Answers 100% Correct!ACCT526 Midterm Questions & Answers 100% Correct!ACCT526 Midterm Questions & Answers 100% Correct!ACCT526 Midterm Questions & Answers 100% Correct!ACCT526 Midterm Questions & Answers 100% Correct!ACCT52...
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Add to cartACCT526 Midterm Questions & Answers 100% Correct!ACCT526 Midterm Questions & Answers 100% Correct!ACCT526 Midterm Questions & Answers 100% Correct!ACCT526 Midterm Questions & Answers 100% Correct!ACCT526 Midterm Questions & Answers 100% Correct!ACCT526 Midterm Questions & Answers 100% Correct!ACCT52...
The work of factory employees that can be physically and conveniently associated with converting raw materials into finished goods. - ANSWERSDirect Labor Work of factory employees that has no physical association with the finished product, or it is impractical to trace the costs to the goods prod...
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Add to cartThe work of factory employees that can be physically and conveniently associated with converting raw materials into finished goods. - ANSWERSDirect Labor Work of factory employees that has no physical association with the finished product, or it is impractical to trace the costs to the goods prod...
Accounting 526 Questions & Answers 100% Upadted!Accounting 526 Questions & Answers 100% Upadted!Accounting 526 Questions & Answers 100% Upadted!Accounting 526 Questions & Answers 100% Upadted!Accounting 526 Questions & Answers 100% Upadted!Accounting 526 Questions & Answers 100% Upadted!Accounting 5...
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changes when the level of output changes cost driver - ANSWERSis a casual factor that measures the output of the activity that leads (or causes) costs to change relevant range - ANSWERSis the range of output over which the assumed cost relationship is valid for the normal operations of a firm ...
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Add to cartchanges when the level of output changes cost driver - ANSWERSis a casual factor that measures the output of the activity that leads (or causes) costs to change relevant range - ANSWERSis the range of output over which the assumed cost relationship is valid for the normal operations of a firm ...
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 t...
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Add to cartOverhead 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 t...
Budget - ANSWERSa detailed plan, expressed in quantitative terms, that specifies how resources will be acquired and used during a given period of time Capital expenditure budget - ANSWERSshows dollar amounts estimated to be spent to purchase additional plant assets the company will use to carry o...
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Add to cartBudget - ANSWERSa detailed plan, expressed in quantitative terms, that specifies how resources will be acquired and used during a given period of time Capital expenditure budget - ANSWERSshows dollar amounts estimated to be spent to purchase additional plant assets the company will use to carry o...
focuses on the effect of alternative courses of action on the relevant revenues and costs - ANSWERSIncremental Analysis amount of increase or decrease in revenue expected from a course of action as compared with an alternative - ANSWERSRelevant Revenue amount of increase or decrease in cost th...
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Add to cartfocuses on the effect of alternative courses of action on the relevant revenues and costs - ANSWERSIncremental Analysis amount of increase or decrease in revenue expected from a course of action as compared with an alternative - ANSWERSRelevant Revenue amount of increase or decrease in cost th...
Selling Costs - ANSWERSThe costs associated with securing and filling customers orders. Is required by GAAP for external reporting purposes. Inventory costs include direct materials, direct labor, variable overhead, and fixed overhead. - ANSWERSFull (absorption) Costing Activity-based costing ...
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Add to cartSelling Costs - ANSWERSThe costs associated with securing and filling customers orders. Is required by GAAP for external reporting purposes. Inventory costs include direct materials, direct labor, variable overhead, and fixed overhead. - ANSWERSFull (absorption) Costing Activity-based costing ...
unit-level activities - ANSWERSactivities that are performed each time a unit is produced. nonunit-level activity drivers - ANSWERSfactors that measure the consumption of nonunit-level activities by products and other cost objects. examples: - batch - product-sustaining - facility-sustai...
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Add to cartunit-level activities - ANSWERSactivities that are performed each time a unit is produced. nonunit-level activity drivers - ANSWERSfactors that measure the consumption of nonunit-level activities by products and other cost objects. examples: - batch - product-sustaining - facility-sustai...
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 sh...
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Add to cartCost 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 sh...
Overhead costs are assigned to production using an overhead application rate, whereas no such application rate is used to assign the costs of DM and DL to production. The reason for this difference in procedures is that: A. Overhead is an indirect cost which cannot be traced easily and directly t...
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Add to cartOverhead costs are assigned to production using an overhead application rate, whereas no such application rate is used to assign the costs of DM and DL to production. The reason for this difference in procedures is that: A. Overhead is an indirect cost which cannot be traced easily and directly t...
CHAPTER 7- CENGAGE PRACTICE - ANSWERS Which of the following is true of the break-even point? - ANSWERSIt is the point where total revenue equals total cost. Marc Company sells a product for $20, incurs a variable cost of $12 per unit, and has total fixed costs of $6,000. What is the per-unit ...
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Add to cartCHAPTER 7- CENGAGE PRACTICE - ANSWERS Which of the following is true of the break-even point? - ANSWERSIt is the point where total revenue equals total cost. Marc Company sells a product for $20, incurs a variable cost of $12 per unit, and has total fixed costs of $6,000. What is the per-unit ...
False - ANSWERSThe length of time it takes to produce a unit of output from the time raw materials are received (starting point) until the product is delivered to finished goods inventory (finishing point) is called responsiveness time. True - ANSWERSVelocity is the number of units of output that...
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Add to cartFalse - ANSWERSThe length of time it takes to produce a unit of output from the time raw materials are received (starting point) until the product is delivered to finished goods inventory (finishing point) is called responsiveness time. True - ANSWERSVelocity is the number of units of output that...
change in proportion to changes in volume (ex: as volume increases, total variable cost increases); cost per unit remains constant - ANSWERSvariable cost total cost stays the same when volume changes/increases; cost per unit decreases when volume increases - ANSWERSfixed cost a mathematical eq...
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Add to cartchange in proportion to changes in volume (ex: as volume increases, total variable cost increases); cost per unit remains constant - ANSWERSvariable cost total cost stays the same when volume changes/increases; cost per unit decreases when volume increases - ANSWERSfixed cost a mathematical eq...
Budgets can be improved as performance measures by: a. using fixed budgeting. b. using participative budgeting. c. setting standards that are either too high or too low. d. holding managers accountable for noncontrollable costs. - ANSWERSb. using participative budgeting. _____ is an example o...
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Add to cartBudgets can be improved as performance measures by: a. using fixed budgeting. b. using participative budgeting. c. setting standards that are either too high or too low. d. holding managers accountable for noncontrollable costs. - ANSWERSb. using participative budgeting. _____ is an example o...
A cost that is variable in nature but whose rate of change is not constant is called a: ant variable cost. etionary variable cost. -variable cost. tted variable cost. - ANSWERS-variable cost. Which of the following is an example of a variable cost for a manufacturing unit? a.Plant supervisor...
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Add to cartA cost that is variable in nature but whose rate of change is not constant is called a: ant variable cost. etionary variable cost. -variable cost. tted variable cost. - ANSWERS-variable cost. Which of the following is an example of a variable cost for a manufacturing unit? a.Plant supervisor...
ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminolog...
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Add to cartACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminology 100% Correct!ACCT 526 Final Exam Terminolog...
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