...ACC 560 WK 3 Quiz 3 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-3-Quiz-3-All-Possible-Questions-19.htm ACC 560 WK 3 Quiz 3 - All Possible Questions TRUE-FALSE STATEMENTS 1. Process cost accounting focuses on the process involved in mass-producing products that are very similar in nature. 2. Process cost systems are used to apply costs to a specific job, such as the manufacturing of a specialized machine. 3. A company that produces motion pictures would likely use a process cost system. 4. In a process cost system, costs are tracked through a series of connected manufacturing processes or departments, rather than by individual jobs. 5. In a process cost system, total costs are determined at the end of a month or year. 6. Separate work in process accounts are maintained for each production department or manufacturing process in a process cost system. 7. In a process cost system, materials, labor and overhead are only added in the first production department. 8. The assignment of the three manufacturing cost elements to Work in Process in a process cost system is the same as in a job order cost system. 9. Fewer materials requisitions are generally required in a process cost system than in a job order cost system. 10. In a process cost system, labor costs incurred may be captured on time tickets. 11. A primary...
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...ACC 560 WK 3 Quiz 2 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-3-Quiz-2-All-Possible-Questions-18.htm ACC 560 WK 3 Quiz 2 - All Possible Questions TRUE-FALSE STATEMENTS 1. Cost accounting is primarily concerned with accumulating information about product costs. 2. A job order cost system is most appropriate when a large volume of uniform products are produced. 3. A process cost accounting system is appropriate for similar products that are continuously mass produced. 4. The perpetual inventory method cannot be used in a job order cost system. 5. A job order cost system and a process cost system are two alternative methods for valuing inventories. 6. A job order cost system identifies costs with a particular job rather than with a set time period. 7. A company may use either a job order cost system or a process cost system, but not both. 8. Raw Materials Inventory, Factory Labor, and Manufacturing Overhead are all control accounts in the general ledger when a job order cost accounting system is used. 9. Accumulating and assigning manufacturing costs are two important activities in a job order cost system. 10. Recording the acquisition of raw materials is a part of accumulating manufacturing costs. 11. Manufacturing costs are generally incurred in one period and recorded in a subsequent period. 12. The...
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...ACC 560 WK 2 Quiz 1 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-2-Quiz-1-All-Possible-Questions-017.htm ACC 560 WK 2 Quiz 1 - All Possible Questions TRUE-FALSE STATEMENTS 1. Reports prepared in financial accounting are general-purpose reports, whereas reports prepared in managerial accounting are usually special-purpose reports. 2. Managerial accounting information generally pertains to an entity as a whole and is highly aggregated. 3. Managerial accounting applies to all forms of business organizations. 4. Determining the unit cost of manufacturing a product is an output of financial accounting. 5. Managerial accounting internal reports are prepared more frequently than are classified financial statements. 6. The management function of organizing and directing is mainly concerned with setting goals and objectives for the entity. 7. The Sarbanes-Oxley Act replaces generally accepted accounting principles in a manufacturing company. 8. Controlling is the process of determining whether planned goals are being met. 9. Decision-making is an integral part of the planning, directing, and controlling functions. 10. Direct materials costs and indirect materials costs are manufacturing overhead. 11. Manufacturing costs that cannot be classified as direct materials or direct labor are classified...
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...ACC 560 WK 5 Quiz 5 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-5-Quiz-5-All-Possible-Questions-021.htm ACC 560 WK 5 Quiz 5 - All Possible Questions TRUE-FALSE STATEMENTS 1. An activity index identifies the activity that has a causal relationship with a particular cost. 2. A variable cost remains constant per unit at various levels of activity. 3. A fixed cost remains constant in total and on a per unit basis at various levels of activity. 4. If volume increases, all costs will increase. 5. If the activity index decreases, total variable costs will decrease proportionately. 6. Changes in the level of activity will cause unit variable and unit fixed costs to change in opposite directions. 7. For CVP analysis, both variable and fixed costs are assumed to have a linear relationship within the relevant range of activity. 8. The relevant range of activity is the activity level where the firm will earn income. 9. Costs will not change in total within the relevant range of activity. 10. The high-low method is used in classifying a mixed cost into its variable and fixed elements. 11. A mixed cost has both selling and administrative cost elements. 12. The fixed cost element of a mixed cost is the cost of having a service available. 13. For planning purposes, mixed costs are...
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...ACC 560 WK 2 Quiz 1 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-2-Quiz-1-All-Possible-Questions-017.htm ACC 560 WK 2 Quiz 1 - All Possible Questions TRUE-FALSE STATEMENTS 1. Reports prepared in financial accounting are general-purpose reports, whereas reports prepared in managerial accounting are usually special-purpose reports. 2. Managerial accounting information generally pertains to an entity as a whole and is highly aggregated. 3. Managerial accounting applies to all forms of business organizations. 4. Determining the unit cost of manufacturing a product is an output of financial accounting. 5. Managerial accounting internal reports are prepared more frequently than are classified financial statements. 6. The management function of organizing and directing is mainly concerned with setting goals and objectives for the entity. 7. The Sarbanes-Oxley Act replaces generally accepted accounting principles in a manufacturing company. 8. Controlling is the process of determining whether planned goals are being met. 9. Decision-making is an integral part of the planning, directing, and controlling functions. 10. Direct materials costs and indirect materials costs are manufacturing overhead. 11. Manufacturing costs that cannot be classified as direct materials or direct labor are classified...
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...ACC 560 WK 5 Quiz 5 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-5-Quiz-5-All-Possible-Questions-021.htm ACC 560 WK 5 Quiz 5 - All Possible Questions TRUE-FALSE STATEMENTS 1. An activity index identifies the activity that has a causal relationship with a particular cost. 2. A variable cost remains constant per unit at various levels of activity. 3. A fixed cost remains constant in total and on a per unit basis at various levels of activity. 4. If volume increases, all costs will increase. 5. If the activity index decreases, total variable costs will decrease proportionately. 6. Changes in the level of activity will cause unit variable and unit fixed costs to change in opposite directions. 7. For CVP analysis, both variable and fixed costs are assumed to have a linear relationship within the relevant range of activity. 8. The relevant range of activity is the activity level where the firm will earn income. 9. Costs will not change in total within the relevant range of activity. 10. The high-low method is used in classifying a mixed cost into its variable and fixed elements. 11. A mixed cost has both selling and administrative cost elements. 12. The fixed cost element of a mixed cost is the cost of having a service available. 13. For planning purposes, mixed costs are...
Words: 1544 - Pages: 7
...ACC 560 WK 9 Quiz 12 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-9-Quiz-12-All-Possible-Questions-028.htm ACC 560 WK 9 Quiz 12 - All Possible Questions TRUE-FALSE STATEMENTS 1. Capital budgeting decisions usually involve large investments and often have a significant impact on a company's future profitability. 2. The capital budgeting committee ultimately approves the capital expenditure budget for the year. 3. For purposes of capital budgeting, estimated cash inflows and outflows are preferred for inputs into the capital budgeting decision tools. 4. The cash payback technique is a quick way to calculate a project's net present value. 5. The cash payback period is computed by dividing the cost of the capital investment by the net annual cash inflow. 6. The cash payback method is frequently used as a screening tool but it does not take into consideration the profitability of a project. 7. The cost of capital is a weighted average of the rates paid on borrowed funds, as well as on funds provided by investors in the company's stock. 8. Using the net present value method, a net present value of zero indicates that the project would not be acceptable. 9. The net present value method can only be used in capital budgeting if the expected cash flows from a project are an equal amount each year. 10. By ignoring intangible...
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...ACC 560 WK 7 Quiz 9 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-7-Quiz-9-All-Possible-Questions-025.htm ACC 560 WK 7 Quiz 9 - All Possible Questions TRUE-FALSE STATEMENTS 1. Budgets are statements of management's plans stated in financial terms. 2. A benefit of budgeting is that it provides definite objectives for evaluating performance. 3. A budget can be a means of communicating a company's objectives to external parties. 4. A budget can be used as a basis for evaluating performance. 5. A well-developed budget can operate and enforce itself. 6. The budget itself and the administration of the budget are the responsibility of the accounting department. 7. Effective budgeting requires clearly defined lines of authority and responsibility. 8. The flow of input data for budgeting should be from the highest levels of responsibility to the lowest. 9. Budgets can have a positive or negative effect on human behavior depending on the manner in which the budget is developed and administered. 10. A budget can facilitate the coordination of activities among the segments of a large company. 11. The longer the budget period, the more reliable the estimates of future outcomes. 12. The budget committee has the responsibility for coordinating the preparation of the budget. 13...
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...ACC 560 WK 7 Quiz 10 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-7-Quiz-10-All-Possible-Questions-026.htm ACC 560 WK 7 Quiz 10 - All Possible Questions TRUE-FALSE STATEMENTS 1. Budget reports comparing actual results with planned objectives should be prepared only once a year. 2. If actual results are different from planned results, the difference must always be investigated by management to achieve effective budgetary control. 3. Certain budget reports are prepared monthly, whereas others are prepared more frequently depending on the activities being monitored. 4. The master budget is not used in the budgetary control process. 5. A master budget is most useful in evaluating a manager's performance in controlling costs. 6. A static budget is one that is geared to one level of activity. 7. A static budget is changed only when actual activity is different from the level of activity expected. 8. A static budget is most useful for evaluating a manager's performance in controlling variable costs. 9. A flexible budget can be prepared for each of the types of budgets included in the master budget. 10. A flexible budget is a series of static budgets at different levels of activities. 11. Flexible budgeting relies on the assumption that unit variable costs will remain constant within the relevant...
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...ACC 560 WK 9 Quiz 12 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-9-Quiz-12-All-Possible-Questions-028.htm ACC 560 WK 9 Quiz 12 - All Possible Questions TRUE-FALSE STATEMENTS 1. Capital budgeting decisions usually involve large investments and often have a significant impact on a company's future profitability. 2. The capital budgeting committee ultimately approves the capital expenditure budget for the year. 3. For purposes of capital budgeting, estimated cash inflows and outflows are preferred for inputs into the capital budgeting decision tools. 4. The cash payback technique is a quick way to calculate a project's net present value. 5. The cash payback period is computed by dividing the cost of the capital investment by the net annual cash inflow. 6. The cash payback method is frequently used as a screening tool but it does not take into consideration the profitability of a project. 7. The cost of capital is a weighted average of the rates paid on borrowed funds, as well as on funds provided by investors in the company's stock. 8. Using the net present value method, a net present value of zero indicates that the project would not be acceptable. 9. The net present value method can only be used in capital budgeting if the expected cash flows from a project are an equal amount each year. 10. By ignoring intangible...
Words: 1773 - Pages: 8
...ACC 560 WK 7 Quiz 9 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-7-Quiz-9-All-Possible-Questions-025.htm ACC 560 WK 7 Quiz 9 - All Possible Questions TRUE-FALSE STATEMENTS 1. Budgets are statements of management's plans stated in financial terms. 2. A benefit of budgeting is that it provides definite objectives for evaluating performance. 3. A budget can be a means of communicating a company's objectives to external parties. 4. A budget can be used as a basis for evaluating performance. 5. A well-developed budget can operate and enforce itself. 6. The budget itself and the administration of the budget are the responsibility of the accounting department. 7. Effective budgeting requires clearly defined lines of authority and responsibility. 8. The flow of input data for budgeting should be from the highest levels of responsibility to the lowest. 9. Budgets can have a positive or negative effect on human behavior depending on the manner in which the budget is developed and administered. 10. A budget can facilitate the coordination of activities among the segments of a large company. 11. The longer the budget period, the more reliable the estimates of future outcomes. 12. The budget committee has the responsibility for coordinating the preparation of the budget. 13...
Words: 1554 - Pages: 7
...ACC 560 WK 7 Quiz 10 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-7-Quiz-10-All-Possible-Questions-026.htm ACC 560 WK 7 Quiz 10 - All Possible Questions TRUE-FALSE STATEMENTS 1. Budget reports comparing actual results with planned objectives should be prepared only once a year. 2. If actual results are different from planned results, the difference must always be investigated by management to achieve effective budgetary control. 3. Certain budget reports are prepared monthly, whereas others are prepared more frequently depending on the activities being monitored. 4. The master budget is not used in the budgetary control process. 5. A master budget is most useful in evaluating a manager's performance in controlling costs. 6. A static budget is one that is geared to one level of activity. 7. A static budget is changed only when actual activity is different from the level of activity expected. 8. A static budget is most useful for evaluating a manager's performance in controlling variable costs. 9. A flexible budget can be prepared for each of the types of budgets included in the master budget. 10. A flexible budget is a series of static budgets at different levels of activities. 11. Flexible budgeting relies on the assumption that unit variable costs will remain constant within the relevant...
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...ACC 560 WK 6 Quiz 8 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-6-Quiz-8-All-Possible-Questions-024.htm ACC 560 WK 6 Quiz 8 - All Possible Questions TRUE-FALSE STATEMENTS 1. In most cases, a company sets the price instead of it being set by the competitive market. 2. In a competitive market, a company is forced to act as a price taker and must emphasize minimizing and controlling costs. 3. The difference between the target price and the desired profit is the target cost of the product. 4. In a competitive environment, the company must set a target cost and a target selling price. 5. The cost-plus pricing approach establishes a cost base and adds a markup to this base to determine a target selling price. 6. The cost-plus pricing model gives consideration to the demand side—whether customers will pay the target selling price. 7. Sales volume plays a large role in determining per unit costs in the cost-plus pricing approach. 8. In time-and-material pricing, the material charge is based on the cost of direct materials used and a material loading charge for related overhead costs. 9. The first step for time-and-material pricing is to calculate the material loading charge. 10. The material loading charge is expressed as a percentage of the total estimated cost of materials for the year. 11. Divisions...
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...ACC 560 WK 6 Quiz 8 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-6-Quiz-8-All-Possible-Questions-024.htm ACC 560 WK 6 Quiz 8 - All Possible Questions TRUE-FALSE STATEMENTS 1. In most cases, a company sets the price instead of it being set by the competitive market. 2. In a competitive market, a company is forced to act as a price taker and must emphasize minimizing and controlling costs. 3. The difference between the target price and the desired profit is the target cost of the product. 4. In a competitive environment, the company must set a target cost and a target selling price. 5. The cost-plus pricing approach establishes a cost base and adds a markup to this base to determine a target selling price. 6. The cost-plus pricing model gives consideration to the demand side—whether customers will pay the target selling price. 7. Sales volume plays a large role in determining per unit costs in the cost-plus pricing approach. 8. In time-and-material pricing, the material charge is based on the cost of direct materials used and a material loading charge for related overhead costs. 9. The first step for time-and-material pricing is to calculate the material loading charge. 10. The material loading charge is expressed as a percentage of the total estimated cost of materials for the year. 11. Divisions...
Words: 1759 - Pages: 8
...ACC 560 WK 6 Quiz 7 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-6-Quiz-7-All-Possible-Questions-023.htm ACC 560 WK 6 Quiz 7 - All Possible Questions TRUE-FALSE STATEMENTS 1. An important step in management's decision-making process is to determine and evaluate possible courses of action. 2. In making decisions, management ordinarily considers both financial and nonfinancial information. 3. In incremental analysis, total variable costs will always change under alternative courses of action, and total fixed costs will always remain constant. 4. Accountants are mainly involved in developing nonfinancial information for management's consideration in choosing among alternatives. 5. Decision-making involves choosing among alternative courses of action. 6. Financial data are developed for a course of action under an incremental basis and then it is compared to data developed under a differential basis before a decision is made. 7. In incremental analysis, total fixed costs will always remain constant under alternative courses of action. 8. A special one-time order should never be accepted if the unit sales price is less than the unit variable cost. 9. If a company has excess capacity and present markets will not be affected, it would be profitable to accept an order at a special unit price even though the price...
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