ACCT 202 Study guides, Class notes & Summaries

A ____________ variance is the difference between the actual quantity of input used and the standard quantity of input that should have been used. - ANS-quantity A _____________ variance is the difference between the actual quantity of input used and the standard quantity of input that should have been used. - ANS-quantity A company budgets administrative salaries at $5,000 at a sales level of 1,000 units. At a sales level of 1,200 units, budgeted administrative salaries will be $ - ANS-...

Which of the following is a focus of managerial accounting? - to provide information to business managers to assist them in controlling their businesses Managerial accounting focuses on providing information for internal planning and control. - True The cost of direct materials cannot easily be traced to the manufactured product, and therefore, it is a component of manufacturing overhead. - False Manufacturing overhead includes all manufacturing costs, such as direct labor and direct materi...

Minor items such as nails and glue are usually considered to be: a) indirect materials b) direct materials c) administrative costs d) selling costs - a) indirect materials Inventoriable costs is another terms for ______ costs. - product

All of the following are reported as current liabilities except a) bonds payable. b) unearned revenues. c) notes payable. d) accounts payable. - a) bonds payable

ACCT 202 Actual Exam Questions with 100% Correct Answers| Already Passed Grade A Planning involves which of the following activities? -Setting goals and objectives for the company Which of the following is being fulfilled when management compares the budget to actual results? - Controlling When management uses feedback to take corrective action on the budgets, which of the following management responsibilities are being fulfilled? -Controlling Which one of the following items is not one o...

Strategic planning focuses on - long-range decisions A plan that formalizes the overall goals and objectives of a company in financial terms is called a - master budget Pro forma statements are based on - estimates and predictions. Budgets are used - to communicate information across an organization; to plan the future activities of a business, and as a tool in performance evaluation

ACCT 202 Exam 3 Questions with 100% Correct Answers| Already Passed Grade A what happens if no par value is issued for stated value - it becomes legal capital before transferring the ownership right in shares, the stockholder.... - does not need permission from anyone Paid-In Capital - The amount paid into the corporation by the stockholders in exchange for shares of ownership

(4) Cabinets Unlimited uses departmental overhead rates to allocate its manufacturing overhead to jobs. The company has two departments: Assembly and Sanding. The Assembly Department uses a departmental overhead rate of $45 per machine hour, while the Sanding Department uses a departmental overhead rate of $25 per direct labor hour. Job 542 used the following direct labor hours and machine hours in the two departments: Actual results for the Assembly Department and Sanding Department Direc...

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ACCT 202 Ch20 Edition 4 (100% correct answers) | Download To Score An A