ACTG-6144 - Cost Accounting and Control oed answer key

Showing 61 to 80 of 101 total answers.

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Awesome StudentQuestion • Cost Accounting and Control

Which of the following would not likely be used by service providers to accumulate job costs?

Answer

All of the following because service providers cannot use job-costing systems

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Awesome StudentQuestion • Cost Accounting and Control

As activity increases within the relevant range, fixed costs remain constant on a per unit basis.

Answer

FALSE

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Awesome StudentQuestion • Cost Accounting and Control

Financial accounting adheres strict compliance to Generally Accepted Accounting Principles (GAAP)

Answer

TRUE

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Awesome StudentQuestion • Cost Accounting and Control

Managerial accounting adheres strict compliance to Generally Accepted Accounting Principles (GAAP)

Answer

FALSE

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Awesome StudentQuestion • Cost Accounting and Control

Contribution Margin is the amount remaining from sales revenue after deducting the variable expenses.

Answer

TRUE

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Awesome StudentQuestion • Cost Accounting and Control

A cost that remains constant in total but varies on a per-unit basis with changes in activity is called a

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Awesome StudentQuestion • Cost Accounting and Control

The primary difference between normalized and actual costing methods lies in the determination of a job's

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Awesome StudentQuestion • Cost Accounting and Control

Financial accounting is most concerned with addressing the needs of individual departments of the company.

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Awesome StudentQuestion • Cost Accounting and Control

Institute of Management Accountants' (IMA) overarching ethical principles include the following except one:

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Awesome StudentQuestion • Cost Accounting and Control

Opportunity costs are the potential benefit that is given up when one alternative is selected over another.

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Awesome StudentQuestion • Cost Accounting and Control

The sum of all costs that composed manufacturing costs except direct materials is called manufacturing overhead.

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Awesome StudentQuestion • Cost Accounting and Control

External parties and management uses product cost information for investment decision and, planning and controlling

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Awesome StudentQuestion • Cost Accounting and Control

Direct labor is gaining importance in many manufacturing applications with respect to being a significant cost driver.

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Awesome StudentQuestion • Cost Accounting and Control

If direct labor is a good cost driver, increases in direct labor are matched with increases in manufacturing overhead.

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Awesome StudentQuestion • Cost Accounting and Control

External parties and management never use product cost information for investment decision and, planning and controlling.

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Awesome StudentQuestion • Cost Accounting and Control

In applying the Standards of Ethical Professional Practice, the member will never encounter unethical issues or behavior.

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Awesome StudentQuestion • Cost Accounting and Control

Generally speaking, companies prefer doing business with customers who order small quantities rather than large quantities.

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Awesome StudentQuestion • Cost Accounting and Control

One of the uses of financial accounting data is to determine product costs in order to help management in making decisions.

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Awesome StudentQuestion • Cost Accounting and Control

This phase involves the process of gathering responses and feedbacks on the plan being executed through evaluation and monitoring

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