ACTG-6144 - Cost Accounting and Control oed answer key

Showing 81 to 100 of 101 total answers.

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Awesome StudentQuestion • Cost Accounting and Control

IMA members have a responsibility to comply with and uphold the standards of Competence, Confidentiality, Integrity, and Credibility

Answer

TRUE

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Awesome StudentQuestion • Cost Accounting and Control

In comparing financial and management accounting, which of the following more accurately describes management accounting information?

Answer

budgeted, informative, adaptable

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Awesome StudentQuestion • Cost Accounting and Control

It is a systematic process of providing financial information of an organization or unit that is intended to be useful in decision making

Answer

Accounting

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Awesome StudentQuestion • Cost Accounting and Control

Referring to the preceding problem, the cost of wages and salaries and other overhead that would be charged to each delivery is closest to:

Answer

$19.63

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Awesome StudentQuestion • Cost Accounting and Control

In the value chain, planning and controlling activities in the organization is to be managed on a sequential order of the business functions.

Answer

TRUE

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Awesome StudentQuestion • Cost Accounting and Control

If the resolution efforts of resolving ethical issues are not successful, the member may wish to consider disassociating from the organization.

#ACTG-6144

Awesome StudentQuestion • Cost Accounting and Control

Materials used in the operation of a factory, such as cleaning supplies, that are not an integral part of the final product should be classified as:

#ACTG-6144

Awesome StudentQuestion • Cost Accounting and Control

Many traditional costing systems trace manufacturing overhead to individual activities and require the development of numerous activity-costing rates.

#ACTG-6144

Awesome StudentQuestion • Cost Accounting and Control

The cost of goods sold of a manufacturing company equals beginning finished goods inventory + cost of goods manufactured - ending finished goods inventory.

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Awesome StudentQuestion • Cost Accounting and Control

If a company opt to use the activity-based costing in allocating overhead costs, companies do not need to classify at which level of activities costs were incurred.

#ACTG-6144

Awesome StudentQuestion • Cost Accounting and Control

If the resolution efforts of resolving ethical issues are not successful, the member should stay at the organization and must find other ways to resolve such issues.

#ACTG-6144

Awesome StudentQuestion • Cost Accounting and Control

It is the position in the organization structure wherein the personnel assigned are directly involved in the responsibility of achieving the goals of an organization

#ACTG-6144

Awesome StudentQuestion • Cost Accounting and Control

When faced with unethical issues, the member should follow the established policies of his or her organization, including use of an anonymous reporting system if available.

#ACTG-6144

Awesome StudentQuestion • Cost Accounting and Control

Tiffany charges manufacturing overhead to products by using a predetermined application rate, computed on the basis of labor hours. The following data pertain to the current year:

#ACTG-6144

Awesome StudentQuestion • Cost Accounting and Control

If the company still employs the plantwide factory overhead rate method, how much is the overhead cost per unit for TV, Computer and cellphone using the total direct labor hours as a basis of allocation.

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Awesome StudentQuestion • Cost Accounting and Control

All of the following are examples of opportunity costs: salary given up to start a business; rental income given up when you live in a house you own; interest income that could be earned on money spent for a car.

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Awesome StudentQuestion • Cost Accounting and Control

A computer manufacturer recently shipped several laptops to a customer (cost: $25,000) and billed the customer $30,000. Which of the following options correctly expresses the accounts that are debited and credited to record this transaction?

#ACTG-6144

Awesome StudentQuestion • Cost Accounting and Control

Activity based costing assigns overhead to products produced on a basis of usage of activities during the production process like purchase order activities, machine set-ups and other activities that are required to complete the manufacturing process.

#ACTG-6144

Awesome StudentQuestion • Cost Accounting and Control

A tailoring company has gathered information on utility costs for the past year. The accountant has decided that utilities are a function of the hours worked during the month. The following information is available and representative of the company's utility costs:

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ACTG-6144 - Cost Accounting and Control oed answer key

IMA members have a responsibility to comply with and uphold the standards of Competence, Confidentiality, Integrity, and Credibility

In comparing financial and management accounting, which of the following more accurately describes management accounting information?

It is a systematic process of providing financial information of an organization or unit that is intended to be useful in decision making

Referring to the preceding problem, the cost of wages and salaries and other overhead that would be charged to each delivery is closest to:

In the value chain, planning and controlling activities in the organization is to be managed on a sequential order of the business functions.

If the resolution efforts of resolving ethical issues are not successful, the member may wish to consider disassociating from the organization.

Materials used in the operation of a factory, such as cleaning supplies, that are not an integral part of the final product should be classified as:

Many traditional costing systems trace manufacturing overhead to individual activities and require the development of numerous activity-costing rates.

The cost of goods sold of a manufacturing company equals beginning finished goods inventory + cost of goods manufactured - ending finished goods inventory.

If a company opt to use the activity-based costing in allocating overhead costs, companies do not need to classify at which level of activities costs were incurred.

If the resolution efforts of resolving ethical issues are not successful, the member should stay at the organization and must find other ways to resolve such issues.

It is the position in the organization structure wherein the personnel assigned are directly involved in the responsibility of achieving the goals of an organization

When faced with unethical issues, the member should follow the established policies of his or her organization, including use of an anonymous reporting system if available.

Tiffany charges manufacturing overhead to products by using a predetermined application rate, computed on the basis of labor hours. The following data pertain to the current year:

If the company still employs the plantwide factory overhead rate method, how much is the overhead cost per unit for TV, Computer and cellphone using the total direct labor hours as a basis of allocation.

All of the following are examples of opportunity costs: salary given up to start a business; rental income given up when you live in a house you own; interest income that could be earned on money spent for a car.

A computer manufacturer recently shipped several laptops to a customer (cost: $25,000) and billed the customer $30,000. Which of the following options correctly expresses the accounts that are debited and credited to record this transaction?

Activity based costing assigns overhead to products produced on a basis of usage of activities during the production process like purchase order activities, machine set-ups and other activities that are required to complete the manufacturing process.

A tailoring company has gathered information on utility costs for the past year. The accountant has decided that utilities are a function of the hours worked during the month. The following information is available and representative of the company's utility costs:

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