Devry Acct 346 Final Exam

Devry ACCT 346 Final Exam

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Question

Page 1

Question 1. 1. (TCO 1) How does managerial and financial accounting differ in terms of the amount of detail presented and nonmonetary and monetary information? (Points : 15)

Question 2. 2. (TCO 2) What is an indirect labor cost? What is an example of an indirect labor cost? (Points : 15)

Question 3. 3. (TCO 3) What is the difference between job order and process costing? (Points : 15)

Question 4. 4. (TCO 4) What is a variable cost? What is an example of a variable cost? (Points : 15)

Page 2

Question 1. 1. (TCO 5) What is variable costing? How does it differ from full costing? (Points : 15)

Question 2. 2. (TCO 6) What is the third step in the cost allocation process? Give an example of this step. (Points : 15)

Question 3. 3. (TCO 7) What is a differential cost? What is an example of one? (Points : 15)

Question 4. 4. (TCO 8) What is activity-based pricing? How is the price determined? (Points : 15)

age 3

Question 1. 1. (TCO 6) Describe the pros and cons of ABC. Do you think that ABC is beneficial for a company to use? Why or why not? (Points : 30)

Question 2. 2. (TCO 7) Products Alpha and Beta are joint products. The joint production cost of the products is $800. Alpha has a market value of $400 at the split-off point. If Alpha is further processed at an additional cost of $600, its market value is $1,400. Product Beta has a market value of $1,200 at the split-off point. If Product Beta is further processed at an additional cost of $300, its market value is $1,400. Using the relative sales value method, calculate the joint product cost that would be allocated to Alpha and Beta. How do you know if one of the products should be further processed?...