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ACC 400 Final Examination Solution
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ACC 400 Final Examination Solution
Final Examination Solution
1. Which of the following is not a characteristic of managerial accounting?
• Reports are used primarily by insiders rather than by persons outside of the business entity.
• Its purpose is to assist managers in planning and controlling business operations.
• Information must be developed in conformity with generally accepted accounting principles or with income tax regulations.
• Information may be tailored to assist in specific managerial decisions.
2. In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a managerial accounting report is less likely to:
• Focus upon the entire organization as the accounting entity.
• Focus upon future accounting periods.
• Make use of estimated amounts.
• Be tailored to the specific needs of an individual decision maker.
3. Alton Company produces metal belts. During the current month, the company incurred the following product costs:
Raw materials $100,000
Direct labor $75,000
Electricity used in the Factory $25,000
Factory foreperson salary $3,750
Maintenance of factory machinery $2,000
Alton Company’s total product costs:
1. $175,000.
750. $30,750.
750. $205,750.
751. $28,750.
4. Objectives of a cost accounting system
What are the major objectives of a cost accounting system in a manufacturing company?
5. Refer to the information above. The journal entry to record the transfer of soup out of the Mixing and Cooking Department during March would include:
• A debit to Work in Process Inventory, Mixing and Cooking Department of $63,000.
• A credit to Work in Process Inventory, Canning Department of $72,000.
• A debit to Finished Goods Inventory of $72,000.
• A credit to Work in Process Inventory, Mixing and Cooking Department of $63,000.
6. Refer to the...