Acc 400 Final Exam Answer

ACC 400 Final Exam Answer

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ACC 400 Final Exam Answer

ACC/400 FINAL EXAM

1. Which of the following is not a characteristic of managerial accounting?

A. Reports are used primarily by insiders rather than by persons outside of the business entity.

B. Its purpose is to assist managers in planning and controlling business operations.

C. Information must be developed in conformity with generally accepted accounting principles or with income tax regulations.

D. 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:

A. Focus upon the entire organization as the accounting entity.

B. Focus upon future accounting periods.

C. Make use of estimated amounts.

D. 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 $2,000Alton Company’s total product costs:

A. $175,000.

B. $30,750.

C. $205,750.

D. $28,750.

4. Objectives of a cost accounting systemWhat are the major objectives of a cost accounting system in a manufacturing company?

Sue’s Soup Products uses a process costing system with two processing departments: the Mixing and Cooking Department and the Canning Department. Work in process inventories are reduced to zero each month. In March, the Mixing and Cooking Department incurred manufacturing costs of $63,000 to mix 42,000 gallons of soup. The Canning Department incurred manufacturing costs of $9,000. A total of 170,000 cans of soup were transferred to the finished goods...