Mattix Final Exam Study Guide Key(1)accounting.docx

Mattix Final Exam Study Guide Key(1)accounting.docx -...

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Page | 1 Accountng 202 Final Exam Practce Tes± 1. Financial Accounting a. has no mandatory rules b. is internally focused c. *is concerned with the information about the firm as a whole d. has an emphasis on the future 2. Management accounting 3. Expired costs are called 4. Non-manufacturing costs include 5. An indirect cost a. can be easily and accurately traced to a cost object. b. *is hard to trace. c. should never be assigned to a cost object. d. do none of these. 6. A variable cost in total 7. Costs are subdivided into what two major functional categories? 8. Product costs 1
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Page | 2 Accountng 202 Final Exam Practce Tes± 9. Direct labor is a a. non-production cost. b. period cost. c. nonmanufacturing cost. d. *product cost. Figure 2-1. Concam Inc. manufactures television sets. Last month direct materials (electronic components, etc.) costing $500,000 were put into production. Direct labor of $800,000 was incurred, overhead equaled $450,000, and selling and administrative costs totaled $360,000. The company manufactured 8,000 television sets during the month. Assume that there were no beginning or ending work in process balances. 10. Refer to Figure 2-1. The per-unit conversion cost was: 11. Refer to Figure 2-1. The total per unit prime cost was: 12. Which of the following would be an example of a fixed cost? 13. A factor that causes or leads to a change in a cost or activity is a(n) a. cost formula b. regression line c. *driver d. y-intercept 14. The relevant range 15. The formula for a mixed cost is 2
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Page | 3 Accountng 202 Final Exam Practce Tes± 16. Using the high-low method, the variable rate of a mixed cost equals
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