ACC 122 Spring Exam III Answer Sheet

ACC 122 Spring Exam III Answer Sheet - Name: 1) Tanya...

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Name: Tanya Krupetskiy 1) 1 - a 2 - b 3 - e 4 - h 5 - d 6 - g 7 - c 8 - f 2) 1 - e 2 - d 3 - g 4 - f 5 - c 6 - b 7 - a 3) 1 - c 2 - f 3 - d 4 - e 5 - a 6 - b 4) Standard costs 5) cost variances; favorable, unfavorable 6) Rate and efficiency variances 7) Materials, labor, variable overhead, and fixed overhead costs 8) Internal rate of return 9) Accounting rate of return 10) Net present value 11) Payback period, accounting rate of return; net present value, internal rate of 12) Payback period, break-even time 13) Sunk cost 14) Standard costs are preset costs for delivering a product or service under nor conditions. Management uses these costs to assess the reasonableness of a costs incurred for producing the product or service. 15) Both favorable and unfavorable variances should be investigated to find and reward the practices that resulted in favorable variances.
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16) One possible explanation of direct labor rate and and efficience variancies is workers with different skill levels. 17)
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This note was uploaded on 11/11/2009 for the course ACC 121 taught by Professor Cline during the Spring '09 term at Colorado Mountain.

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ACC 122 Spring Exam III Answer Sheet - Name: 1) Tanya...

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