AC202Quiz4AAnswers[1]

AC202Quiz4AAnswers[1] - A Identifying fixed cost and...

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1 Quiz4A Key 1. Managerial accounting is different from financial accounting in that a. Managerial accounting is more focused on the organization as a whole and financial accounting is more focused on subdivisions of the organization. b. Managerial accounting never includes nonmonetary information. C Managerial accounting includes many projections and estimates whereas financial accounting has a minimum of predictions. d. Managerial accounting is used extensively by investors, whereas financial accounting is used only by creditors. e . Managerial accounting is mainly used to set stock prices. Difficulty: Easy Learning Objective: C1 Wild - Chapter 18 #54 2. Labor costs that are clearly associated with specific units or batches of product because the labor is used to convert raw materials into finished products called are: a. Sunk labor. B Direct labor. c. Indirect labor. d. Finished labor. e . All of the above. Difficulty: Easy Learning Objective: C3 Wild - Chapter 18 #67 3. Classifying costs by behavior involves:
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Unformatted text preview: A Identifying fixed cost and variable cost. b. Identifying cost of goods sold and operating costs. c. Identifying all costs. d. Identifying costs in a physical manner. e . Identifying both quantitative and qualitative cost factors. Difficulty: Easy Learning Objective: C3 Wild - Chapter 18 #71 4. Products that are in the process of being manufactured but are not yet complete are called: a. Raw materials inventory. b. Conversion costs. c. Cost of goods sold. D Goods in process inventory. e . Finished goods inventory. Difficulty: Easy Learning Objective: C5 Wild - Chapter 18 #89 2 5. Information for Gifford, Inc., as of December 31 follows: Prepare a manufacturing statement for the year ended December 31. 3 Difficulty: Medium Learning Objective: P2 Wild - Chapter 18 #149 Category # of Questions Difficulty: Easy 4 Difficulty: Medium 1 Learning Objective: C1 1 Learning Objective: C3 2 Learning Objective: C5 1 Learning Objective: P2 1 Wild - Chapter 18 5...
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This note was uploaded on 11/15/2010 for the course AC 202 taught by Professor Nancyeverett during the Spring '09 term at Park.

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AC202Quiz4AAnswers[1] - A Identifying fixed cost and...

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