RandallHallAC202Quiz4

RandallHallAC202Quiz4 - D. Goods in process inventory....

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AC 202 Principles of Accounting II Name Randall Hall Park University Quiz 4A-Chapter 18 Multiple Choice Questions ( 10 points each ) Select the ONE, BEST Answer 1. Managerial accounting is different from financial accounting in that C. Managerial accounting includes many projections and estimates whereas financial accounting has a minimum of predictions. 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: B. Direct labor. 3. Classifying costs by behavior involves: A. Identifying fixed cost and variable cost. 1
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4. Products that are in the process of being manufactured but are not yet complete are called:
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Unformatted text preview: D. Goods in process inventory. Information for Gifford, Inc., as of December 31 follows: I had this same manufacturing statement problem last semester, so this is what I turned in then. I think it’s all right. I added it all up in Excel, but it wouldn’t let me insert the sum formulas for some reason here in Word, so I hope I have my math right. Direct materials: Raw materials, January 1 5,000 Raw material purchases 125,000 Raw materials available 130,000 Raw materials, December 31-4,000 Direct materials used 3...
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This note was uploaded on 07/10/2011 for the course AC 202 taught by Professor Nancyeverett during the Spring '09 term at Park.

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RandallHallAC202Quiz4 - D. Goods in process inventory....

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