week 2 exam

week 2 exam - 1 Question 1 - Multiple ChoiceID: 5630470 -...

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1 Question 1 - Multiple ChoiceID: 5630470 - Correct Question: Which of the following statements is incorrect? The primary users of management accounting are the company’s managers Management accounting information is used to help managers plan and control their operations Management accounting information does not require an external audit Management accounting’s financial reports are restricted by generally accepted accounting principles Question 2 - Multiple ChoiceID: 5630504 - Correct Question: Which of the following companies is most likely to use job order costing? Swenson Mobil Oil Refinery Hunter’s Custom Furniture Company Oliver Chemical Company Somody Cereal Company Question 3 - Multiple ChoiceID: 5630507 - Correct Question: Which of the following would be debited to record direct labor costs actually incurred? Work in process Manufacturing wages Manufacturing overhead Finished goods inventory Question 4 - Multiple ChoiceID: 5630512 - The correct answer has been circled. Question: Which of the following statements regarding overhead allocation is correct?
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2 Overhead should be allocated to the manufacturing process when the manufacturing process is complete Ending work-in process is reduced if overhead is underallocated Actual overhead is assigned to the manufacturing process as overhead is incurred Estimated overhead is assigned to the manufacturing process as production takes place Question 5 - Multiple ChoiceID: 5630502 - Correct Question: Which of the following is an example of an industry that would use a process costing system rather than a job order costing system? Custom furniture manufacturer Unique furniture accessories manufacturer Paint manufacturer Aircraft manufacturer Question 6 - Multiple ChoiceID: 5630473 - Correct Question: Which of the following statements is incorrect? Management uses accounting information to determine the cost of products and services Management uses accounting information to plan and control business operations Management uses accounting information to report the company's financial position and results of operations to external parties Financial accounting is more relevant to use for internal decision-making purposes than is management accounting Question 7 - Multiple ChoiceID: 5630488
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This note was uploaded on 03/25/2012 for the course EAC 2212 taught by Professor Whitaker during the Spring '10 term at FIT.

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week 2 exam - 1 Question 1 - Multiple ChoiceID: 5630470 -...

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