Financial Accounting > EXAM > ACC 350 Test 1 Review (Questions & Answers) (All)

ACC 350 Test 1 Review (Questions & Answers)

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Which of the following correctly describes the accounting for advertising costs? Which of the following is true of product costs? Which of the following is a product cost? Which of the following is... a philosophy designed to integrate all organizational areas in order to provide customers with superior products and services, while meeting organizational goals throughout the value chain? Which of the following statements is true of the flow of product and period costs for a manufacturer? Management's accountability to its suppliers and vendors is to Which of the following is a part of manufacturing overhead? For decision making purposes, ______ costs are often divided into prime costs and conversion costs Which of the following is the primary focus of financial accounting? One of the primary activities of Rex, Inc is to purchase hats from Viva Inc. in Texas and sell them to its customers in Washington for a profit. It is likely that Rex is a Which of the following would be considered a product cost for a manufacturing company? Managerial accounting can be used to calculate costs for service and merchandising companies Financial accounting Managerial accounting Management accountability Enterprise resource planning (ERP) Just In Time (JIT) Total Quality Management (TQM) Triple bottom line Service companies Merchandising companies Manufacturing companies Raw materials inventory (RM) Work in progress inventory (WIP) Finished goods inventory (FG) 2 methods to merchandise inventory Direct materials (DM) Direct labor (DL) Manufacturing overhead (MOH) Prime costs Conversion costs Financial accounting Creditors and stockholders Controlling Managers Financial accounting Managerial accounting Planning Which of the following would be considered a product cost for a manufacturing company? Which of the following correctly describes the accounting for advertising costs? Which of the following statements is true of the flow of product and period costs for a manufacturer? Which of the following formulas represents cost of goods sold for a merchandising business? The income statement of a service company will most likely include ________. Managerial accounting is used in manufacturing and merchandising companies, but not in service companies. Which of the following will be classified as a conversion cost? Which of the following would appear as a line item on the income statements of both a merchandiser and a manufacturer? Which of the following describes a system in which suppliers deliver materials at the time they are needed and finished units are completed when customer orders need to be filled? Which of the following is a product cost? For a manufacturing company, which of the following is a period cost? Regarding the flow of costs through the inventory accounts, which of the following statements is incorrect? Seria, Inc. has received a bulk order from an overseas client. As a result, the reported earnings of this year are expected to be significantly higher than the estimates of financial analysts. Joshua, an accountant at Seria, tells this to one of his friends. Which of the IMA standards has Joshua violated? The entire sequence of activities that add value to a company's products and services is called ________. [Show More]

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