You can think of these concepts as two pairs of terms. (TCO 7) Which would be the most appropriate base for allocating the costs of the maintenance department? CPA Exam Books, Best CPA Courses For these reasons, CPA candidates may struggle with the BEC test material.

Solution: (Points : 5) Question 8.8. At the end of each month, accountants compare actual results to the budgeted amounts: a process defined as variance analysis. Which of these statements is NOT correct? Which perspective focuses on training employees? Replies. several ways, A. Customers who pay for slower, more efficient shipping, An outsourced supplier that caused excessive emissions. (TCO 3) As production occurs, materials, direct labor, and applied manufacturing. For example, insurance premiums and interest costs for a loan are both defined as period costs. On the other hand, leather material for baseball gloves is a direct product cost. (Points : 5) Question 9.9. Start studying Cost Accounting - Practice Exam 1 (Conceptual Questions). The ending inventory of wood is planned to decrease 500 units in each of the next 2 months, and the steel inventory is expected to increase 5 units in each of the next 2 months. As an example, the utility costs incurred to heat and cool the baseball glove factory are indirect costs. Kenneth W. Boyd is a former Certified Public Accountant (CPA) and the author of several of the popular "For Dummies" books published by John Wiley & Sons including 'CPA Exam for Dummies' and 'Cost Accounting for Dummies'. Exam Schedule & Dates Bar Exam How many units of wood are expected to be used in production during the second month? (Points : 5) Question 2.2. Question 1.1 (TCO 2) Which cost is NOT a period cost? The operations management section of the BEC test has a large section devoted to cost accounting topics; hence, many CPA candidates struggle with this material. Becker CPA Process costing is suitable for ________. The key is to think through cost accounting questions carefully. Ken has gained a wealth of business experience through his previous employment as a CPA, Auditor, Tax Preparer and College Professor. Study more effectively: skip concepts you already know and focus on what you still need to learn. ACCT 344 Cost Accounting Final Exam Answers. To get more questions visit other sections. CJ OJ QJ ^J aJ h‹\ h OJ QJ ^J aJ hğBš h‡' CJ OJ QJ ^J aJ hğBš h OJ QJ ^J aJ hğBš h€;Ó CJ OJ QJ ^J aJ #hğBš h€;Ó 5�CJ OJ QJ ^J aJ i k l o µ - { � ó R ó I I I I I $If gdÚL5 ¡ kdk $$If –l Ö ”‘ Ö\ äı–Ì(#( ² 6 \ ì

The interest cost on a loan, for example, is an indirect period cost. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Cost accounting is a subject that is different from financial and managerial accounting, and cost accounting uses different terms that other areas of accounting. C.

EA Exam The value-added costs are (Points : 5) Question 5.5. (TCO 1) The break-even point is (Points : 5) Question 7.7. sunk cost, D. Fast Forward Academy The costs for entering a market are considered fixed costs. (Points : 5), Magazine: ACCT 344 Cost Accounting Final Exam Answers. Get a FREE Crush the CPA Exam Study Guide. The leather material example above is a material price variance. Application Process (TCO 3) As production occurs, materials, direct labor, and applied manufacturing. Carrying costs average $5,000 per day. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. Cost accounting is a subject that is different from financial and managerial accounting, and cost accounting uses different terms that other areas of accounting. All rights reserved. Its objective is to advise the administration on one of the most ideal […] Cost accounting is a procedure of accumulating, recording, classifying, analyzing, summarizing, allocating and also examining numerous different courses of action & control of prices.

CIA Exam (d) Commission of Rs. transport firms, D. Click here for download. "Cost Accounting Quiz" PDF, a quick study guide helps to learn and practice questions for placement test preparation. Finally, each cost can be defined using two of the four definitions. (Points : 5) Question 6.6. Direct costs are used to analyze whether it is more cost-effective to outsource projects or manage them in-house. Reply. t àÖ0 ÿ ÿ ÿ ÿ ÿ ÿ ö0*ö ö Ö ÿ ÿ ÿ ÿÖ ÿ ÿ ÿ ÿÖ ÿ ÿ ÿ ÿÖ ÿ ÿ ÿ ÿ4Ö 4Ö (Points : 5) Question 2.2. ACCT 344 Cost Accounting Final Exam Answers ACCT 344 Cost Accounting Final Exam Answers Question 1.1 (TCO 2) Which cost is NOT a period cost? Today, Ken continues to use those finely tuned skills to educate students as a professional writer and teacher. If the budget calls for 1,000 hours of labor and 1,200 hours are required, the firm has a quantity variance. shutdown cost, A.

Activity-based management uses what type of costing? profit analysis.

A. E 16 The stages of the Life cycle are: 1. This download link will take you to the full document containing close to 100 Financial Accounting past questions and answers. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. There is no such thing as a tangible cost on sales. Glossary hospitals, B. Each Section contains maximum 70 questions. E 14 C The Big IS Development Questions. Here are some explanations for some of the toughest cost accounting topics on the BEC CPA exam and some tips on how to properly prepare for them! If, for example, the price paid for leather material is higher than planned, the baseball glove company will notice a price variance. If so, are the actual costs higher or lower? A competitor keeps 30 days of inventory on hand, and the competitor’s carrying costs average $2,000 per day.

sundry expenses. Manufacturing baseball gloves is a cost object that generates both material and labor costs. This MCQs quiz consists of 9 multiple choice questions with 4 answers for each question. When you think of a favorable variance, think of “better than planned”: When you’re asked to define a variance as favorable or unfavorable, stop and think: is it a cost variance? The cost which is to be incurred even when a business unit is closed is a _____. than planned, the company has a favorable sales variance. While these questions may require more time, you can answer the cost accounting questions correctly and pass the BEC test. A cost baseline is time phased to indicate when in the project lifecycle money will be spent.

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