Acct 346(Managerial Accounting) Final Exam - Latest

ACCT 346(Managerial Accounting) Final Exam   - LATEST


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Question 1.1. (TCO 1) How does managerial and financial accounting differ in terms of the amount of detail presented and nonmonetary and monetary information? (Points : 15)

Question 2.2. (TCO 2) What is an indirect labor cost?   What is an example of an indirect labor cost?   (Points : 15)

Question 3.3. (TCO 3) What is the difference between job order and process costing?   (Points : 15)

Question 4.4. (TCO 4)   What is a fixed cost?   What is an example of a fixed cost? (Points : 15)

Question 1.1. (TCO 5) What is full costing?   How does it differ from variable costing? (Points : 15)

Question 2.2. (TCO 6)   What is the first step in the cost allocation process? What is done in this step? (Points : 15)

Question 3.3. (TCO 7)   What is an incremental cost?   What is an example of one? (Points : 15)

Question 4.4. (TCO 8) What is activity-based pricing?   How is the price determined? (Points : 15)

Question 1.1. (TCO 6) Name the steps in the ABC approach.   Describe each of them.   Which do you think is the most important step? Why? (Points : 30)

Question 2.2. (TCO 7) Products Kappa and Sigma are joint products. The joint production cost of the products is $800. Kappa has a market value of $450 at the split-off point. If Kappa is further processed at an additional cost of $600, its market value is $1,400. Product Sigma has a market value of $1,150 at the split-off point. If Product Sigma is further processed at an additional cost of $300, its market value is $1,400. Using the relative sales value method, calculate the joint product cost that would be allocated to Kappa and Sigma.   How do you know if one of the products should be further processed?...