Acc 349 Study Guide
ACC/349 Final Examination Study Guide
This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions, which are related to each week’s objectives. Highlight the correct response, and then refer to the answer key at the end of this study guide to check your answers.
Use each week’s questions as a self-test at the start of a new week to reflect on the previous week’s concepts. When you come across concepts that you are unfamiliar with, refer to the Student Guide for that particular week.
Week One: Fundamentals of Managerial and Cost Accounting
Objective: Identify key components and terminology utilized within cost accounting.
1. If a manufacturing company acquires raw materials, to what account is the cost of raw materials purchased debited?
a. raw materials purchases
b. raw materials inventory
c. purchases
d. work in process
Objective: Compare and contrast process and job cost systems.
2. Harna, Inc. uses a job order cost system. During the year, the company decreased manufacturing overhead by $400,000. Which of the following most likely should be recorded at the same time?
a. A debit to work in process inventory
b. A credit to raw materials inventory
c. A debit of cost of goods manufactured
d. A credit to finished goods inventory
Objective: Examine ethical issues in managerial accounting.
3. Which one of the following managerial accounting approaches attempts to allocate manufacturing overhead in a more meaningful fashion?
a. Theory of constraints
b. Just-in-time inventory
c. Activity-based costing
d. Total quality management
Week Two: Cost Allocation
Objective: Assess the advantages and disadvantages of an activity-based costing system.
4. As compared to a high-volume product, a low-volume product
a. usually requires less special handling
b. is usually responsible for more overhead costs per unit
c. requires relatively fewer machine setups
This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions, which are related to each week’s objectives. Highlight the correct response, and then refer to the answer key at the end of this study guide to check your answers.
Use each week’s questions as a self-test at the start of a new week to reflect on the previous week’s concepts. When you come across concepts that you are unfamiliar with, refer to the Student Guide for that particular week.
Week One: Fundamentals of Managerial and Cost Accounting
Objective: Identify key components and terminology utilized within cost accounting.
1. If a manufacturing company acquires raw materials, to what account is the cost of raw materials purchased debited?
a. raw materials purchases
b. raw materials inventory
c. purchases
d. work in process
Objective: Compare and contrast process and job cost systems.
2. Harna, Inc. uses a job order cost system. During the year, the company decreased manufacturing overhead by $400,000. Which of the following most likely should be recorded at the same time?
a. A debit to work in process inventory
b. A credit to raw materials inventory
c. A debit of cost of goods manufactured
d. A credit to finished goods inventory
Objective: Examine ethical issues in managerial accounting.
3. Which one of the following managerial accounting approaches attempts to allocate manufacturing overhead in a more meaningful fashion?
a. Theory of constraints
b. Just-in-time inventory
c. Activity-based costing
d. Total quality management
Week Two: Cost Allocation
Objective: Assess the advantages and disadvantages of an activity-based costing system.
4. As compared to a high-volume product, a low-volume product
a. usually requires less special handling
b. is usually responsible for more overhead costs per unit
c. requires relatively fewer machine setups