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UGBA 102B Midterm 1 Exam Questions And Answers, Exams of Entrepreneurship

UGBA 102B Midterm 1 Exam Questions And Answers

Typology: Exams

2024/2025

Available from 07/04/2025

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UGBA 102B Midterm 1 Exam Questions And
Answers
Direct Cost -
correct answer a cost that can be easily and conveniently traced
to a specified cost object
Indirect Cost -
correct answer a cost that cannot be easily and conveniently
traced to a specified cost object
Product Cost -
correct answer Direct Materials + Direct Labor + Manufacturing
Overhead
These are costs assigned to inventory.
Period Costs -
correct answer Costs of resources used during the accounting
period, including selling, marketing, and administrative costs.
Selling Costs -
correct answer Costs necessary to secure the order and deliver
the product.
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Answers

Direct Cost - correct answer ✅a cost that can be easily and conveniently traced to a specified cost object Indirect Cost - correct answer ✅a cost that cannot be easily and conveniently traced to a specified cost object Product Cost - correct answer ✅Direct Materials + Direct Labor + Manufacturing Overhead These are costs assigned to inventory. Period Costs - correct answer ✅Costs of resources used during the accounting period, including selling, marketing, and administrative costs. Selling Costs - correct answer ✅Costs necessary to secure the order and deliver the product.

Answers

Administrative Costs - correct answer ✅All executive, organizational, and clerical costs. Prime Costs - correct answer ✅Direct Materials + Direct Labor Conversion Costs - correct answer ✅Direct Labor + Manufacturing Overhead Differential Cost Analysis - correct answer ✅Only focuses on revenues or costs that change. Those that stay the same if we choose A or B are ignored Job Order Costing - correct answer ✅Tracks direct materials and labor to the jobs, and allocates manufacturing overhead to the jobs. Product Costs - correct answer ✅direct materials + direct labor + manufacturing overhead

Answers

RM > WIP > FG

Work in Progress Account - correct answer ✅All product costs (DL, DM, allocated/applied factor overhead ) are accumulated in the WIP account Actual Indirect Cost destination - correct answer ✅Debited to the Manufacturing Overhead account When you debit Manufacturing Overhead.. - correct answer ✅Credit:

  1. Salaries Payable
  2. Accounts Payable
  3. Accumulated Depreciation
  4. Prepaid Expenses Cost of Goods Manufactured - correct answer ✅Total cost of goods completed or manufactured; those moved to Finished Goods (Debit) from Work in Progress (Credit)

Answers

Calculating over or under-applied overhead - correct answer ✅Compare Overhead Applied vs. Overhead Incurred Actual Overhead Incurred - (POHR x Actual Applied Hours) How to account for over or under-applied overhead - correct answer ✅1. Write off to COGS

  1. Prorate based on relative ending balances in WIP, FG, and COGS, or on relative MOH content of WIP, FG, or COGS
  2. Restate all job costs using actual allocation rate Schedule of COGM - correct answer ✅Direct Materials ... X Direct Labor ... Y MOH Applied to WIP ... Z Total Manufacturing Cost ... X + Y + Z Add: Beginning WIP ... A Deduct: Ending WIP ... B COGM ... X + Y + Z + A - B