Accy 207 final NIU Gilbert exam
Questions And Answers
Predetermined Overhead Rate -
correct answer ✅Estimated total Manufacturing Overhead cost
over the estimated total amount of allocation base
Prime Vs. Conversion -
correct answer ✅Prime : DL + DM
Conversion: MOH + DL
Product Vs. Period -
correct answer ✅Product: Direct Materials, Direct Labor and
Manufacturing overhead
Period: Selling and Admin
Fixed Vs. Variable -
correct answer ✅Fixed: cannot be changed and remains constant
Variable: costs that varies and directly changes with level
Managerial Vs. Financial -
correct answer ✅Managerial has:
internal users
a future emphasis
, Accy 207 final NIU Gilbert exam
Questions And Answers
NO GAAP
emphasis on planning mgmnt control and timeliness
The work of Management -
correct answer ✅Planning: established goals and budgets
Controlling: gathering feedback and performance reports
and Decision Making: selection of course action
Committed verses Discretionary Fixed costs -
correct answer ✅Committed: long term (deprecation on buildings)
Discretionary: may be alternative in short term by current manager
decisions
(advertising)
Mixed Costs -
correct answer ✅Both variable and fixed
Increases in total, but not proportionality with changes in low
activity level
Questions And Answers
Predetermined Overhead Rate -
correct answer ✅Estimated total Manufacturing Overhead cost
over the estimated total amount of allocation base
Prime Vs. Conversion -
correct answer ✅Prime : DL + DM
Conversion: MOH + DL
Product Vs. Period -
correct answer ✅Product: Direct Materials, Direct Labor and
Manufacturing overhead
Period: Selling and Admin
Fixed Vs. Variable -
correct answer ✅Fixed: cannot be changed and remains constant
Variable: costs that varies and directly changes with level
Managerial Vs. Financial -
correct answer ✅Managerial has:
internal users
a future emphasis
, Accy 207 final NIU Gilbert exam
Questions And Answers
NO GAAP
emphasis on planning mgmnt control and timeliness
The work of Management -
correct answer ✅Planning: established goals and budgets
Controlling: gathering feedback and performance reports
and Decision Making: selection of course action
Committed verses Discretionary Fixed costs -
correct answer ✅Committed: long term (deprecation on buildings)
Discretionary: may be alternative in short term by current manager
decisions
(advertising)
Mixed Costs -
correct answer ✅Both variable and fixed
Increases in total, but not proportionality with changes in low
activity level
