ACC 202 Managerial Accounting Milestone 2 | Score 15/16 | Southern New Hampshire University

UNIT 2 — MILESTONE 2

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1 5/ 1 6 < that’s 94% ‘ RETAKE


() 15 questions were answered correctly.
1 question was answered incorrectly.



T @
Which of the following inventory accounts is used by multiple
divisions or departments in a process cost system?




O raw materials




O cost of g goods sold




O finished g goods




work-in-process
© O


RATIONALE

Process cost systems have a work-in-process inventory
account for each process.



CONCEPT
— Process Costing

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Reviewing financial statements
O and comparing information to the
factory overhead




Reviewing financial statements
and comparing information to the
O job cost sheets from prior
accounting periods




Reviewing financial statements
and comparing information to the
e 0o .
selling prices of competitors




Reviewing financial statements
O and comparing information to
nonmonetary costs




RATIONALE

In order to set selling prices, a manager must know the costs
that are related to producing the product. They will use the
costs from the job cost sheets and compare them to the selling
prices of competitors to determine if they are able to remain
competitive.



CONCEPT
— Making Managerial Decisions with Job Order Costing