BUS 475 Final Exam Study Guide–Set 06

BUS 475 Final Exam Study Guide 2013 – Set 06

100 Answers from 2013 BUS 475 Final Exam

FIVE IS SHOWN HERE

1) As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day basis. Your goal is to achieve better profitability. The Plant Operations Manager suggests that overhead is the easiest area to directly reduce costs. Which of the following items would be classified as manufacturing overhead?

 

2) Balance sheet accounts are considered to be __________.

 

3) A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be _____.

 

4) The major reporting standard for management accounts is __________.

 

5) The standards and rules that are recognized as a general guide for financial reporting are called __________.