Devry Acct 346 Final Exam

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Devry ACCT 346 Final Exam

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Page 1 Question 1. 1. (TCO 1) How does managerial and financial accounting differ in terms of the amount of detail presented and nonmonetary and monetary information? (Points : 15) Question 2. 2. (TCO 2) What is an indirect labor cost? What is an example of an indirect labor cost? (Points : 15)
Question 3. 3. (TCO 3) What is the difference between job order and process costing? (Points : 15) Question 4. 4. (TCO 4) What is a variable cost? What is an example of a variable cost? (Points : 15) Page 2 Question 1. 1. (TCO 5) What is variable costing? How does it differ from full costing? (Points : 15) Question 2. 2. (TCO 6) What is the third step in the cost allocation process? Give an example of this step. (Points : 15) Question 3. 3. (TCO 7) What is a differential cost? What is an example of one? (Points : 15) Question 4. 4. (TCO 8) What is activity-based pricing? How is the price determined? (Points : 15) age 3 Question 1. 1. (TCO 6) Describe the pros and cons of ABC. Do you think that ABC is beneficial for a company to use? Why or why not? (Points : 30) Question 2. 2. (TCO 7) Products Alpha and Beta are joint products. The joint production cost of the products is $800. Alpha has a market value of $400 at the split-off point. If Alpha is further processed at an additional cost of $600, its market value is $1,400. Product Beta has a market value of $1,200 at the split-off point. If Product Beta is further processed at an additional cost of $300, its market value is $1,400. Using the relative sales value method, calculate the joint product cost that would be…...

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