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Process Financial Transactions and Interim Report

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Added on  2020-04-21

Process Financial Transactions and Interim Report

   Added on 2020-04-21

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V2017.T4. 1.0FNS50215 Diploma of Accounting/ FNSACC507/ 2017/ T4/ Assessment Tool
Process Financial Transactions and Interim Report_1
Assessment1(Process financial transactions and interim report)Part 1 - Multiple Choice ( Circle the one best answer)1. Which one of the following would be considered a user of management accounting information?A. Stockholders B. Controller C. Creditors D. Suppliers B. (Controller)2. Which of the following would NOT be a characteristic of managerial accounting?A. It is designed to influence the behavior of managers.B. It is future oriented.C. It must follow GAAP just like financial accounting.D. It varies from hourly reports to reports that may span 20 years. A. It is designed to influence the behaviour of managers.3. The term used to describe the assignment of direct costs to the particular cost object isA. cost allocation. B. cost tracing. C. cost aaccumulation. D. cost assignment.B. Cost tracing 4. The term used to describe the assignment of indirect costs to a particular cost object would beA. cost allocation B. cost tracing C. cost accumulation D. cost assignment.A. Cost allocation 5. As the quantity produced increases, fixed costs per unit are expected toA. increase per unit.B. decrease per unit.C. stay the same per unit.D. None of the above.B. Decrease per unit 6. The cost of materials that have been started into production, but are not completely processed, would be found in which inventory account on the balance sheet?A. Direct materials inventory.B. Work-in-process inventory.C. Supplies inventory.V2017.T4. 1.0FNS50215 Diploma of Accounting/ FNSACC507/ 2017/ T4/ Assessment Tool
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D. Finished goods inventory.B. work in process inventory7. Costs at a service sector company are normally consideredA. inventoriable costs. B. period costs.C. prime costs.D. None of the above.B. Period cost8. Which of the following is NOT a feature of cost accounting and cost management?A. Calculating the cost of cost objects.B. Obtaining information for planning, control and performance evaluation.C. Analyzing relevant information for making decisions.D. Allocating period costs to specific products.C. Analyzing relevant information for planning, control and performance evaluation9. As activity changes, a cost that is variable willA. vary per unit.B. remain the same per unit.C. vary inversely with activity per unit.D. remain the same in total amount.A. Vary per unit10. Ford Automotive Company is considered an example of aA. merchandiser.B. service company.C. manufacturer.D. wholesaler.C. ManufacturerPart 2 Answer all questions belowV2017.T4. 1.0FNS50215 Diploma of Accounting/ FNSACC507/ 2017/ T4/ Assessment Tool
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