acct 2302 exam 2 practice test #2 Flashcards
If using process costing for cost accumulation and the final calculation is correct, what will the reconciliation differences be?
Always 0
Greater than total cost
Less than total cost
Depends on situation
Always 0
which is not an operating asset?
land held for future use
cash
inventory
plant and equipment
land held for future use
Which of the following incurs costs and expenses but also generates revenues and makes decisions regarding assets available for the company.
investment center
cost center
control center
profit center
investment center
A company is using the indirect method for the statement of cash flow, what would be the first financial statement line item?
net income
contribution margin
fixed expense
revenue
net income
You own a jewelry company. You need to distinguish between direct and indirect cost. Which of the following is an indirect cost?
Packaging
24k Gold Link chain
Beads
Salary for jewelry maker
Packaging
John is a DoorDash driver and is trying to decide if he should take an order. Which of the following would be an irrelevant cost?
Cost of car insurance
Cost of gasoline
Distance to delivery
Wait time for the food to be cooked.
Cost of car insurance
which is not an operating asset?
land held for future use
cash
inventory
plant and equipment
land held for future use
