ACC 350 Week 3 Quiz 2-Strayer Latest

This file of ACC 350 Week 3 Quiz 2 - Strayer Latest encompasses:

Objective 2.1

1) An actual cost is ________.
A) is the cost incurred
B) is a predicted or forecasted cost
C) is anything for which a cost measurement is desired
D) is the collection of cost data in some organized way by means of an accounting system

2) Comparing budgeted costs to actual costs helps managers to improve ________.
A) coordination
B) control
C) implementation
D) planning

3) Budgeted costs are ________.
A) the costs incurred this year
B) the costs incurred last year
C) planned or forecasted costs
D) competitor's costs

4) Cost assignment ________.
A) includes future and arbitrary costs
B) encompasses allocating indirect costs to a cost object
C) is the same as cost accumulation
D) is the difference between budgeted and actual costs

5) A cost system determines the cost of a cost object by ________.
A) accumulating and then assigning costs
B) accumulating costs
C) assigning and then accumulating costs
D) assigning costs

6) A cost object is anything for which a cost measurement is desired.
7) Costs are accounted for in two basic stages: assignment followed by accumulation.
8) An actual cost is the cost incurred -a historical or past cost.
9) Accountants define a cost as a resource to be sacrificed to achieve a specific objective.
10) A cost is a resource sacrificed or forgone to achieve a specific objective.
11) Managers use cost accumulation data to make decisions and implement them.
12) Lucas Manufacturing has three cost objects that it uses to accumulate costs for its manufacturing plants. They are:

Cost object #1: The physical buildings and equipment
Cost object #2: The use of buildings and equipment
Cost object #3: The availability and use of manufacturing labor

The following manufacturing overhead cost categories are found in the accounting records:
a. Depreciation on buildings and equipment
b. Lubricants for machines
c. Property insurance
d. Supervisors salaries
e. Fringe benefits
f. Property taxes
g. Utilities
Objective 2.2
Objective 2.3
Objective 2.4
Objective 2.5
Objective 2.6
Objective 2.7

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