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Past Exam for ACIS 2116 - Principles of Accounting at Virginia Tech (VT)

Exam Information

Material Type:Exam 1
Professor:Staff
Class:ACIS 2116 - Principles of Accounting
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:--
Keywords:
  • Period Cost
  • Overhead Account
  • Raw Materials
  • Production Equipment
  • Relevant Range
  • Commissions
  • Following Transactions
  • Staff Position
  • Direct Material
  • Goods Inventory
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Sample Document Text

/ \ l \ \ PART I, True - False, 12 POINTS (Be sure to transfer these answers to the op scan.) Use: 1 = TRUE 2 = FALSE Z 1. In JIT purchasing, as many suppliers as possible are used so as to avoid relying too much on a few suppliers. 2 2. Efforts designed to increase the rate of output should generally be applied to non-constraint workstations. _, _ 3. Work in process inventories consist of units that are only partially complete and will require further work before they are ready for sale to a customer. _,_ 4. In external financial reports, factory depreciation costs may be included in an asset account on the balance sheet at the end of the period. 5. Job-order costing would be more likely to be used than process costing in situations where many different products or services are produced each period to customer specifications. _1_ 6. The three basic costs of a manufactured product are direct material, direct labor and manufacturing overhead. 'V __ W The most common ac...

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