accounting final

Prime cost is the sum of:

Direct labor cost and direct material cost

The provision of accounting information for internal users is known as:

Managerial accounting.

Outstanding stock represents the:

Number of shares that are currently held by stockholders.

Which of the following would NOT be considered a product cost?

The company's CEO salary.

A landlord records the collection of a tenant's security deposit as a(n):

liability

Long-term debt generally includes:

obligations that extend beyond one year.

On October 1, 2021, Fruit Co. borrows $250,000 by signing a three-year, 4% note. The note requires annual interest payments on October 1st of each year. The repayment of the principal plus the final year's interest is due October 1, 2024. How are the financial statements affected on October 1, 2021?

Increase assets $250,000; Increase liabilities $250,000.

Period costs are:

All costs that aren't product costs

When the board of directors approves a dividend be paid to its shareholders in 30 days, the company should:

Decrease retained earnings and increase dividends payable.

Which of the following would be considered a direct material?

a. A memory chip included in a computer built by Dell b. An air conditioner installed in a new home built by a developer c. Pepperoni included on a Domino's pizza (measured by weight)

Which of the following is a correct statement about retained earnings:

a. Tracks the company's cumulative net income and losses, and dividends paid or declared. b. Is decreased by dividends to shareholders. c. Is increased by the company's net income. d. Is decreased by the company's losses

The property tax paid on the factory

a. is a direct cost if the cost object is the factory.b. is an indirect cost if the cost object is the product produced.c. could be either a direct cost or an indirect cost, depending on the cost object.