ACCT
504 New taken Final Exam
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• Question
1
5 out of 5 points
Product costs:
• Question
2
Use the following
information and the indirect method to calculate the net cash provided or used
by operating activities:
Cash paid for purchase of plant assets $15,000
Decrease in interest payable 2,000
Depreciation expense 30,000
Gain on retirement of bonds 32,000
Increase in accounts receivable 40,000
Loss on sale of plant assets 5,000
Net Income 76,000
• Question
3
0 out of 5 points
Actual fixed overhead for Kapok Company during
March was $92,780. The flexible budget for fixed overhead this period is
$89,000 based on a production level of 5,000 units. If the company actually
produced 4,200 units what is the fixed overhead volume variance for March?
• Question
4
5 out of 5 points
A company's income statement
showed the following: net income, $124,000; depreciation expense, $30,000; and
gain on sale of plant assets, $14,000. An examination of the company's current
assets and current liabilities showed the following changes as a result of
operating activities: accounts receivable decreased $9,400; merchandise
inventory increased $18,000; prepaid expenses decreased $6,200; accounts
payable increased $3,400. Calculate the net cash provided or used by operating
activities.
• Question
5
5 out of 5 points
Chance, Inc. sold 3,000 units of its product
at a price of $72 per unit. Total
variable cost per unit is $51, consisting of $32 in variable production cost
and $19 in variable selling and administrative cost. Compute the manufacturing margin for the
company under variable costing.
• Question
6
5 out of 5 points
A company has fixed costs of
$90,000. Its contribution margin ratio is 30% and the product sells for $75 per
unit. What is the company's break-even point in dollar sales?
• Question
7
5 out of 5 points
A corporation issued 300 shares
of its $5 par value common stock in payment of a $1,800 charge from its
accountant for assistance in filing its charter with the state. The entry to
record this transaction will include:
• Question
8
5 out of 5 points
The three major cost components
of a manufactured product are:
• Question
9
0 out of 5 points
The amount by which the overhead
applied to jobs during a period exceeds the overhead incurred during the period
is known as:
• Question
10
0 out of 5 points
Which of the following journal
entries correctly records the current month's activity where $125,000 of raw
material was purchased for cash, and $75,000 of direct material and $30,000 of
indirect materials were used in the production process?
(A) Raw
Materials Inventory 125,000
Raw Materials Inventory 105,000
Goods in Process Inventory 75,000
Factory Overhead 30,000
(B) Raw
Materials Inventory 125,000
Cash 125,000
Goods in Process Inventory 75,000
Factory Overhead 30,000
Raw Materials Inventory 105,000
(C) Raw
Materials Inventory 125,000
Cash 125,000
Raw Materials Inventory 105,000
Goods in Process Inventory 75,000
Factory Overhead 30,000
(D) Cash 125,000
Raw Materials Inventory 125,000
Goods in Process Inventory 75,000
Factory Overhead 30,000
Raw Materials Inventory 105,000
(E) Raw
Materials Inventory 125,000
Cash 125,000
Goods in Process Inventory 125,000
Raw Materials Inventory 125,000
• Question
11
5 out of 5 points
Advanced Company reports the
following information for the current year. All beginning inventory amounts
equaled $0 this year.
Units produced this year: 25,000 units
Units sold this year: 15,000 units
Direct Materials: $9 per unit
DIrect Labor: $11 per hour
Variable overhead: $75,000 in total
Fixed overhead: $137,500 in total
Given Advanced Company's data, compute cost per unit of
finished goods under variable costing.
• Question
12
5 out of 5 points
When using the indirect method to
calculate and report net cash provided or used by operating activities, which
of the following is subtracted from net income?
• Question
13
5 out of 5 points
Six months ago, a company
purchased an investment in stock for $65,000. This investment is considered
available-for-sale. The current market value of the stock is $68,500. The
company should record a:
• Question
14
5 out of 5 points
A company manufactures and sells
a product for $120 per unit. The company's fixed costs are $68,760, and its
variable costs are $90 per unit. The company's break-even point in units is:
• Question
15
5 out of 5 points
Bradford Company budgeted 4,000
pounds of material costing $5.00 per pound to produce 2,000 units. The company
actually used 4,500 pounds that cost $5.10 per pound to produce 2,000 units.
What is the direct materials quantity variance?
• Question
16
5 out of 5 points
Montaigne Corp. has the following
information about its standards and production activity in November:
Actual total factory overhead incurred $28,175
Standard factory overhead
Variable overhead $3.10
per unit produced
Fixed overhead
($12,000/6,000 estimated units to be produced) $2 per unit
Actual units produced 4,800
units
The volume variance is:
• Question
17
5 out of 5 points
A manufacturing company has a
beginning finished goods inventory of $14,600, raw material purchases of
$18,000, cost of goods manufactured of $32,500, and an ending finished goods
inventory of $17,800. The cost of goods sold for this company is:
• Question
18
5 out of 5 points
Preferred stock is often issued:
• Question
19
0 out of 5 points
A company reports the following
information for the current year which is its first year of operations.
Units produced this year ?
units
Units sold this year 1,500
units
Direct materials $9
per unit
Direct labor $5
per unit
Variable overhead $7
per unit
Fixed overhead $24,000
in total
If the company's cost per unit of finished goods using
absorption costing is $27, how many units were produced?
• Question
20
5 out of 5 points
A corporation issued 5,000 shares
of $10 par value common stock in exchange for some land with a market value of
$60,000. The entry to record this exchange is:
(A) Land 60,000
Common Stock 50,000
Contributed Capital in Excess of
Par Value, Common Stock 10,000
(B) Land 60,000
Common Stock 60,000
(C) Land 50,000
Common Stock 50,000
(D) Common
Stock 50,000
Contributed Capital in Excess of
Par Value, Common Stock 10,000
Land 60,000
(E) Common
Stock 60,000
Land 60,000
• Question
21
5 out of 5 points
The following data are available
for a company's manufacturing activities:
Beginning goods in process inventory 5,000 units, 1/4 of the labor added this period
Units started and completed 15,000
Ending goods in process inventory 6,000 units, 1/2 the labor added this period
If materials are added when the production process begins
and direct labor is applied uniformly throughout the process, what are the
equivalent units for direct materials and for direct labor, respectively?
• Question
22
5 out of 5 points
Employee morale, timeliness of
delivery, and the reactions of customers are examples of nonfinancial factors
which should be considered when making a managerial decision.
• Question
23
5 out of 5 points
Accounting standards:
• Question
24
5 out of 5 points
A company declared a $0.50 per
share cash dividend. The company has 20,000 shares authorized, 9,000 shares issued,
and 8,000 shares of common stock outstanding.
(A) Retained
Earnings 4,000
Common Dividends Payable 4,000
(B) Common
Dividends Payable 4,000
Cash 4,000
(C) Retained
Earnings 4,500
Common Dividends Payable 4,500
(D) Common
Dividends Payable 4,500
Cash 4,500
(E) Retained
Earnings 5,000
Common Dividends Payable 5,000
• Question
25
5 out of 5 points
A decrease in the fair market
value of a security that has not yet been realized through an actual sale of
the security is called a(n):
Answer
• Question
26
5 out of 5 points
Estimated overhead and direct
labor costs for the year were $112,500 and $125,000, respectively. During the
year, actual overhead was $107,400 and actual direct labor cost was $120,000.
The entry to close the over- or underapplied overhead at year-end, assuming an
immaterial amount, would include:
• Question
27
5 out of 5 points
At acquisition, debt securities
are:
• Question
28
0 out of 5 points
Vision Tester, Inc., a
manufacturer of optical glass, began operations on February 1 of the current
year. During this time, the company produced 900,000 units and sold 800,000
units at a sales price of $12 per unit.
Cost information for this year is shown below.
Production costs
Direct materials $.80
per unit
Direct labor $.70
per unit
Variable overhead $500,000
in total
Fixed overhead $450,000
in total
Non-production costs
Variable selling and administrative $30,000 in total
Fixed selling and administrative $490,000 in total
Given this information, which of the following is true?
• Question
29
5 out of 5 points
Long-term investments can
include:
• Question
30
5 out of 5 points
The following company information
is available:
Direct materials used for production 36,000 gallons
Standard quality for units produced 34,400 gallons
Standard cost per gallon of direct material $6.00
Actual cost per gallon of direct material $6.10
The direct materials quantity variance is:
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