ACCT 346 Final
Exam
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1. Question
: (TCO 1) The principle managers
follow when they only investigate significant departures from the plan is
commonly known as
2. Question
: (TCO 1) Which of the following
is not likely to be a fixed cost?
3. Question
: (TCO 2) Which of the following is
not a manufacturing cost?
4. Question
: (TCO 2) An allocation base is
5. Question
: (TCO 3) Equivalent units are
calculated by
6. Question
: (TCO 3) In the assembly department,
all the direct materials are added at the beginning of the processing.
Beginning Work in Process inventory consists of 2,000 units with a direct
materials cost of $31,860. During the period, 15,000 units are started and
direct materials costing $250,000 are charged to the department. If there are
1,000 units in ending inventory, what is the cost per equivalent unit?
7. Question
: (TCO 4) Regression analysis
8. Question
: (TCO 4) The number of units that
must be sold to exactly cover its fixed and variable costs is the
9. Question
: (TCO 5) Which of the following is
treated as a product cost in variable costing?
10. Question
: (TCO 5) If the number of units sold
is less than the number of units produced
11. Question
: (TCO 6) A contract which specifies
that the suppler will be paid for the cost of production as well as some fixed
amount or percentage of cost is called a(n)
12. Question
: (TCO 6) Which of the following is
not generally true when a company compares ABC and traditional costing?
13. Question
: (TCO 7) Fixed costs that will be
eliminated if a particular course of action is undertaken are called
1. Question
: (TCO 7) Common costs
2. Question
: (TCO 8) Target costing
3. Question
: (TCO 8) Which of the following are
relevant in deciding whether to accept or reject a special order?
4. Question
: (TCO 9) Present value techniques
5. Question
: (TCO 9) The internal rate of return
6. Question
: (TCO 10) A method of budget
preparation that requires all budgeted amounts to be justified by the
department, even if the amounts were supported in prior periods, is called
7. Question
: (TCO 10) Which budget is prepared
first?
8. Question
: (TCO 10) The standard cost is
9. Question
: (TCO 10) In general, an unfavorable
material variance arises from
10. Question
: (TCO 10) The type of center that
has responsibility for generating revenue as well as controlling costs is a(n)
11. Question
: (TCO 10) Responsibility accounting
holds managers responsible for
12. Question
: (TCO 10) Which ratio measures the
rate earned on total capital provided by the owners?
1. Question
: (TCO 1) Distinguish managerial
accounting from financial accounting. Include a brief discussion of the
differences in the types of information provided to users as well as the
differences of the users of the accounting information.
Points Received: 20
of 20
Comments: okay
2. Question
: (TCO 6) Booth Financial
Services, LLC has two revenue producing departments, Financial
Planning and Business Consulting. The accounting department is trying to
determine the best method to allocate $1,000,000 of common costs
(secretarial staff, reception personnel, etc), either by salary or number of
employees. Information on the revenue departments are as follows:
Department Employees Salaries
Financial Planning 150
employees $10,000,000
Business Consulting 50
employees $5,000,000
(a) Allocate the $1,000,000 common costs to the two
revenue departments using both methods.
(b) Why are allocations called arbitrary?
3. Question
: (TCO 10) Charlie Corp sells it
products on both credit and cash basis. Monthly sales are sold 20% for
cash, 80% for credit. Credit sales are collected 40% in the month of sale
and 60% the following month. Sales for the first quarter are as follows:
4. Question
: (TCO 2) Acme Fireworks uses a
traditional overhead allocation based on direct labor hours. For
the current year overhead is estimated at $1,000,000 and direct labor
hours are budgeted at 200,000 hours. Actual hours worked were 195,000 and
actual overhead was $978,000.
(a) Compute the predetermined manufacturing overhead
rate.
(b) Compute the applied manufacturing overhead.
(c) Compute the amount of over/under applied
manufacturing overhead.
1. Question
: (TCO 9) An investment of $185,575
is expected to generate returns of $65,000 per year for each of the next
four years. What is the investment's internal rate of return?
2. Question
: (TCO 4) Legal Docs Inc is a legal
services firm that files incorporation papers for small businesses. They
charge $1,000 per application. This year's income statement shows the
following:
Sales $1,295,000
Variable Expenses $1,023,000
Contribution margin $272,000
Fixed costs $250,000
Profit $22,000
Required:
(a) Compute the break-even point in units.
(b) Compute the contribution margin ratio.
(c) Compute the current margin of safety.
(d) How many applications must the company sell to
make a profit of $350,000?
3. Question
: (TCO 5) The following data has been
taken from Air-Tite company in its first year of business.
Units produced 100,000
Units sold 80,000
Units in ending inventory 20,000
Fixed manufacturing overhead $400,000
(a) Compute the amount of fixed manufacturing
overhead that would be expensed in the current year if full
absorption costing is used.
(b) Compute the amount of fixed manufacturing
overhead that would be expensed in the current year if variable costing is
used.
(c) Compute the amount of fixed manufacturing
overhead that would be included in ending inventory under full absorption
costing.
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