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ACCT 505 Midterm Exam (New) Set 2
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ACCT 505 Midterm Exam (New) Set 2

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Multiple Choice          10        9

Essay   4

 

Question 1.      Question :        (TCO A) The variable portion of advertising costs is a

 

            Student Answer:                     Conversion YES... Period NO.

 

                                     Conversion YES .... Period YES.

 

                                     Conversion NO.... Period NO.

 

                                     Conversion NO.... Period YES.

 

 

Question 2.      Question :        (TCO A)  A cost incurred in the past that is not relevant to any current decision is classified as a(n)

 

            Student Answer:                     period cost.

 

                                    incremental cost.

 

                                    opportunity cost.

 

                                     None of the above

 

 

 

 

 

Question 3.      Question :        (TCO A) Property taxes on a company's factory building would be classified as a(n)

 

            Student Answer:                     variable cost.

 

                                    opportunity cost.

 

                                    period cost.

 

                                    product cost.

 

 

 

 

 

Question 4.      Question :        (TCO C) Within the relevant range, variable costs can be expected to

 

            Student Answer:                     vary in total in direct proportion to changes in the activity level.

 

                                    remain constant in total as the activity level changes.

 

                                    increase on a per-unit basis as the activity level increases.

 

                                    increase on a per-unit basis as the activity level decreases.

 

                                     None of the above

 

 

 

 

 

Question 5.      Question :        (TCO B) Which of the following statements is true?

I. Overhead application may be made slowly as a job is worked on.

II. Overhead application may be made in a single application at the time of completion of the job.

III. Overhead application should be made to any job not completed at year end in order to properly value the work in process inventory.

 

            Student Answer:                     Only statement I is true.

 

                                     Only statement II is true.

 

                                     Both statements I and II are true.

 

                                     Statements I, II, and III are true.

 

 

 

 

Question 6.      Question :        (TCO B) A job-order cost system is employed in those situations when

 

            Student Answer:                     many different products, jobs, or batches of production are being produced each period.

                                    manufacturing involves a single, homogeneous product that flows evenly through the production process on a continuous basis.

                                    the product moves from department to department before being completed.

                                    the unit cost of production is computed by dividing the total production costs by the number of units produced.

 

 

 

Question 7.      Question :        (TCO B) The FIFO method only provides a major advantage over the weighted-average method in that

 

            Student Answer:                     the calculation of equivalent units is less complex under the FIFO method.

                                    the FIFO method treats units in the beginning inventory as if they were started and completed during the current period.

                                    the FIFO method provides measurements of work done during the current period.

                                    the weighted-average method ignores units in the beginning and ending work-in-process inventories.

 

 

 

Question 8.      Question :        (TCO C)  The contribution margin ratio always increases when the

 

            Student Answer:                     fixed expenses increase.

 

                                    fixed expenses decrease.

 

                                    variable expenses as a percentage of net sales increase.

 

                                    variable expenses as a percentage of net sales decrease.

 

 

 

 

Question 9.      Question :        (TCO C)  Which of the following would not affect the break-even point?

 

            Student Answer:                     Variable expense per unit

 

                                     Number of units sold

 

                                     Total fixed expenses

 

                                     Selling price per unit

 

 

 

 

Question 10.    Question :        (TCO D) Under variable costing,

 

            Student Answer:                     inventory costs will be lower than under absorption costing.

 

                                    inventory costs will be higher than under absorption costing.

 

                                    net operating income will always be lower than under absorption costing.

                                    net operating income will always be higher than under absorption costing.

 

 

 

 

Question 1.      Question :        (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larden Corporation for the just-completed year.

Sales    $950

Purchases of raw materials      $170

Direct labor     $225

Manufacturing overhead         $220

Administrative expenses         $180

Selling expenses          $140

Raw materials inventory, beginning   $90

Raw materials inventory, ending        $80

Work-in-process inventory, beginning            $30

Work-in-process inventory, ending     $20

Finished goods inventory, beginning  $100

Finished goods inventory, ending      $70

 

Prepare a Schedule of Cost of Goods Manufactured statement in the text box below.

 

 

 

 

Question 2.      Question :        (TCO B) The Florida Company manufactures a product that goes through three processing departments. Information relating to activity in the first department during June is given below.

                        Percentage Completed

 

 

 

 

Question 3.      Question :        (TCO C) Drake Company's income statement for the most recent year appears below.

Sales (45,000 units)     $1,350,000

Less: variable expenses           750,000

Contribution margin    600,000

Less: fixed expenses   375,000

Net operating income  $225,000

 

 

 

Question 4.      Question :        (TCO D) The Hampton Company produces and sells a single product. The following data refer to the year just completed.

Selling price    $450

           

Units in beginning inventory  0

Units produced           25,000

Units sold        22,000

           

Variable costs per unit:          

Direct materials           $150

Direct labor     $75

Variable manufacturing overhead       $25

Variable selling and admin     $15

           

Fixed costs:    

Fixed manufacturing overhead           $275,000

Fixed selling and admin          $200,000

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