ACCT3310 Fall 20xx Exam #1 Dr. Bailey
|
|
- Primrose Bishop
- 6 years ago
- Views:
Transcription
1 Sample exam for Spring 2014 students. The purposes of this practice exam are (1) to familiarize you with my testing style, and (2) to allow you to pre-test yourself after you have studied and feel ready. Please note the following before you proceed: The wrong way to use this exam: Go over the questions, look at the answers, and feel that you are prepared to handle the question on the real exam. It will not be on the actual exam, although you may see something similar. The right way to use this exam: After seriously studying the chapter and working the homework, so that you feel comfortable with the material, take this exam, allowing yourself one hour of uninterrupted time. If you miss one, don t just note the correct answer; study the topic or learning objective to better deal with this type of question. Note that some questions relate to Ch. 3, which will not be on our Exam 1. I have marked these with a star o (see #8 for example). Save them until you are preparing for the next exam. There are 64 points related to Ch 1 & 2 (and 36 related to Ch. 3), so your score is the (number of points earned)/64. ACCT3310 Fall 20xx Exam #1 Dr. Bailey Your Name Important Instructions (may be modified for Spring 2014) 1. Clearly circle the letter response on multiple-choice, as well as responding on the bubble sheet 2. Be sure to show your work on all numerical problems. Correct numbers will not count without supporting calculations! 3. There are 21 questions. Be sure your exam includes them all 4. You may have only these items on your desk: Pencils & erasers. (Do not use ink pens.) A free-standing, nonprogrammable calculator with only basic functions (+, -, *, /, ). Not your cellphone. Not a programmable calculator. If you paid over $5 it s probably not OK. The exam NOTHING ELSE! o No other paper. Possession of any paper other than the exam (even a gum wrapper) will result in a grade of zero for the exam. o No drinks, except a water bottle with no label. o No phones or other personal items. o No caps, visors or hats are allowed. Initial here to acknowledge your understanding of these instructions: Points for each item are shown as,, etc. 1. Cost drivers are A. activities that cause costs to increase as the activity increases. B. accounting techniques and practices used to control costs. C. accounting reimbursements used to evaluate whether performance is proceeding according to plan. D. a mechanical basis, such as machine hours, computer time, or factory square footage, used to assign costs to activities. 2. The field of accounting that depends on generally accepted accounting principles (GAAP) is called A. cost accounting. B. financial accounting. C. managerial accounting. D. responsibility accounting. E. International accounting.
2 3. How would a 5% sales commission paid to sales personnel be classified in a manufacturing company? A. Fixed, period cost. B. Fixed, product cost. C. Variable, period cost. D. Variable, product cost. 4. Which of the following statements is (are) true? (1). An asset is a cost that will be matched with revenues in a future accounting period. (2). Opportunity costs are recorded as intangible assets in the current accounting period. A. Only (1) is true. B. Only (2) is true. C. Both (1) and (2) are true. D. Neither (1) or (2) are true. 5. The term gross margin for a manufacturing firm refers to the excess of sales over: A. cost of goods sold, excluding fixed indirect manufacturing costs. B. all variable costs, including variable marketing and administrative costs. C. cost of goods sold, including fixed indirect manufacturing costs. D. variable costs, excluding variable marketing and administrative costs. E. total manufacturing costs, including fixed indirect manufacturing costs. 6. Which of the following best distinguishes an opportunity cost from an outlay cost? A. Opportunity costs are recorded, whereas outlay costs are not. B. Outlay costs are speculative in nature, whereas opportunity costs are easily traceable to products. C. Opportunity costs have very little utility in practical applications, whereas outlay costs are always relevant. D. Opportunity costs are sacrifices from foregone alternative uses of resources, whereas outlay costs are cash outflows. 7. Which one of the following costs is classified as a period cost? (CIA adapted) A. The wages of the workers on the shipping docks who load completed products onto outgoing trucks. B. The wages of a worker paid for idle time resulting from a machine breakdown in the molding department. C. The payments for employee (fringe) benefits paid on behalf of the workers in the manufacturing plant. D. The wages paid to workers for reworking defective products that failed the quality inspection upon completion. 8. Which of the following statements is true? A. An increase in an organization's tax rate will cause an increase in its break-even point. B. After-tax operating profits are equal to the before-tax operating profits divided by (1 tax rate) C. If an organization's before- and after-tax operating incomes are $10,000 and 7,000, respectively, then its tax rate is 70% D. An increase in an organization's tax rate will cause a decrease in its break-even point. E. None of the above
3 9. Inventoriable costs: A. include only the prime costs of manufacturing a product. B. include only the conversion costs of providing a service. C. exclude fixed manufacturing costs. D. are regarded as assets until the units are sold. E. are regarded as expenses when the costs are incurred. 10. Which of the following would not cause the breakeven point to change? A. Sales price increases. B. Fixed costs decreases. C. Sales volume decreases. D. Variable costs per unit increases. E. Product mix shifts towards the cheaper products. 11. If the fixed costs for a product decrease and the variable costs (as a percentage of sales dollars) decrease, what will be the effect on the contribution margin ratio and the breakeven point respectively? CM% BEP A. Decreased Increased B. Increased Decreased C. Decreased Decreased D. Increased Increased 12. Expense A is a fixed cost expense, B is a variable cost. During the current year the volume of output has decreased. In terms of cost per unit of output, we would expect that A. expense A has remained unchanged. B. expense B has decreased. C. expense A has decreased. D. expense B has remained unchanged. 13. Operating leverage refers to the extent to which an organization's cost structure is made up of: A. differential costs. B. opportunity costs. C. fixed costs. D. relevant costs. E. product costs. 14. Cajun Connection is a fast-food restaurant. Their average meal sells for $4.75 and has variable costs of $1.85. Fixed costs currently are $9500/month, but management is considering a new cost structure. Total salaries would be reduced by $1000/month, and a new sales commission would be offered averaging $0.15/meal. Employees like the plan, and management believes they would try harder to increase business. At what number of meals served would management be indifferent between the new and existing cost structures? Answer: $ Show work below:
4 15. Define the term value added activity : 16. You have been provided with the following information: If sales decrease by 500 units, how much will fixed expenses have to be reduced to maintain the current operating profit of $6,000? 17. Given the following information: What would expected net income be if the company experienced a 10 percent increase in fixed costs and 10 percent increase in sales volume? Answer: $ Show work below: 18. The AZ Company manufactures kitchen utensils. The company is currently producing well below its full capacity. The BV Company has approached AZ with an offer to buy 20,000 utensils at $0.75 each. AZ sells its utensils wholesale for $0.85 each; the average cost per unit is $0.83, of which $0.12 is fixed costs. If AZ were to accept BV's offer, what would be the effect on AZ's operating profits?
5 19. The president of AMG Enterprises is considering expanding sales by producing three different versions of their product. Each will be targeted by the marketing department to different income levels and hence will be produced from three different qualities of materials. After reviewing the sales forecasts, the sales department feels that for every item of A sold, 4 of M can be sold and 8 of G can be sold. The following information has been assembled by the sales department and the production department. The fixed costs associated with the manufacture of these three products are $75,000 per year. Required: Determine the number of units of each product that would be sold at the breakeven point. Clearly label your answers pts The cost accountant for the Larsen Manufacturing Company has provided you with the following information for the month of July 20xx: Required: Compute the following per unit items, assuming the company produced 6,000 units and sold 5,000 units at a price of $ per unit. Show calculations in the brackets. (a) Total variable cost/unit: { (b) Variable inventoriable cost/unit: { (c) Full absorption cost/unit: { (d) Full cost/unit: { (e) Contribution margin/unit: { (f) Gross margin/unit: {
6 pts The Matter Manufacturing Company provided you with the following information for the fiscal year ended December 31, 2005: Required: (a) Compute the total manufacturing costs incurred during (b) Compute the cost of goods manufactured during 20xx. (c) Compute the cost of goods sold during 20xx. (d) Compute the total prime costs for 20xx. (e) Compute the total conversion costs for 20xx.
1. The cost of an item is the sacrifice of resources made to acquire it. 2. An expense is a cost charged against revenue in an accounting period.
Chapter 02 Cost Concepts and Behavior True / False Questions 1. The cost of an item is the sacrifice of resources made to acquire it. True False 2. An expense is a cost charged against revenue in an accounting
More informationCost Accounting: A Managerial Emphasis, 16e, Global Edition (Horngren) Chapter 2 An Introduction to Cost Terms and Purposes
Cost Accounting: A Managerial Emphasis, 16e, Global Edition (Horngren) Chapter 2 An Introduction to Cost Terms and Purposes 2.1 Objective 2.1 1) Which of the following would be considered an actual cost
More informationSM-Ch02-5e.pdf Lanen_5e_IM_Ch_02.pdf Chapter 02 - Solutions.pdf Lanen_02_Instructor_Final.pdf Chapter 02.pdf
SM-Ch02-5e.pdf Lanen_5e_IM_Ch_02.pdf Chapter 02 - Solutions.pdf Lanen_02_Instructor_Final.pdf Chapter 02.pdf 2 Cost Concepts and Behavior Solutions to Review Questions 2-1. Cost is a more general term
More information2 Cost Concepts and Behavior
2 Cost Concepts and Behavior Solutions to Review Questions 2-1. Cost is a more general term that refers to a sacrifice of resources and may be either an opportunity cost or an outlay cost. An expense is
More informationAcct 2301 (Spring 2006) - Exam 1
Acct 2301 (Spring 2006) - Exam 1 Student: 1. Which of the following costs is not considered to be an inventory cost? A. Raw material B. Depreciation of delivery vehicles C. Production wages D. Factory
More informationIncremental Analysis. LO 1: Analysis
Incremental Analysis LO 1: Analysis Terms Incremental analysis Relevant cost Opportunity cost Sunk cost Analysis: Incremental analysis uses financial data that changes among alternatives to help decision
More informationManagerial Accounting: Making Decisions and Motivating Performance (Datar/Rajan) Chapter 2 An Introduction to Cost Terms and Purposes
Managerial Accounting: Making Decisions and Motivating Performance (Datar/Rajan) Chapter 2 An Introduction to Cost Terms and Purposes Learning Objective 2-1 1) The cost incurred is: A) actual costs. B)
More informationACG 2071 Managerial Accounting Spring 2018 Exam #4 Sample Review Problems
Page 1 ACG 2071 Managerial Accounting Spring 2018 Exam #4 Sample Review Problems This is an independent effort. Do your own work! The ACE tutors and the SI may not assist you on this sample exam prior
More informationMARGINAL COSTING CATEGORY A CHAPTER HIGH MARKS COVERAGE IN EXAM
1 MARGINAL COSTING CATEGORY A CHAPTER HIGH MARKS COVERAGE IN EXAM Question 1 Arnav Ltd. manufacture and sales its product R-9. The following figures have been collected from cost records of last year for
More informationCOST C O S T COST. Cost is not a simple concept. It is important to distinguish between four different types - fixed,, variable, average and marginal.
Ir. Haery Sihombing/IP Pensyarah Fakulti Kejuruteraan Pembuatan Universiti Teknologi Malaysia Melaka Chapter 3 DIRECT COST Chapter 4 INDIRECT COSTS C O S T COST Cost is not a simple concept. It is important
More informationChapter 2 Cost Terms, Concepts, and Classifications
Multiple Choice Questions 16. Indirect labor is a part of: A) Prime cost. B) Conversion cost. C) Period cost. D) Nonmanufacturing cost. Answer: B Level: Medium LO: 1,2 Source: CPA, adapted 17. The cost
More informationCost Accounting, 15e (Horngren/Datar/Rajan) Chapter 2 An Introduction to Cost Terms and Purposes. Objective 2.1
Cost Accounting, 15e (Horngren/Datar/Rajan) Chapter 2 An Introduction to Cost Terms and Purposes Objective 2.1 1) An actual cost is. A) is the cost incurred B) is a predicted or forecasted cost C) is anything
More informationPart 3 : 11/11/10 07:42:55. MultiFrame Company has the following revenue and cost budgets for the two products it sells.
Question 1 - CMA 1290 4-4 - Decision Making MultiFrame Company has the following revenue and cost budgets for the two products it sells. Plastic Frames Glass Frames Budgeted unit sales 100,000 300,000
More informationAccounting for Merchandising Operations
5-1 Chapter 5 Accounting for Merchandising Operations Learning Objectives After studying this chapter, you should be able to: 1. Identify the differences between service and merchandising companies. 2.
More informationTest Bank Horngren's Financial & Managerial Accounting The Managerial Chapters 5th Edition Miller-Nobles
Test Bank Horngren's Financial & Managerial Accounting The Managerial Chapters 5th Edition Miller-Nobles TEST BANK for Horngren's Financial & Managerial Accounting The Managerial Chapters 5th Edition by
More information1). Fixed cost per unit decreases when:
1). Fixed cost per unit decreases when: a. Production volume increases. b. Production volume decreases. c. Variable cost per unit decreases. d. Variable cost per unit increases. 2). Prime cost + Factory
More informationCost Concepts and Behavior
2 Chapter Two Cost Concepts and Behavior LEARNING OBJECTIVES After reading this chapter, you should be able to: L.O.1 L.O.2 L.O.3 L.O.4 L.O.5 L.O.6 L.O.7 Explain the basic concept of cost. Explain how
More informationMANAGEMENT 9 ACCOUNTING
9-1 9-2 Chapter MANAGEMENT 9 ACCOUNTING A BUSINESS PARTNER To explain the three principles guiding the design of management accounting systems. LO1 Management Accounting: Basic Framework 9-3 Management
More informationDown on the Farm: Factor Markets Simulation
Down on the Farm: Factor Markets Simulation Lesson by Sherilyn Narker, senior education program manager, Federal Reserve Bank of Atlanta Lesson description In this lesson, students will participate in
More informationIntroduction to Managerial Accounting 7th Edition Brewer Garrison Noreen Test Bank. Download:
Introduction to Managerial Accounting 7th Edition Brewer Garrison Noreen Test Bank. Download: https://testbankarea.com/download/introduction-managerial-accounting- 7th-edition-brewer-garrison-noreen-test-bank/
More informationIntroduction to Managerial Accounting 7th Edition Brewer Garrison Noreen Test Bank. Download:
Introduction to Managerial Accounting 7th Edition Brewer Garrison Noreen Test Bank. Download: https://testbankarea.com/download/introduction-managerial-accounting- 7th-edition-brewer-garrison-noreen-test-bank/
More informationAccounting for Merchandising Operations
5-1 Chapter 5 Accounting for Merchandising Operations Learning Objectives After studying this chapter, you should be able to: 1. Identify the differences between service and merchandising companies. 2.
More informationHorngren's Financial & Managerial Accounting, 4e (Nobles) Chapter 16 Introduction to Managerial Accounting. Learning Objective 16-1
Horngren's Financial & Managerial Accounting, 4e (Nobles) Chapter 16 Introduction to Managerial Accounting Learning Objective 16-1 1) Managerial accounting focuses on providing information for internal
More informationPart 1 Study Unit 4. Cost Management Concepts Patricia Burnett, CMA Ronald Schmidt, CMA, CFM
Part 1 Study Unit 4 Cost Management Concepts Patricia Burnett, CMA Ronald Schmidt, CMA, CFM 1 Remember most common reasons for missing questions! 1. Misreading the requirement (stem) Read the question
More informationCost Behavior. Material Cost: Direct material: 1. seen in the final product 2. economic/visible to trace Indirect Material:
1 Chapter 2 Introduction to Cost Terms and Purposes Cost A cost is the value of economic resources (e.g., money) sacrificed or used up to achieve a particular objective (e.g., produce a product or perform
More informationBasic Cost Management Concepts. M. En C. Eduardo Bustos as
Basic Cost Management Concepts M. En C. Eduardo Bustos Farías as 1 Objectives 1. Explain what is meant by the word "cost." 2. Distinguish among product costs, period costs,, and expenses. 3. Describe the
More informationCOST SHEET. Samir K Mahajan
COST SHEET Samir K Mahajan COMPONENTS OF TOTAL COST Prime cost: It is the aggregate of direct material cost, direct labour cost and direct expenses. Prime cost or Direct cost = Direct materials + Direct
More informationSell higher margin goods
strategy guide Sell higher margin goods W www.bsi.com.au P 1300 137 504 E info@bsielearning.com.au A Level 7,14 Martin Place Sydney NSW 2000 2016 BSI. All Rights Reserved Table of contents A. Introduction...
More informationAn Introduction to Cost terms and Purposes. Session 2
An Introduction to Cost terms and Purposes Session 2 Learning Objectives Define and illustrate a cost object Distinguish between direct costs and indirect costs Explain variable costs and fixed costs Interpret
More informationRecitation Section Number. Seat Number. MIDTERM 2 SOLUTION Management Spring 2013
Name Seat Number MIDTERM 2 SOLUTION Management 201 - Spring 2013 Recitation Section Number 1. This examination consists of 30 multiple-choice questions. Each question is worth 5 points. 2. You must sit
More informationChapter 2--Product Costing: Manufacturing Processes, Cost Terminology, and Cost Flows
Chapter 2--Product Costing: Manufacturing Processes, Cost Terminology, and Cost Flows Student: 1. Which of the following types of organizations is most likely to have a raw materials inventory account?
More information1. Cost accounting involves the measuring, recording, and reporting of: A. product costs. B. future costs. C. manufacturing processes.
1. Cost accounting involves the measuring, recording, and reporting of: A. product costs. B. future costs. C. manufacturing processes. D. managerial accounting decisions. 2. In accumulating raw materials
More informationCOST ACCOUNTING b.com part II Regular & Private (SUPPLEMENTARY) Solved Paper. Compiled & Solved by: Sameer Hussain
COST ACCOUNTING b.com part II 2014 Regular & Private (SUPPLEMENTARY) Solved Paper Compiled & Solved by: Sameer Hussain Instructions: (1) Attempt any FIVE questions. (2) All questions carry equal marks.
More informationCHAPTER 4 ACCOUNTING FOR MERCHANDISING OPERATIONS
CHAPTER 4 ACCOUNTING FOR MERCHANDISING OPERATIONS Key Terms and Concepts to Know Income Statements: Single-step income statement Multiple-step income statement Gross Margin = Gross Profit = Net Sales Cost
More informationB.Com II Year (Hons.) Cost Accounting Model Paper I
Max. Marks: 100 B.Com II Year (Hons.) Cost Accounting Model Paper I Durations: 3 Hrs. Attempt all the questions. All Questions are compulsory, each question carry 20 marks. Unit I 1. A Ltd. Is the manufacturer
More informationUNIT 8 COST CONCEPTS AND ANALYSIS I
UNIT 8 COST CONCEPTS AND ANALYSIS I Objectives After going through this unit, you should be able to: understand some of the cost concepts that are frequently used in the managerial decision making process;
More information2, 2015/2016. Management Accounting Fundamentals. (This Question Paper Consists of 8 Printed Pages)
2, 2015/2016 ENM 1 ACC 1511 1-6 Management Accounting Fundamentals (This Question Paper Consists of 8 Printed Pages) INSTRUCTION(S) TO CANDIDATES DO NOT OPEN UNTIL YOU ARE ASKED TO DO SO 4. PART A: MULTIPLE
More informationVariable Costing: A Tool for Management. M. En C. Eduardo Bustos Farías
Variable Costing: A Tool for Management M. En C. Eduardo Bustos Farías 1 Absorption Costing A system of accounting for costs in which both fixed and variable production costs are considered product costs.
More information2.1 Identify and distinguish between two manufacturing cost classification systems: direct and indirect, prime and conversion.
Chapter 2 An Introduction to Cost Terms and Purposes 2.1 Identify and distinguish between two manufacturing cost classification systems: direct and indirect, prime and conversion. 1) "Cost" is defined
More informationEvaluating Preconditioning Profitability - Projection and Closeout Manual
Evaluating Preconditioning Profitability - Projection and Closeout Manual This user manual describes the methodology for a cow-calf producer to evaluate the profitability of preconditioning calves to forward
More informationIntuit QuickBooks Enterprise Solutions 11.0 Complete List of Reports
Intuit QuickBooks Enterprise Solutions 11.0 Complete List of Reports Intuit QuickBooks Enterprise Solutions is the most advanced QuickBooks product for businesses with more complex needs. It offers advanced
More information2.1 Identify and distinguish between two manufacturing cost classification systems: direct and indirect, prime and conversion.
Cost Accounting, Cdn. Ed., 7e (Horngren) Chapter 2 An Introduction to Cost Terms and Purposes 2.1 Identify and distinguish between two manufacturing cost classification systems: direct and indirect, prime
More informationReading Essentials and Study Guide
Lesson 3 Cost, Revenue, and Profit Maximization ESSENTIAL QUESTION How do companies determine the most profitable way to operate? Reading HELPDESK Academic Vocabulary generates produces or brings into
More informationThe candidate must answer all questions and their parts. Be presise.
Faculty of Social Sciences School of Business Managerial Accounting Examination December 2014 English Date: Monday 15 December, 2014 Time: 4 hours / kl. 9-13 Total number of pages including the cover page:
More informationAn Introduction to Cost Terms and Purposes
CHAPTER 2 An Introduction to Cost Terms and Purposes Learning Objectives After studying this chapter, a student should be able to: 1. Identify and distinguish the logic underlying three cost classification
More informationPLANNING FOR SUCCESS P a g e 0
PLANNING FOR SUCCESS P a g e 0 PLANNING FOR SUCCESS P a g e 1 Planning for Success: Your Guide to Preparing a Business and Marketing Plan This guide is designed to help you put together a comprehensive,
More informationSection A: Summary Content Notes
COST ACCOUNTING 30 JULY 2015 Section A: Summary Content Notes MANUFACTURING ACCOUNTS: NEW LEDGER ACCOUNTS New Ledger Accounts pertaining to manufacturing concerns are divided into the following categories:
More informationCOMPANY FINANCIAL COMPARISON PROJECT
COMPANY FINANCIAL COMPARISON PROJECT Course Title: Project Name: Time: Accounting Company Financial Comparison Project 6 hours Objectives: Upon the completion of this project the students will be able
More informationBy: Adrian Chu, Department of Industrial & Systems Engineering, University of Washington, Seattle, Washington November 12, 2009.
OPT Report By: Adrian Chu, Department of Industrial & Systems Engineering, University of Washington, Seattle, Washington 98195. November 12, 2009. The Goal Every manufacturing company has one goal to make
More informationJA BizTown Pretest/Posttest
Write your answers on the Pretest/Posttest Answer Sheet in the Citizen Guide as instructed by your teacher SECTION 1: MULTIPLE CHOICE Circle the best answer (1 point each) 1 Which of the following best
More informationManagerial Accounting and Cost Concepts
Managerial Accounting and Cost Concepts Chapter 2 PowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D., CPA Copyright
More informationSECTION I. Sh ,000 10,200 16,680 14,000 2,600 4,200 13,300 2,520 1,600 10,500 12, ,000
QUESTION ONE SECTION I Wangu Manufacturing Company Ltd. is located at the industrial area in Nairobi. The company uses four different machine groups, A, B, C and D in its manufacturing process. The overhead
More informationCh.4 Evaluating Requisitions.
Module 1 : Purchasing Process. Ch.4 Evaluating Requisitions. Edited by Dr. Seung Hyun Lee (Ph.D., CPM) IEMS Research Center, E-mail : lkangsan@iems.co.kr Cost/Benefit Analysis. Classification of Costs
More informationWhich of the following is correct? Select correct option: Units sold=opening finished goods units + Units produced Closing finished goods units Units
Which of the following is correct? Units sold=opening finished goods units + Units produced Closing finished goods units Units Sold = Units produced + Closing finished goods units - Opening finished goods
More informationChapter 3--Product Costing: Manufacturing Processes, Cost Terminology, and Cost Flows
Chapter 3--Product Costing: Manufacturing Processes, Cost Terminology, and Cost Flows Student: 1. Which of the following types of organizations is most likely to have a raw materials inventory account?
More informationChapter 5: Merchandising Operations and the Multiple-Step Income Statement
Vocabulary Quiz 1. A detailed inventory system in which the cost of each inventory item is maintained and the records continuously show the inventory that should be on hand. 2. A reduction given by a seller
More informationCopyright ownership: United Business Services (Aust) Pty Ltd.
Assessment Tasks Candidate Guide BSBSMB402A Plan small business finances Copyright ownership: United Business Services (Aust) Pty Ltd. This book is copyright protected under the Berne Convention. All rights
More informationInventory Cost Accounting Tips and Tricks. Nick Bergamo, Senior Manager Linda Pei, Senior Manager
1 Inventory Cost Accounting Tips and Tricks Nick Bergamo, Senior Manager Linda Pei, Senior Manager 2 Disclaimer The material appearing in this presentation is for informational purposes only and is not
More informationWelcome to: FNSACC507A Provide Management Accounting Information
Welcome to: FNSACC507A Provide Management Accounting Information Week 1 Chapter 1 COST CONCEPTS FNSACC507A Provide Management Accounting Information By the end of this lesson, you will be able to 1. Explain
More informationActivity Based Costing: A Decision Making Tool. with Dr. Joseph Ugras December 2017
Activity Based Costing: A Decision Making Tool with Dr. Joseph Ugras December 2017 1 7-2 Learning Objectives Know the Need for Cost and Profitability Understand how traditional and activity-based costing
More informationUniversity of Toronto February 6, ECO 100Y INTRODUCTION TO ECONOMICS Midterm Test # 3
Department of Economics Prof. Gustavo Indart University of Toronto February 6, 2009 SOLUTIONS ECO 100Y INTRODUCTION TO ECONOMICS Midterm Test # 3 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS: 1. The
More informationQuickBooks Online Student Guide. Chapter 10. Inventory
QuickBooks Online Student Guide Chapter 10 Inventory Chapter 2 Chapter 10 In this chapter, you ll learn how QuickBooks handles inventory. You can use QuickBooks to track the items you keep in inventory
More informationAcct 2301 (Spring 2006) - Exam 3
Acct 2301 (Spring 2006) - Exam 3 Student: 1. During 2005, Truman Company incurred manufacturing costs of $40,000 to work on and complete 10,000 gizmos. The company sold 8,000 of the gizmos during the year.
More information1. F; I 2. V ; D 3. V ; D 4. F; I 5. F; I 6. F; I 7. V ; D 8. F; I 9. F; I 10. V ; D 11. F; I 12. F; I 13. F; I 14. F; I
SOLUTIONS TO EERCISES EERCISE 2-1 (15 minutes) 1. F; I 2. V ; D 3. V ; D 4. F; I 5. F; I 6. F; I 7. V ; D 8. F; I 9. F; I 10. V ; D 11. F; I 12. F; I 13. F; I 14. F; I EERCISE 2-2 (15 minutes) 1. Product
More information#2 Importance and Factors Affecting Productivity. Dewi Hardiningtyas, ST., MT., MBA. Industrial Engineering Department, University of Brawijaya
#2 Importance and Factors Affecting Productivity Dewi Hardiningtyas, ST., MT., MBA. Industrial Engineering Department, University of Brawijaya Review : What is Productivity? Productivity is the quality
More informationPART ONE OF A TWO PART PAPER QUESTION BOOKLET
PART ONE OF A TWO PART PAPER QUESTION BOOKLET 22 November 2010 FNSACCT613A/B Prepare and Analyse Management Accounting Information Aids to be supplied by college: None. Instructions to students: Time allowed
More informationAccounting Services. Study Guide
Accounting Services Study Guide Assessments: 0001 Accounts Payable Clerk 0002 Accounts Receivable Clerk 0003 Full-Charge Bookkeeper 0004 Payroll Clerk Endorsed by the American Institute of Professional
More informationOverheads/Job and Batch Costing. RST Ltd. has two production departments Machining and Finishing. There are three service
CA R. K. Mehta Overheads/Job and Batch Costing CA Past Years Exam Question Question : 1 Nov, 2006 RST Ltd. has two production departments Machining and Finishing. There are three service departments Human
More informationSOLUTIONS TO END-OF-CHAPTER QUESTIONS CHAPTER 11
SOLUTIONS TO END-OF-CHAPTER QUESTIONS CHAPTER 11 DEVELOP YOUR UNDERSTANDING Question 11.1 Absorption cost for one food processor Materials: 22,500 2,000 food processors 11.25 Direct labour: 16,500 2,000
More information2. Standard costs imply a) Predetermined cost for a period b) Incurred cost c) Conversion cost d) Incremental cost
QUESTION BANK PAPER: COST ACCOUNTING COURSE: B.Com (Semester IV) MCQs 1. The basic objective of cost accounting is a) Recording of cost b) Reporting of cost c) Cost control d) EarningProfit 2. Standard
More informationBUSINESS FINANCE SERIES EVENT PARTICIPANT INSTRUCTIONS
CAREER CLUSTER Finance CAREER PATHWAY Corporate Finance Pathway INSTRUCTIONAL AREA Financial Analysis BUSINESS FINANCE SERIES EVENT PARTICIPANT INSTRUCTIONS The event will be presented to you through your
More informationOH WHERE, OH WHERE HAS MY PROFIT GONE? Monte Zwang
OH WHERE, OH WHERE HAS MY PROFIT GONE? Monte Zwang REMEMBER THE BUSINESS PLAN? WHAT WERE YOU EXPECTING? Revenue Growth Profitability What tools were in place to tell you if you were on target or close?
More informationMultiple Choice Questions
Multiple Choice Questions 1. A cost not relevant to deciding whether to purchase a new machine is: a) The cost of the new machine b) Lower maintenance costs for the new machine c) The cost of the old machine
More informationACCOUNTING FOR MERCHANDISING ACTIVITIES
Chapter 6 ACCOUNTING FOR MERCHANDISING ACTIVITIES Presented by: Endra M. Sagoro Economic Faculty YSU endra_ms@uny.ac.id Operating Cycle of a Merchandising Company Cash Accounts Receivable 2. Sale of merchandise
More informationENGINEERING ECONOMICS AND FINANCIAL ACCOUNTING 2 MARKS
ENGINEERING ECONOMICS AND FINANCIAL ACCOUNTING 2 MARKS 1. What is managerial economics? It is the integration of economic theory with business practice for the purpose of facilitating decision making and
More informationChapter 8 The Labor Market: Employment, Unemployment, and Wages
Chapter 8 The Labor Market: Employment, Unemployment, and Wages Multiple Choice Questions Choose the one alternative that best completes the statement or answers the question. 1. If the price of a factor
More informationChapter 22 Homework Solution
Chapter 22 Homework Solution B. 1. According to the general principle, since the external market exists the appropriate (optimal) transfer price would be the market price of $50. At any price lower than
More informationADM1100A FALL 2013 PRACTICE FINAL EXAMINATION. Student Name: Student No.:
ADM1100A FALL 2013 PRACTICE FINAL EXAMINATION Student Name: Student No.: INSTRUCTIONS 1. Candidates must complete and sign the academic attestation below. 2. This examination consists of THREE Parts: Multiple
More informationInstitute of Certified Management Accountants of Sri Lanka Managerial Level May 2016 Examination. Integrative Management Accounting (IMA / ML 1-301)
Copyright Reserved Serial No Institute of Certified Management Accountants of Sri Lanka Managerial Level May 2016 Examination Examination Date : 14 th May 2016 Number of Pages : 06 Examination Time: 9.30
More informationP2 Performance Management September 2012 examination
Management Level Paper P2 Performance Management September 2012 examination Examiner s Answers Note: Some of the answers that follow are fuller and more comprehensive than would be expected from a well-prepared
More informationSolutions Manual for Cost Accounting A Managerial Emphasis 14th edition by Horngren Datar and Rajan
Solutions Manual for Cost Accounting A Managerial Emphasis 14th edition by Horngren Datar and Rajan Link download Solutions Manual for Cost Accounting A Managerial Emphasis 14th edition by Horngren Datar
More informationACCOUNTING FOR PERPETUAL AND PERIODIC INVENTORY METHODS
ACCOUNTING FOR PERPETUAL AND PERIODIC INVENTORY METHODS Key Terms and Concepts to Know Merchandise Inventory: Merchandise Inventory (Inventory or MI) refers to the goods the company has purchased and intends
More informationFinancial Accounting. John J. Wild. Sixth Edition. Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
Financial Accounting John J. Wild Sixth Edition McGraw-Hill/Irwin Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 04 Reporting and Analyzing Merchandising Operations Conceptual
More informationUsing Enterprise Budgets to Compute Crop Breakeven Prices Michael Langemeier, Associate Director, Center for Commercial Agriculture
June 2017 Using Enterprise Budgets to Compute Crop Breakeven Prices Michael Langemeier, Associate Director, Center for Commercial Agriculture Enterprise budgets provide an estimate of potential revenue,
More informationTypes of Ownership. Creating a Pro Forma. Sole Proprietorship (or Partnership) Corporation. Limited Liability Corporation (LLC)
Regional Micro- Enterprise Credential Key Financial Concepts Student Handout (Updated: June 12, 2017) Types of Ownership Sole Proprietorship (or Partnership) An individual (or group of individuals) owns
More informationEC101 DD/EE Midterm 2 November 7, 2017 Version 01
EC101 DD/EE Midterm 2 November 7, 2017 Version 01 Name (last, first): Student ID: U Discussion Section: Signature EC101 DD/EE F17 Midterm 2 INSTRUCTIONS (***Read Carefully***): ON YOUR QUESTION BOOKLET:
More informationconsumption function
1 Every day you make choices on what to do with the money you have. Should you splurge on a restaurant meal or save money by eating at home? Should you buy a new car, if so how expensive of a model? Should
More informationCLEP Microeconomics Practice Test
Practice Test Time 90 Minutes 80 Questions For each of the questions below, choose the best answer from the choices given. 1. In economics, the opportunity cost of an item or entity is (A) the out-of-pocket
More informationChapter 11. Microeconomics. Technology, Production, and Costs. Modified by: Yun Wang Florida International University Spring 2018
Microeconomics Modified by: Yun Wang Florida International University Spring 2018 1 Chapter 11 Technology, Production, and Costs Chapter Outline 11.1 Technology: An Economic Definition 11.2 The Short Run
More informationChapter 2--Measuring Product Costs
Chapter 2--Measuring Product Costs Student: 1. Which of the following is notone of the three major manufacturing cost categories? A. Direct materials costs that can be easily traced to a product B. Direct
More informationMANAGERIAL ACCOUNTING. 2 nd topic COST CLASSIFICATION
MANAGERIAL ACCOUNTING 2 nd topic COST CLASSIFICATION Structureofthelecture2 2.1 Definition of cost and related terms 2.2 Types of cost classification 2.3 Identification of cost classification 2.4 Reporting
More informationTable of Contents What is Theatre Wire?
Table of Contents What is Theatre Wire? Page 1 Ticket Sales Platform Page 2 How will my company get paid? Page 3 At Door Ticket Sales Page 3 At Door Volunteers Page 3 Ticketing Policies Page 4 Customer
More information[Insert Business Name] Executive Summary [Insert tagline]
[Insert Logo] [Insert Business Name] Executive Summary [Insert tagline] Company Background Business Description: [Provide your business name, ownership structure, business type found in Sections 1.1-1.3,
More informationHow Business Intelligence Impacts Enterprise, Mid-Market, and Small US Companies
How Business Intelligence Impacts Enterprise, Mid-Market, and Small US Companies The value of understanding your business in detail is impossible to calculate, except to say that it is priceless What does
More informationRelevant Costing for Managerial Decisions QUESTIONS
Chapter 23 Relevant Costing for Managerial Decisions QUESTIONS 1. The five steps are: (1) define the decision task, (2) identify alternative courses of action, (3) collect relevant information and evaluate
More informationPopular Reports. Maitre D Software Suite COPYRIGHT POSERA SOFTWARE INC
Maitre D Software Suite COPYRIGHT POSERA SOFTWARE INC Maitre D Software i Table of Contents DSR 4 Sales Consolidated 4 Top 15 Items Consolidated 5 Daybook 5 Weekly summary of Clients by Time Period 6 Weekly
More information9/26/2008. Chapter Objectives PART 1. Concepts in Enterprise Resource Planning 2 nd Edition
Concepts in Enterprise Resource Planning 2 nd Edition Chapter 3 Marketing Information Systems and the Sales Order Process Chapter Objectives Describe the un-integrated sales processes of Fitter Snacker,
More informationAP Macroeconomics. You can use whichever format you want. Web view is recommended -- the responsive design works seamlessly on any device.
AP Macroeconomics Instructor Mrs. Crisler Room 428 Office Hours 2:42-3:15 M,T,W,TH 2:00-3:15 F E-mail jcrisler@satsumaschools.com Phone 380-8190 Twitter Joy Crisler @ shsgovteach Economics : Macroeconomics
More informationIB Business Management Pre-Released Case Study May 2018 Key Terms: Activity II
IB Business and Management: www.businessmanagementib.com IB BUSINESS MANAGEMENT CASE STUDY MAY 2018: KEY TERMS AND DEFINITIONS Below are the definitions for all key terms as they appear in the IB Business
More informationMarginal Costing Q.8
Marginal Costing. 2008 Q.8 Break-Even Point. Before tackling a marginal costing question, it s first of all crucial that you understand what is meant by break-even point. What this means is that a firm
More information