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25 multiple choice Accounting questions. 60 min li...




25 multiple choice Accounting questions. 60 min limit! I will need to send them all at once and will need them answered all at once before the 60 min time limit has ended.,I really do need the help so I hope you are willing to help me with this. I have incuded $20 and that is all I can afford for this.,Unfortunately I cannot send you the 25 multiple choice questions without the time limit starting since it is a timed test for me. I can assure you they will be similar to the first set I sent you previously on the other thread. Will the name of the book I am using help you?,These are the questions I asked before on the other thread but the new set will be different. Question: Managerial accounting applies to each of the following types of businesses except A Service firms B Merchandising firms C Manufacturing firms D Managerial accounting applies to all types of firms Question: Manufacturing costs that cannot be classified as either direct materials or direct labor are known as A Period costs B Nonmanufacturing costs C Selling and administrative expenses D Manufacturing overhead Question: The increased use of automation and less use of the work force in companies has caused a trend towards an increase in A Both variable and fixed costs B Fixed costs and a decrease in variable costs C Variable costs and a decrease in fixed costs D Variable costs and no change in fixed costs Question: Isakson Company has a contribution margin per unit of $15 and a contribution margin ratio of 60%. How much is the selling price of each unit? A $25.00 B $37.50 C $9.00 D Cannot be determined without more information Question: A process cost system would most likely be used by a company that makes A Motion pictures B Repairs to automobiles C Breakfast cereal D College graduation announcements Question: A company desires to sell a sufficient quantity of products to earn a profit of $180,000. If the unit sales price is $20, unit variable cost is $12, and total fixed costs are $360,000, how many units must be sold to earn net income of $180,000? A 101,250 units B 67,500 units C 54,000 units D 40,500 units Question: An example of poor internal control is A The accountant should not have physical custody of the asset nor access to it B The custodian of an asset should not maintain or have access to the accounting records C One person should be responsible for handling related transactions D A salesperson makes the sale and a different person ships the goods Question: An important feature of a job order cost system is that each job A Must be similar to previous jobs completed B Has its own distinguishing characteristics C Must be completed before a new job is accepted D Consists of one unit of output Question: Which one of the following costs would not be inventoriable? A Period costs B Factory insurance costs C Indirect materials D Indirect labor costs Question: Internal reports must be communicated A Daily B Monthly C Annually D As needed Question: Hess Inc. sells a product with a contribution margin of $12 per unit, fixed costs of $74,400, and sales for the current year of $100,000. How much is Hess?s breakeven point? A 4,600 units B $25,600 C 6,200 units D 2,133 units Question: Which of the following are period costs? A Raw materials B Direct materials and direct labor C Direct labor and manufacturing overhead D Selling expenses Question: If a check correctly written and paid by the bank for $428 is incorrectly recorded on the company's books for $482, the appropriate treatment on the bank reconciliation would be to A Add $54 to the bank's balance B Add $54 to the book's balance C Deduct $54 from the bank's balance D Deduct $428 from the book's balance Question: In applying the high-low method, which months are relevant? Month Miles Total Cost January 80,000 $96,000 February 50,000 80,000 March 70,000 94,000 April 90,000 130,000 A January and February B January and April C February and April D February and March Question: How much sales are required to earn a target net income of $128,000 if total fixed costs are $160,000 and the contribution margin ratio is 40%? A $400,000 B $648,000 C $720,000 D $320,000 Question: Simpson Company applies overhead on the basis of 200% of direct labor cost. Job No. 305 is charged with $90,000 of direct materials costs and $120,000 of manufacturing overhead. The total manufacturing costs for Job No. 305 is A $210,000 B $270,000 C $300,000 D $330,000 Question: In preparing its bank reconciliation for the month of April 2010, Gantner Inc. has available the following information. Balance per bank statement, 4/30/10 $78,280 NSF check returned with 4/30/10 bank statement 900 Deposits in transit, 4/30/10 10,000 Outstanding checks, 4/30/10 10,400 Bank service charges for April 40 What should be the adjusted cash balance at April 30, 2010? A $78,740 B $77,880 C $76,980 D $76,940 Question: The entry to record the acquisition of raw materials on account is A Work-in-Process Inventory Accounts Payable B Manufacturing Overhead Raw Materials Inventory Accounts Payable C Accounts Payable Raw Materials Inventory D Raw Materials Inventory Accounts Payable Question: Molina Company has beginning and ending work in process inventories of $130,000 and $145,000, respectively. If total manufacturing costs are $620,000, what is the total cost of goods manufactured? A $750,000 B $765,000 C $605,000 D $635,000 Question: Hayward Manufacturing Company developed the following data Beginning work-in-process inventory $270,000 Direct materials used 210,000 Actual overhead 330,000 Overhead applied 240,000 Cost of goods manufactured 360,000 Ending work in process 450,000 Hayward Manufacturing Company's total manufacturing costs for the period is A $570,000 B $540,000 C $390,000 D Cannot be determined from the data provided Question: Simon Company's high- and low-level of activity last year was 60,000 units of product produced in May and 20,000 units produced in November. Machine maintenance costs were $78,000 in May and $30,000 in November. Using the high-low method, determine an estimate of total maintenance cost for a month in which production is expected to be 45,000 units. A $67,500 B $72,000 C $58,500 D $60,000 Question: In preparing a bank reconciliation, outstanding checks are A Added to the balance per bank B Deducted from the balance per books C Added to the balance per books D Deducted from the balance per bank Question: The following information is available for completed Job No. 402: Direct materials, $80,000; direct labor, $120,000; manufacturing overhead applied, $60,000; units produced, 5,000 units; units sold, 4,000 units. The cost of the finished goods on hand from this job is A $40,000 B $260,000 C $52,000 D $208,000 Question: Managerial accounting information A Pertains to the entity as a whole and is highly aggregated B Pertains to subunits of the entity and may be very detailed C Is prepared only once a year D Is constrained by the requirements of generally accepted accounting principles Question: Process costing is used when A The production process is continuous B Production is aimed at filling a specific customer order C Dissimilar products are involved D Costs are to be assigned to specific jobs


Paper#3485 | Written in 18-Jul-2015

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