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Acc202 final exam

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Question;AC202;Final Exam (total 200 points);Multiple choice (each question is worth 3 points;total possible is 60 points);1. Which of the following is not an internal user?;a. Creditor;b. Department manager;c. Controller;d. Treasurer;2. Internal reports are generally;a. aggregated.;b. detailed.;c. regulated.;d. unreliable.;3. The reporting standard for external financial;reports is;a. industry-specific.;b. company-specific.;c. generally accepted accounting principles.;d. department-specific.;4. A distinguishing feature of managerial accounting;is;a. external users.;b. general-purpose reports.;c. very detailed reports.;d. quarterly and annual reports.;5. The job cost sheet does not show;a. costs chargeable to a specific job.;b. the total costs of a completed job.;c. the unit cost of a completed job.;d. the cost of goods sold.;6. Which one of the following best describes a job;cost sheet?;a. It is a form used to record the costs chargeable;to a specific job and to determine the total and unit costs of the completed;job.;b. It is used to track manufacturing overhead costs;to specific jobs.;c. It is used by management to understand how direct;costs affect profitability.;d. It is a daily form that management uses for;tracking worker productivity on which employee raises are based.;7. Manufacturing overhead applied is added to direct;labor incurred and to what other item to equal total manufacturing costs for;the period?;a. Goods available for sale.;b. Raw materials purchased.;c. Work in process.;d. Direct materials used.;8. At the beginning of the year, Monroe Company;estimates annual overhead costs to be $1,600,000 and that 300,000 machine hours;will be operated. Using machine hours as a base, the amount of overhead applied;during the year if actual machine hours for the year was 315,000 hours is;a. $1,600,000.;b. $1,523,809.;c. $1,120,000.;d. $1,680,000.;9. Which of the following is not used in;assigning manufacturing costs to work in process inventory?;a. Actual manufacturing overhead;b. Time tickets;c. Materials requisitions;d. Predetermined overhead rate;10. At the end of the year, any balance in the;Manufacturing Overhead account is generally eliminated by adjusting;a. Work In Process Inventory.;b. Finished Goods Inventory.;c. Cost of Goods Sold.;d. Raw Materials Inventory.;11. Which of the following is not a fixed;cost?;a. Direct materials;b. Depreciation;c. Lease charge;d. Property taxes;12. A mixed cost contains;a. a variable element and a fixed element.;b. both selling and administrative costs.;c. both retailing and manufacturing costs.;d. both operating and nonoperating costs.;13. A variable cost is a cost that;a. varies per unit at every level of activity.;b. occurs at various times during the year.;c. varies in total in proportion to changes in the;level of activity.;d. may or may not be incurred, depending on;management's discretion.;14.;When;budgeted and actual results are not the same amount, there is a budget;a. error.;b. difference.;c. anomaly.;d. by-product.;15. If costs are not responsive to changes in;activity level, then these costs can be best described as;a. mixed.;b. flexible.;c. variable.;d. fixed.;16. A static budget is appropriate for;a. variable overhead costs.;b. direct materials costs.;c. fixed overhead costs.;d. None of these.;17. What is the primary difference between a static;budget and a flexible budget?;a. The static budget contains only fixed costs;while the flexible budget contains only variable costs.;b. The static budget is prepared for a single level;of activity, while a flexible budget is adjusted for different activity levels.;c. The static budget is constructed using input from;only upper level management, while a flexible budget obtains input from all;levels of management.;d. The static budget is prepared only for units;produced, while a flexible budget reflects the number of units sold.;18. A standard which represents an efficient level of;performance that is attainable under expected operating conditions is called;a(n);a. ideal standard.;b. loose standard.;c. tight standard.;d. normal standard.;19.;The;perspectives included in the balanced scorecard approach include all of the;following except the;a. internal process perspective.;b. capacity utilization perspective.;c. learning and growth perspective.;d. customer perspective.;20. The customer perspective of the balanced;scorecard approach;a. is the most traditional view of the company.;b. evaluates the internal operating processes;critical to the success of the organization.;c. evaluates how well the company develops and;retains its employees.;d. evaluates the company from the viewpoint of those;people who buy its products or services.;Quantitative problems (each problem is worth 20;points, total possible is 140);21. Dirt Cleaners, Inc. has the following;production data for January;Transferred out;50,000 units;Ending work in;process;6,000 units;The units in ending work in process are 100%;complete for materials and 60% complete for conversion costs. There is no;beginning work in process. Materials cost is $6 per unit and conversion costs;are $11 per unit.;Instructions;Determine the costs to be assigned to the units;transferred out and the units in ending work in process.;22. Rhode Company provides architectural services;for mall development companies. The following data are available for 2013;Expected Use of;Activity Cost Pool;Estimated Overhead;Cost Driver per Activity;Secretarial;support;$ 220,000;27,500 professional hours;Direct labor;fringe benefits;200,000;$500,000 direct labor cost;Printing and;copying;30,000;20,000 pages;Computer support;250,000;62,500 minutes;Liability;insurance;140,000;$2,800,000 billed revenue;Instructions;Compute the activity-based overhead rates.;23. Telemark Production's manufacturing costs for;July when production was 2,000 units appears below;Direct materials;$10 per unit;Factory;depreciation;$16,000;Variable overhead;10,000;Direct labor;4,000;Factory;supervisory salaries;11,600;Other fixed;factory costs;3,000;Instructions;How much is the flexible budget manufacturing;cost amount for a month when 2,200 units are produced?;24. Qwik Service has over 200 auto-maintenance;service outlets nationwide. It provides primarily two lines of service: oil;changes and brake repair. Oil change-related services represent 75% of its;sales and provide a contribution margin ratio of 20%. Brake repair represents;25% of its sales and provides a 60% contribution margin ratio. The company's;fixed costs are $12,000,000 (that is, $60,000 per service outlet).;Instructions;(a) Calculate the dollar amount of each type of;service that the company must provide in order to break even.;(b) The company has a desired net income of $45,000;per service outlet. What is the dollar amount of each type of service that must;be provided by each service outlet to meet its target net income per outlet?;24. Jent Company reported the following information;for 2013;October;November;December;Budgeted sales;$320,000;$340,000;$360,000;Budgeted;purchases;$120,000;$128,000;$144,000;?;All sales;are on credit.;?;Customer;amounts on account are collected 40% in the month of sale and 60% in the;following month.;Instructions;Compute the amount of cash Jent will receive;during November.;25. Seacoast Company provided the following;information about its standard costing system for 2013;Standard Data;Actual Data;Materials;10 lbs. @ $4 per lbs.;Produced;4,000 units;Labor;3 hrs. @ $21 per hr.;Materials purchased;50,000 lbs. for $215,000;Budgeted production;3,500 units;Materials used;41,000 lbs.;Labor worked;11,000 hrs. costing;$220,000;Instructions;Calculate the labor price variance and the labor;quantity variance.;26. Selected data from the Florida Fruit Company;are presented below;Total assets;$1,500,000;Average total;assets;1,850,000;Net income;175,000;Net sales;1,300,000;Average common;stockholders' equity;1,000,000;Net cash provided;by operating activities;275,000;Instructions;Assuming that no;dividends were declared or paid during the period, calculate the following;profitability ratios from the above information;1. Profit margin;2. Asset turnover;3. Return on assets;4. Return on common stockholders? equity

 

Paper#42053 | Written in 18-Jul-2015

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