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Management accountants are required by the Institute of Management Accountants (IMA) to obtain

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Question;Question 1;Management accountants are required by the Institute of;Management Accountants (IMA) to obtain a certain number of continuing;professional education hours. This is to comply with which of the following;standards of ethical conduct;Question 1 options;a) confidentiality;b) integrity;c) competence;d) objectivity;Question 2;Which of the following is a fixed factory overhead cost;Question 2 options;a) advertising expense;b) direct labor costs;c) factory building depreciation;d) office president's salary;Question 3 (12 points);Aaron Company's year-end finished goods inventory for the;current year is higher than the year-end finished goods inventory for last;year. This indicates that during the current year Aaron company;Question 3 options;a) finished more goods than were sold;b) sold more goods than were finished;c) finished more;goods than last year;d) sold more goods than last year;Question 4;A company manufactures small planes. One of these planes was;started on April 15, completed on May 15, and sold on June 15. Where would the;cost of this plane appear on the April, May, and June financial statements;respectively? (assume the financial statements are prepared at the end of each;month);Question 4 options;a) work-in-process, work-in-process, cost of goods sold;b) direct materials, work-in-process, finished goods;c) work-in-process, cost of goods sold, gross margin;d) work-in-process, finished goods, cost of goods sold;Question 5;Which of the following statements is true?;Question 5 options;a) a misclassification of a period cost as a product cost;will understate the unit cost of a product;b) a misclassification of a factory overhead cost as an;operating cost will overstate the unit cost of a product;c) a misclassification of a selling expense as a general and;administrative expense will have no effect on the operating income;d) a misclassification of an indirect labor cost as a;general and administrative expense will overstate the total manufacturing cost;Question 6;An understatement of the Finished Goods Inventory account at;the end of a period will lead to which of the following;Question 6 options;a) an understatement of the Cost of Goods Sold in the;current period;b) an overstatement of the Gross Margin in the current;period;c) an understatement of the Net Income for the current;period;d) an overstatement of the Net Income for the current period;Question 7;Office salaries $25,000;Advertising expense $13,000;Materials inventory, Jan 1 $39,000;Direct labor $30,000;Materials inventory, Jan 31 $38,000;Office supplies $1,000;Sales $118,000;Work-in-process, Jan 1 $12,000;Materials purchased $16,000;Work-in-process, Jan 31 $16,000;Finished goods, Jan 1 $24,000;Factory depreciation $12,000;Finished goods, Jan 31 $22,000;Units completed 5,600;Factory utilities $6,000;Factory rent $17,000;Use the above information to answer questions 7 - 9;Cook Co. reports the above information for January 2013.;Determine the cost of materials used in January;Question 7 options;a) $17,000;b) $38,000;c) $55,000;d) $55,000;(39000+160000-38000);= 170000;Question 8;Use the following information to answer questions 7 - 9;Cook Co. reports the following information for January 2013.;Office salaries $25,000;Advertising expense $13,000;Materials inventory, Jan 1 $39,000;Direct labor $30,000;Materials inventory, Jan 31 $38,000;Office supplies $1,000;Sales $118,000;Work-in-process, Jan 1 $12,000;Materials purchased $16,000;Work-in-process, Jan 31 $16,000;Finished goods, Jan 1 $24,000;Factory depreciation $12,000;Finished goods, Jan 31 $22,000;Units completed 5,600;Factory utilities $6,000;Factory rent $17,000;Determine the cost of goods sold (COGS) for January.;Question 8 options;a) $76,000;b) $78,000;c) $80,000;d) $94,000;Total manufacturing cost = 17000 + 30000 + 12000 + 6000 +;17000 = 82000;Cost of Goods Manufactured = 12000 + 82000 -16000 = 78000;COGS = 24000+78000-22000 = 80000;Question 9;Use the following information to answer questions 7 - 9;Cook Co. reports the following information for January 2013.;Office salaries $25,000;Advertising expense $13,000;Materials inventory, Jan 1 $39,000;Direct labor $30,000;Materials inventory, Jan 31 $38,000;Office supplies $1,000;Sales $118,000;Work-in-process, Jan 1 $12,000;Materials purchased $16,000;Work-in-process, Jan 31 $16,000;Finished goods, Jan 1 $24,000;Factory depreciation $12,000;Finished goods, Jan 31 $22,000;Units completed 5,600;Factory utilities $6,000;Factory rent $17,000;Compute the unit cost;for January (round to 2 decimal places);Question 9 options;a) $14.64;b) $13.93;c) $14.11;d) $14.82;Unit cost = 78000/5600 = 13.93;Question 10;Which of the;following statements is false?;Question 10 options;a) the t-stat indicates how significant a contribution a;specific independent variable makes to a regression model;b) the most critical step in the regression process is the;correct identification of the independent variables;c) the cost estimation model obtained from a regression;analysis is more reliable than a cost estimation model obtained using the;high-low method;d) in a multiple regression model, an independent variable;with a t-statistic of -2.46 indicates that it is not making a contribution to;the overall model

 

Paper#52073 | Written in 18-Jul-2015

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