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ACCT 505 Final Exam 1

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ACCT 505 Final Exam 1

1. The gross margin of Evans Retail Stores, Inc. for the first quarter is:.........

2. The contribution margin of Evans Retail Stores, Inc. for the first quarter is:.......

3. The contribution margin of Evans Retail Stores, Inc. for the first quarter is:.......

4. The total contribution margin decreases if sales volume remains the same and:.......

5. A company has provided the following data:......

6. Wallace, Inc., prepared the following budgeted data based on a sales forecast of $6,000,000: ..........

7. The variable expense per unit is: ...........

8. The break-even point in sales dollars is: .............

9. An allocated portion of fixed manufacturing overhead is included in product costs under:

10. Absorption Variable ............

11. What is the unit product cost for the month under variable costing?

12. What is the unit product cost for the month under absorption costing?

13. What is the net income for the month under variable costing?

14. What is the net income for the month under absorption costing?

15. Orion Corporation is preparing a cash budget for the six months beginning January 1. Shown below are the company's expected collection pattern and the budgeted sales for the period. ......

16. Avril Company makes collections on sales according to the following schedule:........

17.A labor efficiency variance resulting from the use of poor quality materials should be charged to:

18. An unfavorable labor efficiency variance indicates that:

19. A favorable labor rate variance indicates that

20. The materials price variance for January is:

21. The materials quantity variance for January is:

22. The labor rate variance for January is:

23. The labor efficiency variance for January is:

24. How much is the residual income?

25. How much is the return on the investment?

26. One of the dangers of allocating common fixed costs to a product line is that such allocations can make the line appear less profitable than it really is.

27. In responsibility accounting, each segment in an organization should be charged with the costs for which it is responsible and over which it has control plus its share of common organizational costs.

28. Some managers believe that residual income is superior to return on investment as a means of measuring performance, since it encourages the manager to make investment decisions that are more consistent with the interests of the company as a whole.

29. The performance of the manager of Division A is measured by residual income. Which of the following would increase the manager's performance measure?

30. A segment of a business responsible for both revenues and expenses would be called: 30. The Northern Division of the Smith Company had average operating assets totaling $150,000 last year. If the minimum required rate of return is 12%, and if last year's net operating income at Northern was $20,000, then the residual income for Northern last year was:

31. Company A's residual income is:

32. Gata Co. plans to discontinue a department that has a $48,000 contribution margin and $96,000 of fixed costs. Of these fixed costs, $42,000 cannot be avoided. What would be the effect of this discontinuance on Gata's overall net operating income?

33. Pitkin Company produces a part used in the manufacture of one of its products. The unit product cost of the part is $33, computed as follows:

34. Some investment projects require that a company expand its working capital to service the greater volume of business that will be generated. Under the net present value method, the investment of working capital should be treated as:

35. Which of the following capital budgeting techniques consider(s) cash flow over the entire life of the project?

36. The net present value of the project is closest to:

37. The payback period for the investment would be:

38. The net present value of this investment would be:

39. The Tse Manufacturing Company uses a job-order costing system and applies overhead to jobs using a predetermined overhead rate. The company closes any balance in the Manufacturing Overhead account to Cost of Goods Sold. During the year the company's Finished Goods inventory account was debited for $125,000 and credited for $110,000. The ending balance in the Finished Goods inventory account was $28,000. At the end of the year, manufacturing overhead was overapplied by $4,500. The balance in the Finished Goods inventory account at the beginning of the year was:

Matthias Corporation has provided data concerning the company's Manufacturing Overhead account for the month of May. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $53,000 and the total of the credits to the account was $69,000. Which of the following statements is true?

ACCT 505 Final Exam 1 1. The gross margin of Evans Retail Stores, Inc. for the first quarter is:......... 2. The contribution margin of Evans Retail Stores, Inc. for the first quarter is:....... 3. The contribution margin of Evans Retail Stores, I
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