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ACCT 505 Midterm Exam 1

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ACCT 505 Midterm Exam 1

Page One

1. (TCO A) Direct material cost is a part of:

2. (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n)

3. (TCO A) The cost of lubricants used to grease a production machine in a manufacturing company is an example of a(n)

4. (TCO A) When the activity level is expected to increase within the relevant range, what effects would be anticipated with respect to each of the following?

5. (TCO F) Emco Company uses direct labor cost as a basis for computing its predetermined overhead rate.

6. (TCO F) Which of the following statements about process costing system is incorrect?(Points :

7. (TCO F) The weighted-average method of process costing differs from the FIFO method of process costing in that the weighted-average method

8. (TCO B) The contribution margin ratio always increases when the

9.(TCO B) The unit sales needed to attain the target profit is found by

10. (TCO E) In an income statement prepared using the variable costing method, variable selling and administrative expenses would

Page Two

1. (TCO A). The following data (in thousands of dollars) have been taken from the accounting records of Larklin

2. (TCO F) The Indiana Company manufactures a product that goes through three processing departments.

3. (TCO B) A tile manufacturer has supplied the following data:………Calculate the company's unit contribution ratioc.

4. (TCO E) Lehne Company, which has only one product, has provided the following data concerning its most recent month of operations

ACCT 505 Midterm Exam 2

Page One

1. (TCO A) The variable portion of advertising costs is a.............

2. (TCO A) The costs of staffing and operating the accounting department at Central Hospital would be considered by the Department of Surgery to be.........

3. (TCO A) The cost of lubricants used to grease a production machine in a manufacturing company is an example of a(n):...............

4. (TCO A) When the activity level is expected to increase within the relevant range, what effects would be anticipated with respect to each of the following?

5. (TCO F) Which of the following statements is true? I. Overhead application may be made slowly as a job is worked on.

6. (TCO F) Which of the following statements about the process-costing system is incorrect?

7. (TCO F) The weighted-average method of process costing differs from the FIFO method of process costing in that the weighted-average method...........

8. (TCO B) The contribution margin equals........

9. (TCO B) Which of the following would not affect the break-even point?

10. (TCO E) In an income statement prepared using the variable costing method,

Page Two

1.(TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larden Corporation for the just-completed year

2.(TCO F) The Illinois Company manufactures a product that goes through three processing departments.

3.(TCO B) Drake Company's income statement for the most recent year appears below

4.(TCO E) Maffei Company, which has only one product, has provided the following data concerning its

ACCT 505 Midtrem Exam 3

Page One

1. (TCO A) Wages paid to an assembly line worker in a factory are a:

2. (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n):

3. (TCO A) Property taxes on a company's factory building would be classified as a(n):

4. (TCO A) When the activity level is expected to increase within the relevant range, what effects would be anticipated with respect to each of the following?

5. Fixed Cost Per Unit Variable Cost Per Unit

6. (TCO F) Which of the following statements is true? I. Overhead application may be made slowly as a job is worked on.

7. (TCO F) Which of the following statements about process costing system is incorrect?

Page Two:

1.(TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larden Corporation for the just completed year.

2.(TCO F) The Illinois Company manufactures a product that goes through three processing departments.

3.(TCO B) Drake Company's income statement for the most recent year appears below:

4. (TCO E) The Dean Company produces and sells a single product. The following data refer to the year just completed:....................

1. (TCO A) Wages paid to a timekeeper in a factory are a ______.

2. (TCO A) The costs of staffing and operating the accounting department at Central Hospital would be considered by the Department of Surgery to be ______.

3. (TCO A) Inventoriable costs are also known as ______.

4. (TCO A) Within the relevant range, variable costs can be expected to ______.

5. (TCO F) When manufacturing overhead is applied to production, it is added to ______.

ACCT 505 Midterm Exam 1 Page One 1. (TCO A) Direct material cost is a part of: 2. (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n) 3. (TCO A) The cost of lubricants used to grease a productio
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