ACCT 346 Week 8 Final Exam / acct346dotcom

ACCT 346 Week 8 Final Exam (Devry)Click Here to Buy the Tutorialhttp://www.acct346.com/product-23-ACCT-346-Week-8-Final-ExamFor more course tutorials visitwwwww.acct346..acct346.cocomQuestion :(TCO 1) The principle managers follow when they only investigatesignificant departures from the plan is commonly known asPoints Received:4 of 42.Question :(TCO 1) Which of the following is not likely to be a fixed cost?Points Received:4 of 43.Question :(TCO 2) Which of the following is not a manufacturing cost?Points Received:4 of 44.Question :(TCO 2) An allocation base is

Points Received:4 of 45.Question :(TCO 3) Equivalent units are calculated byPoints Received:4 of 46.Question :(TCO 3) In the assembly department, all the direct materials areadded at the beginning of the processing. Beginning Work in Processinventory consists of 2,000 units with a direct materials cost of$31,860. During the period, 15,000 units are started and directmaterials costing $250,000 are charged to the department. If there are1,000 units in ending inventory, what is the cost per equivalent unit?Points Received:4 of 47.Question :(TCO 4) Regression analysisPoints Received:4 of 48.Question :(TCO 4) The number of units that must be sold to exactly cover itsfixed and variable costs is thePoints Received:4 of 4

9.Question :(TCO 5) Which of the following is treated as a product cost invariable costing?Points Received:4 of 410.Question :(TCO 5) If the number of units sold is less than the number of unitsproducedPoints Received:4 of 411.Question :(TCO 6) A contract which specifies that the suppler will be paid forthe cost of production as well as some fixed amount or percentage ofcost is called a(n)Points Received:4 of 412.Question :(TCO 6) Which of the following is not generally true when acompany compares ABC and traditional costing?Points Received:4 of 413.Question :(TCO 7) Fixed costs that will be eliminated if a particular course ofaction is undertaken are called

Points Received:4 of 4Page:1.Question :(TCO 7) Common costsPoints Received:4 of 42.Question :(TCO 8) Target costingPoints Received:4 of 43.Question :(TCO 8) Which of the following are relevant in deciding whether toaccept or reject a special order?Points Received:4 of 44.Question :(TCO 9) Present value techniquesPoints Received:4 of 45.Question :(TCO 9) The internal rate of return

Points Received:4 of 46.Question :(TCO 10) A method of budget preparation that requires all budgetedamounts to be justified by the department, even if the amounts weresupported in prior periods, is calledPoints Received:4 of 47.Question :(TCO 10) Which budget is prepared first?Points Received:4 of 48.Question :(TCO 10) The standard cost isPoints Received:4 of 49.Question :(TCO 10) In general, an unfavorable material variance arises fromPoints Received:4 of 410.Question :

(TCO 10) The type of center that has responsibility for generatingrevenue as well as controlling costs is a(n)Points Received:4 of 411.Question :(TCO 10) Responsibility accounting holds managers responsible forPoints Received:4 of 412.Question :(TCO 10) Which ratio measures the rate earned on total capitalprovided by the owners?Points Received:4 of 4Page:1.Question :(TCO 1) Distinguish managerial accounting from financial accounting.Include a brief discussion of the differences in the types ofinformation provided to users as well as the differences of the users ofthe accounting information.Points Received:20 of 202.Question :

(TCO 6) Booth Financial Services, LLC has two revenue producingdepartments, Financial Planning and Business Consulting. Theaccounting department is trying to determine the best method toallocate $1,000,000 of common costs (secretarial staff, receptionpersonnel, etc), either by salary or number of employees. Informationon the revenue departments are as follows:DepartmentEmployeesSalariesFinancial Planning150 employees$10,000,000Business Consulting50 employees$5,000,000(a) Allocate the $1,000,000 common costs to the two revenuedepartments using both methods.(b) Why are allocations called arbitrary?Points Received:25 of 253.Question :(TCO 10) Charlie Corp sells it products on both credit and cash basis.Monthly sales are sold 20% for cash, 80% for credit. Credit sales arecollected 40% in the month of sale and 60% the following month.Sales for the first quarter are as follows:

January $100,000February $150,000March $125,000Compute cash collections for February.Points Received:25 of 254.Question :(TCO 2) Acme Fireworks uses a traditional overhead allocation basedon direct labor hours. For the current year overhead is estimated at$1,000,000 and direct labor hours are budgeted at 200,000 hours.Actual hours worked were 195,000 and actual overhead was $978,000.(a) Compute the predetermined manufacturing overhead rate.(b) Compute the applied manufacturing overhead.(c) Compute the amount of over/under applied manufacturingoverhead.Points Received:25 of 25Page:1 2 3 41.Question :

(TCO 9) An investment of $185,575 is expected to generate returns of$65,000 per year for each of the next four years. What is theinvestment's internal rate of return?Points Received:25 of 252.Question :(TCO 4) Legal Docs Inc is a legal services firm that filesincorporation papers for small businesses. They charge $1,000 perapplication. This year's income statement shows the following:Sales $1,295,000Variable Expenses $1,023,000Contribution margin $272,000Fixed costs $250,000Profit $22,000Required:(a) Compute the break-even point in units.(b) Compute the contribution margin ratio.(c) Compute the current margin of safety.(d) How many applications must the company sell to make a profit of$350,000?Points Received:25 of 253.Question :(TCO 5) The following data has been taken from Air-Tite company inits first year of business.

Units produced 100,000Units sold 80,000Units in ending inventory 20,000Fixed manufacturing overhead $400,000(a) Compute the amount of fixed manufacturing overhead that wouldbe expensed in the current year if full absorption costing is used.(b) Compute the amount of fixed manufacturing overhead that wouldbe expensed in the current year if variable costing is used.(c) Compute the amount of fixed manufacturing overhead that wouldbe included in ending inventory under full absorption costing.Points Received:25 of 25