ACCT 505 DeVry Week 4 Midterm Exam 4 Different Sets
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<strong>ACCT</strong> <strong>505</strong> <strong>DeVry</strong> <strong>Week</strong> 4 <strong>Midterm</strong> <strong>Exam</strong> 4<br />
<strong>Different</strong> <strong>Sets</strong><br />
Downloading is very simple, you can download this Course here:<br />
http://mindsblow.us/question-details/<strong>ACCT</strong>-<strong>505</strong>-<strong>DeVry</strong>-<strong>Week</strong>-4-<strong>Midterm</strong>-<strong>Exam</strong>-4-<strong>Different</strong>-<strong>Sets</strong>/4228<br />
Or<br />
Contact us at:<br />
help@mindblows.us<br />
<strong>ACCT</strong> <strong>505</strong> <strong>DeVry</strong> <strong>Week</strong> 4 <strong>Midterm</strong> <strong>Exam</strong> (4 <strong>Different</strong> <strong>Sets</strong>)<br />
<strong>ACCT</strong> <strong>505</strong> <strong>DeVry</strong> <strong>Week</strong> 4 <strong>Midterm</strong> <strong>Exam</strong> Set 1<br />
(MCQs & Explanatory)<br />
Page One<br />
1. (TCO A) Direct material cost is a part of:(Points : 6)<br />
2. (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n): (Points : 6)<br />
3. (TCO A) The cost of lubricants used to grease a production machine in a manufacturing company is an example of<br />
a(n): (Points : 6)<br />
4. (TCO A) When the activity level is expected to increase within the relevant range, what effects would be anticipated<br />
with respect to each of the following?<br />
5. (TCO F) Emco Company uses direct labor cost as a basis for computing its predetermined overhead rate. In<br />
computing the predetermined overhead rate for last year, the company included in direct labor cost a portion of indirect<br />
labor. The effect of this misclassification will be to: (Points : 6)<br />
6. (TCO F) Which of the following statements about process costing system is incorrect?(Points : 6)<br />
7. (TCO F) The weighted-average method of process costing differs from the FIFO method of process costing in that<br />
the weighted-average method: (Points : 6)<br />
8. (TCO B) The contribution margin ratio always increases when the:(Points : 6)<br />
9. (TCO B) The unit sales needed to attain the target profit is found by: (Points : 6)<br />
10. (TCO E) In an income statement prepared using the variable costing method, variable selling and administrative<br />
expenses would: (Points : 6)<br />
Page Two<br />
1. (TCO A). The following data (in thousands of dollars) have been taken from the accounting records of Larklin<br />
Corporation for the just completed year…….. Required: Prepare a Schedule of Cost of Goods Manufactured statement<br />
in the text box below.(Points : 15)<br />
2. (TCO F) The Indiana Company manufactures a product that goes through three processing departments. Information<br />
relating to activity in the first department during June is given below:……..The department started 290,000 units into<br />
production during the month and transferred 300,000 completed units to the next department………. (Points : 20)<br />
3. (TCO B) A tile manufacturer has supplied the following data:………Calculate the company's unit contribution ratioc.<br />
If the company increases its unit sales volume by 5% without increasing its fixed expenses, what would the company's<br />
net operating income be? (Points : 25)
4. (TCO E) Lehne Company, which has only one product, has provided the following data concerning its most recent<br />
month of operations:………The company produces the same number of units every month, although the sales in units<br />
vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month<br />
to month……..(Points : 30)<br />
<strong>ACCT</strong> <strong>505</strong> <strong>DeVry</strong> <strong>Week</strong> 4 <strong>Midterm</strong> <strong>Exam</strong> Set 2<br />
(MCQs & Explanatory)<br />
1. (TCO A) The variable portion of advertising costs is a.............<br />
2. (TCO A) The costs of staffing and operating the accounting department at Central Hospital would be considered by<br />
the Department of Surgery to be.........<br />
3. (TCO A) The cost of lubricants used to grease a production machine in a manufacturing company is an example of<br />
a(n):...............<br />
4. (TCO A) When the activity level is expected to increase within the relevant range, what effects would be anticipated<br />
with respect to each of the following?<br />
5. (TCO F) Which of the following statements is true? I. Overhead application may be made slowly as a job is worked<br />
on. II. Overhead application may be made in a single application at the time of completion of the job. III. Overhead<br />
application should be made to any job not completed at year end in order to properly value the work in process<br />
inventory.<br />
6. (TCO F) Which of the following statements about the process-costing system is incorrect?<br />
7. (TCO F) The weighted-average method of process costing differs from the FIFO method of process costing in that<br />
the weighted-average method...........<br />
8. (TCO B) The contribution margin equals........<br />
9. (TCO B) Which of the following would not affect the break-even point?<br />
10. (TCO E) In an income statement prepared using the variable costing method, variable selling and administrative<br />
expenses would..........<br />
<strong>ACCT</strong> <strong>505</strong> <strong>DeVry</strong> <strong>Week</strong> 4 <strong>Midterm</strong> <strong>Exam</strong> Set 3<br />
(MCQs & Essay)<br />
Page One<br />
1. (TCO A) Wages paid to an assembly line worker in a factory are a:<br />
2. (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n):<br />
3. (TCO A) Property taxes on a company's factory building would be classified as a(n):<br />
4. (TCO A) When the activity level is expected to increase within the relevant range, what effects would be anticipated<br />
with respect to each of the following?<br />
Fixed Cost Per Unit Variable Cost Per Unit<br />
5. (TCO F) Which of the following statements is true? I. Overhead application may be made slowly as a job is worked<br />
on. II. Overhead application may be made in a single application at the time of completion of the job. III. Overhead<br />
application should be made to any job not completed at year-end in order to properly value the work in process<br />
inventory.<br />
6. (TCO F) Which of the following statements about process costing system is incorrect?<br />
7. (TCO F) Equivalent units for a process costing system using the FIFO method would be equal to:<br />
8. (TCO B) The contribution margin ratio always increases when the:
9. (TCO B) Which of the following would not affect the break-even point?<br />
10. (TCO E) In an income statement prepared using the variable costing method, variable selling and administrative<br />
expenses would:<br />
Page Two<br />
1. (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larden<br />
Corporation for the just completed year.<br />
2. (TCO F) The Illinois Company manufactures a product that goes through three processing departments. Information<br />
relating to activity in the first department during June is given below:<br />
3. (TCO B) Drake Company's income statement for the most recent year appears below:<br />
4. (TCO E) The Dean Company produces and sells a single product. The following data refer to the year just completed:<br />
<strong>ACCT</strong> <strong>505</strong> <strong>DeVry</strong> <strong>Week</strong> 4 <strong>Midterm</strong> <strong>Exam</strong> Set 4<br />
(MCQs & Essay)<br />
1. (TCO A) Wages paid to a timekeeper in a factory are a ______.<br />
2. (TCO A) The costs of staffing and operating the accounting department at Central Hospital would be considered by<br />
the Department of Surgery to be ______.<br />
3. (TCO A) Inventoriable costs are also known as ______.<br />
4. (TCO A) Within the relevant range, variable costs can be expected to ______.<br />
5. (TCO F) When manufacturing overhead is applied to production, it is added to ______.<br />
6. (TCO F) Under a job-order costing system, the dollar amount transferred from Work in Process to Finished Goods<br />
is the sum of the costs charged to all jobs ______.<br />
7. (TCO F) Equivalent units for a process costing system using the FIFO method would be equal to___.<br />
8. (TCO B) The contribution margin ratio always decreases when the ______.<br />
9. (TCO B) The break-even point in unit sales is found by dividing total fixed expenses by______.<br />
10. (TCO E) Under variable costing, ______.