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ACCT 505 DeVry Week 4 Midterm Exam 4 Different Sets

4. (TCO E) Lehne

4. (TCO E) Lehne Company, which has only one product, has provided the following data concerning its most recent month of operations:………The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month……..(Points : 30) ACCT 505 DeVry Week 4 Midterm Exam Set 2 (MCQs & Explanatory) 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. II. Overhead application may be made in a single application at the time of completion of the job. III. Overhead application should be made to any job not completed at year end in order to properly value the work in process inventory. 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, variable selling and administrative expenses would.......... ACCT 505 DeVry Week 4 Midterm Exam Set 3 (MCQs & Essay) 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? Fixed Cost Per Unit Variable Cost Per Unit 5. (TCO F) Which of the following statements is true? I. Overhead application may be made slowly as a job is worked on. II. Overhead application may be made in a single application at the time of completion of the job. III. Overhead application should be made to any job not completed at year-end in order to properly value the work in process inventory. 6. (TCO F) Which of the following statements about process costing system is incorrect? 7. (TCO F) Equivalent units for a process costing system using the FIFO method would be equal to: 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? 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 Larden Corporation for the just completed year. 2. (TCO F) The Illinois Company manufactures a product that goes through three processing departments. Information relating to activity in the first department during June is given below: 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: ACCT 505 DeVry Week 4 Midterm Exam Set 4 (MCQs & Essay) 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 ______. 6. (TCO F) Under a job-order costing system, the dollar amount transferred from Work in Process to Finished Goods is the sum of the costs charged to all jobs ______. 7. (TCO F) Equivalent units for a process costing system using the FIFO method would be equal to___. 8. (TCO B) The contribution margin ratio always decreases when the ______. 9. (TCO B) The break-even point in unit sales is found by dividing total fixed expenses by______. 10. (TCO E) Under variable costing, ______.

ACCT 505 Week 4 Midterm Exam / acct505dotcom
DEVRY ACCT 346 Week 4 Midterm 1
ACCT 505 Week 4 Midterm Exam
DEVRY ACCT 346 Week 4 Midterm 1
DEVRY ACCT 346 Week 4 Midterm 1