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ACCT 505 Midterm Exam (Package)
ACCT 505 Midterm Exam (Package)
ACCT 505 Midterm Exam (Package)
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3.
(TCO A) The cost of lubricants used to
grease a production machine in a
manufacturing company is an example of
a(n): (Points : 6)
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. In computing
the predetermined overhead rate for last
year, the company included in direct labor
cost a portion of indirect labor. The effect of
this misclassification will be to: (Points : 6)
6.
(TCO F) Which of the following
statements about process costing system is
incorrect?(Points : 6)
7.
(TCO F) The weighted-average method
of process costing differs from the FIFO
1.
Page One: (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. 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
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, ______.