This document provides 20 multiple choice questions related to accounting concepts covered in an ACCT 301 final exam. It includes questions about recording bond issuances, accounting for bond premiums and discounts, accounting for stock issuances, consolidated financial statements, financial ratio calculations, discontinued operations, preparing statements of cash flows, inventory errors, job order costing, process costing, cost-volume-profit analysis, standard costs, variance analysis, product pricing decisions, and cost classifications for special orders and equipment replacement decisions. The document provides the questions only, without answers.
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1. (TCO 1) If products are alike, then for costing purposes (Points : 5)
2. (TCO 1) Ireland Company produces a special spray nozzle. The budgetedindirect total cost of inserting the spray nozzle is $180,000. The budgeted number of nozzles to be inserted is 80,000. What is the budgeted indirect cost allocation rate for this activity? (Points : 5)
3. (TCO 2) Variable overhead costs include (Points : 5)
4. (TCO 2) Information pertaining to Brenton Corporation's sales revenue ispresented in the following table:
February March April
Cash Sales $160,000 $150,000 $120,000
Credit Sales 300,000 400,000 280,000
Total Sales $460,000 $550,000 $400,000
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1. (TCO 1) If products are alike, then for costing purposes (Points : 5)
2. (TCO 1) Ireland Company produces a special spray nozzle. The budgetedindirect total cost of inserting the spray nozzle is $180,000. The budgeted number of nozzles to be inserted is 80,000. What is the budgeted indirect cost allocation rate for this activity? (Points : 5)
3. (TCO 2) Variable overhead costs include (Points : 5)
4. (TCO 2) Information pertaining to Brenton Corporation's sales revenue ispresented in the following table:
February March April
Cash Sales $160,000 $150,000 $120,000
Credit Sales 300,000 400,000 280,000
Total Sales $460,000 $550,000 $400,000
PAGE 4Multiple-Choice Questions1. The difference betwee.docxalfred4lewis58146
PAGE
4
Multiple-Choice Questions
1. The difference between the short-run and the long-run production function is:
a. three months or one business quarter.
b. the time it takes for firms to change all production inputs.
c. the time it takes for firms to change only their variable inputs.
d. more information is required to answer this question.
2. Which of the following statements about the short-run production function is true?
a. MP always equals AP at the maximum point of MP.
b. MP always equals zero when TP is at its maximum.
c. TP starts to decline at the point of diminishing returns.
d. When MP diminishes, AP is at its minimum point.
e. None of the above is true.
3. Assume a firm employs 10 workers and pays each $15 per hour. Further assume that the MP of the 10th worker is 5 units of output and that the price of the output is $4. According to economic theory, in the short run
a. the firm should hire additional workers
b. the firm should reduce the number of workers employed
c. the firm should continue to employ 10 workers.
d. more information is required to answer this question.
4. A firm using two inputs, X and Y, is using them in the most efficient manner when
a. MPX = MPY
b. PX = PY and MPX = MPY
c. MPX/PY = MPY/PX
d. MPX/MPY = PX/PY
5. Average fixed cost is
a. AC minus AVC
b. TC divided by Q
c. AVC minus MC
d. TC minus TVC
6. Diseconomies of scale can be caused by
a. the law of diminishing returns.
b. bureaucratic inefficiencies.
c. increasing advertising and promotional costs.
d. all of the above.
7. Which of the following cost relationship is not true?
a. AFC = AC - MC
b. TVC = TC - TFC
c. the change in TVC divided by the change in Q = MC
d. the change in TC divided by the change in Q = MC
8. When a firm produces at the point where MR = MC, and the price of its product is higher that the cost per unit, the profit that it is earning is considered to be
a. maximum
b. normal
c. above normal
d. below normal
9. Which of the following is not characteristic of perfect competition?
a. A differentiated product
b. No barriers to entry
c. Large number of buyers
d. Complete knowledge of market price
10. Suppose a firm is currently maximizing its profits (i.e., following the MR = MC rule). Assuming that it wants to continue maximizing its profits, if its fixed costs increase, it should
a. maintain the same price
b. raise its price
c. lower its price
d. not enough information to answer this question
11. Which of the following is true about a monopoly?
a. Its demand curve is generally less elastic than in more competitive markets.
b. It will always earn economic profit.
c. It will charge the highest possible price.
d. It will always be subject to government regulations.
12. If an oligopolistic firm decides to raise its price,
a. other firms will automatically follow.
b. none of the other firms will follow.
c. other firms may follow if it is the price leader.
d. None of the above.
13.
1.(Points 16.0) Identify each of the following cash flows i.docxjackiewalcutt
1.
(Points: 16.0) Identify each of the following cash flows in 1-8 and their association with (a) initial, (b) periodic, or (c) terminal cash flows for an investment project.
Column preview
The project asset cost
terminal cash flows
Expenditures for fixed and variable production costs
initial cash flows
Tax on gain (loss) on disposal of the investment
periodic cash flows
Loss in tax savings from lost depreciation
Receipts from sales
Freight and installation costs
Proceeds of salvage of equipment
Opportunity costs of undertaking this particular project
Matching pairs
(Match options are: terminal cash flows, initial cash flows, periodic cash flows)
1. The project asset cost
2. Expenditures for fixed and variable production costs
3. Tax on gain (loss) on disposal of the investment
4. Loss in tax savings from lost depreciation
5. Receipts from sales
6. Freight and installation costs
7. Proceeds of salvage of equipment
8. Opportunity costs of undertaking this particular project
2.
(Points: 16.0) Select the appropriate cost hierarchy level for each of the following questions.
Column preview
Human Resource Department
Product-level activity
Top Management
Unit-level activity
Machine set-ups
Facility-level activity
Direct Material costs
Batch-level activity
Customer service
Customer-level activity
Customer files
Design work
Advertising
Matching pairs
1. Human Resource Department
2. Top Management
3. Machine set-ups
4. Direct Material costs
5. Customer service
6. Customer files
7. Design work
8. Advertising
(Match options are: Product-level activity, unit-level activity, Facility-level activity, Batch-level activity, Customer-level activity)3.
(Points: 2.0) Activity-based costing is commonly used with standard costing. Using activity-based costing, a company has
1. multiple cost drivers.
2. a single cost driver
3. the same cost drivers as standard costing.
4. no cost drivers.
4.
(Points: 2.0) What is the result of substituting computerized equipment for direct labor?
1. Less direct labor and more manufacturing overhead.
2. Less direct material and more manufacturing overhead.
3. Less manufacturing overhead and more direct materials.
4. Less direct labor and more direct material.
5.
(Points: 2.0) ABC Company
ABC Company reports the following information for the most recent period when 2,750 units were produced.
Cost
Standard
Actual
Materials
2 lbs. @ $5.00 per pound
7,000 pounds purchased for $34,650
Labor
0.50 hours @ $8.00 per hour
1,400 hours @ $7.95 per hour
Refer to ABC Company. Calculate the direct materials efficiency variance.
1. $7,150 U
2. $7,150 F
3. $7,500 U
4. $7,500 F
6.
(Points: 2.0) ABC Company
ABC Company reports the following information for the most recent period when 2,750 units were produced.
Cost
Standard
Actual
Materials
2 lbs. @ $5.00 per pound
7,000 pounds purchased for $34,650
Labor
0.50 hours @ $8.00 per hour
1,400 hours @ ...
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Chapter 9—Applications of Cost Theory
MULTIPLE CHOICE
1. Evidence from empirical studies of short-run cost-output relationships lends support to the:
2. The short-run cost function is:
3. Theoretically, in a long-run cost function:
4. Break-even analysis usually assumes all of the following except:
PAGE 4Multiple-Choice Questions1. The difference betwee.docxalfred4lewis58146
PAGE
4
Multiple-Choice Questions
1. The difference between the short-run and the long-run production function is:
a. three months or one business quarter.
b. the time it takes for firms to change all production inputs.
c. the time it takes for firms to change only their variable inputs.
d. more information is required to answer this question.
2. Which of the following statements about the short-run production function is true?
a. MP always equals AP at the maximum point of MP.
b. MP always equals zero when TP is at its maximum.
c. TP starts to decline at the point of diminishing returns.
d. When MP diminishes, AP is at its minimum point.
e. None of the above is true.
3. Assume a firm employs 10 workers and pays each $15 per hour. Further assume that the MP of the 10th worker is 5 units of output and that the price of the output is $4. According to economic theory, in the short run
a. the firm should hire additional workers
b. the firm should reduce the number of workers employed
c. the firm should continue to employ 10 workers.
d. more information is required to answer this question.
4. A firm using two inputs, X and Y, is using them in the most efficient manner when
a. MPX = MPY
b. PX = PY and MPX = MPY
c. MPX/PY = MPY/PX
d. MPX/MPY = PX/PY
5. Average fixed cost is
a. AC minus AVC
b. TC divided by Q
c. AVC minus MC
d. TC minus TVC
6. Diseconomies of scale can be caused by
a. the law of diminishing returns.
b. bureaucratic inefficiencies.
c. increasing advertising and promotional costs.
d. all of the above.
7. Which of the following cost relationship is not true?
a. AFC = AC - MC
b. TVC = TC - TFC
c. the change in TVC divided by the change in Q = MC
d. the change in TC divided by the change in Q = MC
8. When a firm produces at the point where MR = MC, and the price of its product is higher that the cost per unit, the profit that it is earning is considered to be
a. maximum
b. normal
c. above normal
d. below normal
9. Which of the following is not characteristic of perfect competition?
a. A differentiated product
b. No barriers to entry
c. Large number of buyers
d. Complete knowledge of market price
10. Suppose a firm is currently maximizing its profits (i.e., following the MR = MC rule). Assuming that it wants to continue maximizing its profits, if its fixed costs increase, it should
a. maintain the same price
b. raise its price
c. lower its price
d. not enough information to answer this question
11. Which of the following is true about a monopoly?
a. Its demand curve is generally less elastic than in more competitive markets.
b. It will always earn economic profit.
c. It will charge the highest possible price.
d. It will always be subject to government regulations.
12. If an oligopolistic firm decides to raise its price,
a. other firms will automatically follow.
b. none of the other firms will follow.
c. other firms may follow if it is the price leader.
d. None of the above.
13.
1.(Points 16.0) Identify each of the following cash flows i.docxjackiewalcutt
1.
(Points: 16.0) Identify each of the following cash flows in 1-8 and their association with (a) initial, (b) periodic, or (c) terminal cash flows for an investment project.
Column preview
The project asset cost
terminal cash flows
Expenditures for fixed and variable production costs
initial cash flows
Tax on gain (loss) on disposal of the investment
periodic cash flows
Loss in tax savings from lost depreciation
Receipts from sales
Freight and installation costs
Proceeds of salvage of equipment
Opportunity costs of undertaking this particular project
Matching pairs
(Match options are: terminal cash flows, initial cash flows, periodic cash flows)
1. The project asset cost
2. Expenditures for fixed and variable production costs
3. Tax on gain (loss) on disposal of the investment
4. Loss in tax savings from lost depreciation
5. Receipts from sales
6. Freight and installation costs
7. Proceeds of salvage of equipment
8. Opportunity costs of undertaking this particular project
2.
(Points: 16.0) Select the appropriate cost hierarchy level for each of the following questions.
Column preview
Human Resource Department
Product-level activity
Top Management
Unit-level activity
Machine set-ups
Facility-level activity
Direct Material costs
Batch-level activity
Customer service
Customer-level activity
Customer files
Design work
Advertising
Matching pairs
1. Human Resource Department
2. Top Management
3. Machine set-ups
4. Direct Material costs
5. Customer service
6. Customer files
7. Design work
8. Advertising
(Match options are: Product-level activity, unit-level activity, Facility-level activity, Batch-level activity, Customer-level activity)3.
(Points: 2.0) Activity-based costing is commonly used with standard costing. Using activity-based costing, a company has
1. multiple cost drivers.
2. a single cost driver
3. the same cost drivers as standard costing.
4. no cost drivers.
4.
(Points: 2.0) What is the result of substituting computerized equipment for direct labor?
1. Less direct labor and more manufacturing overhead.
2. Less direct material and more manufacturing overhead.
3. Less manufacturing overhead and more direct materials.
4. Less direct labor and more direct material.
5.
(Points: 2.0) ABC Company
ABC Company reports the following information for the most recent period when 2,750 units were produced.
Cost
Standard
Actual
Materials
2 lbs. @ $5.00 per pound
7,000 pounds purchased for $34,650
Labor
0.50 hours @ $8.00 per hour
1,400 hours @ $7.95 per hour
Refer to ABC Company. Calculate the direct materials efficiency variance.
1. $7,150 U
2. $7,150 F
3. $7,500 U
4. $7,500 F
6.
(Points: 2.0) ABC Company
ABC Company reports the following information for the most recent period when 2,750 units were produced.
Cost
Standard
Actual
Materials
2 lbs. @ $5.00 per pound
7,000 pounds purchased for $34,650
Labor
0.50 hours @ $8.00 per hour
1,400 hours @ ...
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FOR MORE CLASSES VISIT
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Chapter 9—Applications of Cost Theory
MULTIPLE CHOICE
1. Evidence from empirical studies of short-run cost-output relationships lends support to the:
2. The short-run cost function is:
3. Theoretically, in a long-run cost function:
4. Break-even analysis usually assumes all of the following except:
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1. ACCT 301 Final Examination Answers – UMUC
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(Multiple Choice)
On April 1, 20X6, Ratchford Industries issued $500,000 of 12%, 10-year bonds. The
bonds, which were issued at 103, pay interest on October 1 and April 1. The entry to
record issuance of the bonds includes:
A. a debit to Cash of $500,000.
B. a credit to Bonds Payable of $503,000.
C. a debit to Premium on Bonds Payable of $15,000.
D. All of the above.
E. None of these.
(Multiple Choice)
When interest income on a bond investment is less than the cash received:
A. the Investment in Bond account is credited.
B. the bond was likely purchased at a premium.
C. Interest Income is credited.
2. D. All of these.
E. None of these.
1.
(Multiple Choice)
Stringer Corporation issued 5,000 shares of $2 par value common stock. The
issue
price was $7.50 per share. The entry to record this transaction includes a:
A. debit to Cash for $10,000.
B. debit to Paid-in Capital in Excess of Par for $27,500.
C. debit to Common Stock for $10,000.
D. credit to Gain on Stock $37,500.
E. None of these.
2.
3.
(True or False)
The presence of goodwill in a balance sheet suggests that accounts of the subsidiary have not yet
been consolidated with the parent company.
5. (Multiple Choice)
Which formula “calculates” the return on assets ratio?
3. 1. (Net Income + Interest Expense)/Average Assets.
2. (Net Income + Extraordinary Items)/Average Assets
3. (Net Income + Discontinued Operations)/Average Assets
4. (Net Income + Income Tax Expense)/Average Assets.
5. None of these.
6. (Multiple Choice)
In an effort to concentrate its resources in more profitable areas, Southern Steel Corporation
recently sold its family pizza restaurant segment. The disposal constitutes:
1. an extraodinary item.
2. a discontinued operation which should be treated as a prior period adjustment.
3. a discontinued operation which should be disclosed net-of-tax effects.
4. a portion of income from continuing operations.
5. None of these.
7. (Multiple Choice)
4. Assuming use of the direct approach for preparing a statement of cash flows, which of the
following would be most likely reported as a line item in the “operating activity” section?
1. Dividends paid to shareholders.
2. Cash paid for taxes.
3. Proceeds from issuing capital stock.
4. A reduction in inventory levels.
5. None of these.
8. (Multiple Choice)
Finished goods ending inventory of $10,000 is erroneously determined to be $100,000. The
effect of this error will be to:
1. overstate assets by $90,000.
2. overstate income by $90,000.
3. understate income by $90,000.
4. Both A and B.
5. None of these.
5. 9. (Essay)
On May 21, Vincent worked 6 hours on Job 657, and 2 hours on general “overhead activities.”
Vincent is paid $15 per hour. Overhead is applied based on $4 per direct labor hour. Job 657
also entailed $30 of direct material. On May 21, Vincent used $7 of indirect material. Indirect
material is included in the overhead application rate. Of these amounts, how much total cost
should be allocated to Job 657 for May 21?
10. (Multiple Choice)
Jose Company uses a job order cost system. At the end of an accounting period, Jose has a debit
balance in the Factory Overhead account. This would indicate:
1. a loss for the period.
2. underapplied overhead.
3. overapplied overhead.
4. a malfunction in the job order cost system.
5. None of these.
11. (Multiple Choice)
6.
If beginning work in process was 600 units, 1,400 additional units were put into production, and
ending work in process was 500 units, how many units were completed?
1. 500
2. 900
3. 1,400
4. 2,000
5. None of these.
12. (Multiple Choice)
Which of these alternatives would decrease contribution per unit margin the most?
1. A 10 percent decrease in selling price.
2. A 10 percent increase in variable expenses.
3. A 10 percent increase in selling price.
4. A 10 percent decrease in variable expenses.
5. None of these.
7.
13. (Multiple Choice)
Each of the following would affect the breakeven point except a change in the:
1. number of units sold.
2. variable costs per unit.
3. total fixed costs.
4. sales price per unit.
5. None of these.
14. (Multiple Choice)
Anticipated unit sales are January, 5,000; February, 4,000; and March 8,000. Finished goods are
consistently maintained at 80% of the following month’s sales. If units cost $10 each to produce,
how much is February’s total cost of production?
1. $0
2. $40,000
8. 3. $72,000
4. $80,000
5. None of these.
15. (Multiple Choice)
Which of the following is one of the purposes of standard costs?
1. To aid in planning, controlling, and cost-volume-profit analysis.
2. To replace budgets and budgeting.
3. To use them as a basis for external-reporting purposes.
4. To eliminate having to account for underapplied or overapplied factory overhead.
5. None of these.
16. (Multiple Choice)
How is a labor rate variance computed?
9.
1. The difference between standard and actual rate multiplied by actual hours.
2. The difference between standard and actual rate multiplied by standard hours.
3. The difference between standard and actual hours multiplied by actual rate.
4. The difference between standard and actual hours multiplied by standard rate.
5. None of these.
17. (Multiple Choice)
Which of the following decisions would necessarily result in an increase in profit or decrease in
loss?
1. Eliminating the sale of all products that are priced below variable cost.
2. Eliminating the sale of all products that are priced below absorption cost.
3. Eliminating the sale of all products if the firm has a loss.
4. Not eliminating the sale of any products if the firm is profitable overall.
5. None of these.
18. (Multiple Choice)
10. In calculating the controllable contribution margin, fixed costs should be subtracted from the
contribution margin:
1. in every case.
2. if they are controllable by the segment’s management.
3. if they are directly traceable to the segment.
4. Both B and C.
5. None of these.
19. (Multiple Choice)
In considering a special order situation that will enable a company to make use of presently idle
capacity, which of the following costs would be irrelevant?
1. Materials
2. Depreciation
3. Direct labor
4. Variable overhead
5. None of these.
11.
20. (Multiple Choice)
The type of costs presented to management for an equipment replacement decision should be
limited to:
1. relevant costs.
2. standard costs.
3. sunk costs.
4. controllable costs.
5. None of these.