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Multiple Choice 5
Short 9
Question 1. Question : (TCO 4) Assumptions underlying cost-volume-profit analysis include all of the following,
Question 2. Question : (TCO 6) A basic assumption of activity-based costing (ABC) is that:
Question 3. Question : (TCO 2) In a traditional job order cost system, the use of direct labor on jobs increases:
Question 4. Question : (TCO5) Cost drivers are
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Multiple Choice 5
Short 9
Question 1. Question : (TCO 4) Assumptions underlying cost-volume-profit analysis include all of the following,
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Multiple Choice 5
Short 9
Question 1. Question : (TCO 4) Assumptions underlying cost-volume-profit analysis include all of the following,
DEVRY ACCT 346 Week 4 Midterm 1
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1. Question : (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for
2. Question : TCO 1) Which of the following statements regarding fixed costs is true?
3. Question : TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation?
4. Question :(TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. How much is the budgeted variable cost per unit?
ACCT 346 Midterm Set 1 (New)
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ACCT 346 Midterm Set 1 (New)
Multiple Choice 10
Short 4
1. (TCO 1) Which of the following is NOT a difference between Financial Accounting and Managerial Accounting? (Points : 7)
Financial Accounting is concerned with the past, while Managerial Accounting is concerned with the future.
Managerial Accounting uses more non-monetary information than Financial Accounting.
1. (TCO 2) An example of a period cost is (Points 5) ins.docxhyacinthshackley2629
1. (TCO 2) An example of a period cost is (Points : 5)
insurance on factory machines.
a controller’s salary.
property taxes on factory building.
wages of factory maintenance employees.
Question 2.2. (TCO 2) Which product would use job-order costing? (Points : 5)
Ink pens
Custom boot maker
Soda pop
Horse saddles
Question 3.3. (TCO 3) In a process costing system, which would be TRUE? (Points : 5)
There is no need to use time tickets to assign costs to processes.
There is no need to track materials to processes.
A process costing system is more expensive to maintain because it has more work-in-process accounts.
All of the above
Question 4.4. (TCO 8) A company keeps 60 days of materials inventory on hand to avoid shutdowns due to materials shortages. Carrying costs average $5,000 per day. A competitor keeps 30 days of inventory on hand, and the competitor's carrying costs average $2,000 per day. The non-value-added costs for the company are (Points : 5)
$300,000.
$150,000.
$60,000.
$0.
Question 5.5. (TCO 8) Non-value-added activities (Points : 5)
are unnecessary inputs.
are valued outputs to internal users.
are valued outputs to external users.
help meet the organization's needs, not the product needs.
Question 6.6. (TCO 1) The break-even point is (Points : 5)
the volume of activity where all fixed costs are recovered.
where fixed costs equal total variable costs.
where total revenues equal total costs.
where total costs equal total contribution margin.
Question 7.7. (TCO 1) The income statement for Thomas Manufacturing Company for 2011 is as follows.
Sales (10,000 units) $120,000
Variable expenses $72,000
Contribution margin $48,000
Fixed expenses $36,000
Operating income $12,000
Which is the contribution margin per unit? (Points : 5)
$7.20
$1.20
$4.80
$120,000
Question 8.8. (TCO 7) Which cost category would most likely use machine hours as its activity driver? (Points : 5)
Personnel
Maintenance
Purchasing
Payroll
Question 9.9. (TCO 7) Yo Department Store incurred $8,000 of indirect advertising costs for its operations. The following data have been collected for 2013 for its three departments.
Shoes
Cosmetics
Crafts
Sales
$120,000
$100,000
$100,000
Direct advertising costs
$9,000
$7,000
$4,000
Newspaper ad space
60%
20%
20%
How much of the indirect advertising costs will be allocated to the Shoes Department if newspaper ad space is the activity driver? (Points : 5)
$8,000
$4,800
$5,400
$3,200
Question 10.10. (TCO 5.
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Multiple Choice 5
Short 9
Question 1. Question : (TCO 4) Assumptions underlying cost-volume-profit analysis include all of the following,
Question 2. Question : (TCO 6) A basic assumption of activity-based costing (ABC) is that:
Question 3. Question : (TCO 2) In a traditional job order cost system, the use of direct labor on jobs increases:
Question 4. Question : (TCO5) Cost drivers are
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Multiple Choice 5
Short 9
Question 1. Question : (TCO 4) Assumptions underlying cost-volume-profit analysis include all of the following,
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Multiple Choice 5
Short 9
Question 1. Question : (TCO 4) Assumptions underlying cost-volume-profit analysis include all of the following,
DEVRY ACCT 346 Week 4 Midterm 1
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1. Question : (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for
2. Question : TCO 1) Which of the following statements regarding fixed costs is true?
3. Question : TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation?
4. Question :(TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. How much is the budgeted variable cost per unit?
ACCT 346 Midterm Set 1 (New)
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ACCT 346 Midterm Set 1 (New)
Multiple Choice 10
Short 4
1. (TCO 1) Which of the following is NOT a difference between Financial Accounting and Managerial Accounting? (Points : 7)
Financial Accounting is concerned with the past, while Managerial Accounting is concerned with the future.
Managerial Accounting uses more non-monetary information than Financial Accounting.
1. (TCO 2) An example of a period cost is (Points 5) ins.docxhyacinthshackley2629
1. (TCO 2) An example of a period cost is (Points : 5)
insurance on factory machines.
a controller’s salary.
property taxes on factory building.
wages of factory maintenance employees.
Question 2.2. (TCO 2) Which product would use job-order costing? (Points : 5)
Ink pens
Custom boot maker
Soda pop
Horse saddles
Question 3.3. (TCO 3) In a process costing system, which would be TRUE? (Points : 5)
There is no need to use time tickets to assign costs to processes.
There is no need to track materials to processes.
A process costing system is more expensive to maintain because it has more work-in-process accounts.
All of the above
Question 4.4. (TCO 8) A company keeps 60 days of materials inventory on hand to avoid shutdowns due to materials shortages. Carrying costs average $5,000 per day. A competitor keeps 30 days of inventory on hand, and the competitor's carrying costs average $2,000 per day. The non-value-added costs for the company are (Points : 5)
$300,000.
$150,000.
$60,000.
$0.
Question 5.5. (TCO 8) Non-value-added activities (Points : 5)
are unnecessary inputs.
are valued outputs to internal users.
are valued outputs to external users.
help meet the organization's needs, not the product needs.
Question 6.6. (TCO 1) The break-even point is (Points : 5)
the volume of activity where all fixed costs are recovered.
where fixed costs equal total variable costs.
where total revenues equal total costs.
where total costs equal total contribution margin.
Question 7.7. (TCO 1) The income statement for Thomas Manufacturing Company for 2011 is as follows.
Sales (10,000 units) $120,000
Variable expenses $72,000
Contribution margin $48,000
Fixed expenses $36,000
Operating income $12,000
Which is the contribution margin per unit? (Points : 5)
$7.20
$1.20
$4.80
$120,000
Question 8.8. (TCO 7) Which cost category would most likely use machine hours as its activity driver? (Points : 5)
Personnel
Maintenance
Purchasing
Payroll
Question 9.9. (TCO 7) Yo Department Store incurred $8,000 of indirect advertising costs for its operations. The following data have been collected for 2013 for its three departments.
Shoes
Cosmetics
Crafts
Sales
$120,000
$100,000
$100,000
Direct advertising costs
$9,000
$7,000
$4,000
Newspaper ad space
60%
20%
20%
How much of the indirect advertising costs will be allocated to the Shoes Department if newspaper ad space is the activity driver? (Points : 5)
$8,000
$4,800
$5,400
$3,200
Question 10.10. (TCO 5.
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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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ACC 434 Final Exams
1. (TCO 1) a significant limitation of activity-based costing is the (Points: 5)
2. (TCO 1) Ireland Company produces a special spray nozzle. The budgeted indirect 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) Overhead costs have been increasing due to all of the following except (Points: 5)
4. (TCO 2) Information pertaining to Brenton Corporation's sales revenue is presented in the following table:
February March April
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Question :
(TCO 1) The principle managers follow when they only investigate significant departures from the plan is commonly known as
Points Received:
4 of 4
2.Question :
(TCO 1) Which of the following is not likely to be a fixed cost?
Points Received:
4 of 4
3.Question :
(TCO 2) Which of the following is not a manufacturing cost?
Points Received:
4 of 4
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Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
1. ACCT 346 Week 4 Midterm 1
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week-4-midterm-1
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1. Question : (TCO 1) Managerial accounting stresses accounting concepts and
procedures that are relevant to preparing reports for
2. Question : TCO 1) Which of the following statements regarding fixed costs is
true?
3. Question : TCO 1) You own a car and are trying to decide whether or not to
trade it in and buy a new car. Which of the following costs is an opportunity cost
in this situation?
2. 4. Question :(TCO 1) Shula’s 347 Grill has budgeted the following costs for a
month in which 1,600 steak dinners will be produced and sold: materials, $4,080;
hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other
fixed costs, $600. Each steak dinner sells for $14.00 each. How much is the
budgeted variable cost per unit?
5. Question : (TCO 1) Which of the following is an example of a manufacturing
overhead cost?
6. Question : (TCO 1) Which of the following is a period cost?
7. Question : (TCO 1) If the balance in the Finished Goods Inventory account
increased by $30,000 during the period and the cost of goods manufactured was
$220,000, how much is cost of goods sold?
8. Question : (TCO 2) BCS Company applies manufacturing overhead based on
direct labor cost. Information concerning manufacturing overhead and labor for
August follows:
Estimated
Actual
9.Question : (TCO 2) During 2011, Madison Company applied overhead using a
job-order costing system at a rate of $12 per direct labor hours. Estimated direct
labor hours for the year were 150,000, and estimated overhead for the year was
$1,800,000. Actual direct labor hours for 2011 were 140,000 and actual overhead
was $1,670,000.
What is the amount of under or over applied overhead for the year?
10. Question : (TCO 3) Companies in which of the following industries would not
be likely to use process costing?
11. Question : (TCO 3) The Blending Department began the period with 45,000
units. During the period the department received another 30,000 units from the
prior department and completed 60,000 units during the period. The remaining
units were 75% complete. How much are equivalent units in The Blending
Department’s work in process inventory at the end of the period?
12. Question : (TCO 3) During March, the varnishing department incurred costs of
$90,250 for direct labor. The beginning inventory was 3,500 units and 10,000 units
were transferred to the varnishing department from the sanding department
during June. The direct labor cost in the beginning inventory was $27,270. The
ending inventory consisted of 2,000 units, which were 25% complete with respect
to direct labor. What is the cost per equivalent unit for direct labor?
3. 13. Question : (TCO 4) Clearance Depot has total monthly costs of $8,000 when
2,500 units are produced and $12,400 when 5,000 units are produced. What is the
estimated total monthly fixed cost?
1. Question : (TCO 4) The margin of safety is the difference between
2. Question : (TCO 4) Allen Company sells homework machines for $100 each.
Variable costs per unit are $75 and total fixed costs are $62,000. Allen is
considering the purchase of new equipment that would increase fixed costs to
$84,000, but decrease the variable costs per unit to $60. At that level Allen
Company expects to sell 3,000 units next year. What is Allen’s break-even point in
units if it purchases the new equipment?
3.Question : (TCO 4) Paula Corporation sells a single product at a price of $275
per unit. Variable cost per unit is $135 and fixed costs total $356,860. If sales are
expected to be $825,000, what is Paula’s margin of safety?
4. Question : (TCO 5) In variable costing, when does fixed manufacturing
overhead become an expense?
5. Question : (TCO 5) Variable costing income is a function of:
6. Question : (TCO 5) Peak Manufacturing produces snow blowers. The selling
price per snow blower is $100. Costs involved in production are:
Direct Material per unit
$20
Direct Labor per unit
12
Variable manufacturing overhead per unit
10
Fixed manufacturing overhead per year
$148,500
In addition, the company has fixed selling and administrative costs of $150,000
per year. During the year, Peak produces 45,000 snow blowers and sells 30,000
snow blowers. How much is cost of goods sold using full costing?
7.Question : (TCO 6) Costs may be allocated to
8. Question : (TCO 5) An allocation base
9. Question : (TCO 6) The building maintenance department for Jones
Manufacturing Company budgets annual costs of $4,200,000 based on the
expected operating level for the coming year. The costs are allocated to two
production departments. The following data relate to the potential allocation
bases:
4. Production Dept. 1
Production Dept. 2
Square footage
15,000
45,000
Direct labor hours
25,000
50,000
If Jones assigns costs to departments based on square footage, how much total
costs will be allocated to Production Department 1
10. Question : (TCO 7) A company is trying to decide whether to sell partially
completed goods in their current state or incur additional costs to finish the
goods and sell them as complete units. Which of the following is not relevant to
the decision?
11. Question : (TCO 7) BigByte Company has 12 obsolete computers that are
carried in inventory at a cost of $13,200. If these computers are upgraded at a
cost of $7,500, they could be sold for $15,300. Alternatively, the computers could
be sold "as is" for $9,000. What is the net advantage or disadvantage of
reworking the computers?
12. Question : (TCO 7) Olde Store has 12,000 cans of crab meat just a week past
the expiration date. Each can cost $0.31. The cans could be sold as is for $0.20
each, or relabeled and sold as gourmet cat food. The cost of relabeling the cans
would be $0.04 per can and the cans would then sell for $0.29 per can. What
should be done with the cans and why?
1. Question : (TCO 3) Describe a process costing system, including the types of
companies that commonly use this system. How can process costing information
be used in incremental analysis?
2. Question : (TCO 7) Each year, ACE Engines surveys 7,600 former and
prospective customers regarding satisfaction and brand awareness. For the
current year, the company is considering outsourcing the survey to RBG
Associates, who have offered to conduct the survey and summarize results for
$50,000. Robert Ace, the president of ACE Engines, believes that RBG will do a
higher-quality job than his company has been doing, but is unwilling to spend
more than $12,000 above current costs. The head of bookkeeping for ACE has
prepared the following summary of costs related to the survey in the prior year.
Prepare an incremental analysis in good form to determine the impact on profit of
going outside versus conducting the survey as in the past. Will ACE accept the
RBG offer? Why or why not?
3. Question : (TCO 4) The following monthly data are available for RedEx, which
produces only one product that it sells for $84 each. Its unit variable costs are
5. $28 and its total fixed expenses are $64,960. Sales during April totaled 1,600
units.
6. $28 and its total fixed expenses are $64,960. Sales during April totaled 1,600
units.