2008solutions - ADM2341 Winter 2008 Midterm Page 1 of 9...

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Unformatted text preview: ADM2341 Winter 2008 Midterm Page 1 of 9 Solution!! Midterm Exam Managerial Accounting Winter 2008 ADM2341 All Sections Grade /44 STUDENT NAME: ............................................................ STUDENT NUMBER: ......................................................... Instructions : 1. Answer all questions in this booklet. Booklet is not to be removed from the examination room. You may separate the pages but ensure that you put them back together and staple before handing in. 2. Please limit your answer to the space provided. Please indicate if you use the back of a page. 3. The use of standard abbreviations (O/H for Overhead and CM% for Contribution Margin Percentage) is quite acceptable. 4. Budget your time wisely . 2 minutes per point 5. Please do not ask the invigilators questions. Make reasonable assumptions where necessary. 6. Language dictionaries are allowed. 7. You must show calculations. You must sign the followoing Statement of Academic Integrity The School of Management does not condone academic fraud, an act by a student that may result in a false academic evaluation of that student or of another student. Without limiting the generality of this definition, academic fraud occurs when a student commits any of the following offences: plagiarism or cheating of any kind, use of books, notes, mathematical tables, dictionaries or other study aid unless an explicit written note to the contrary appears on the exam, to have in his/her possession cameras, radios (radios with head sets), tape recorders, pagers, cell phones, or any other communication device which has not been previously authorized in writing. Statement to be signed by the student: I have read the text on academic integrity and I pledge not to have committed or attempted to commit academic fraud in this examination. Signed:______________________________________ Note: an examination without this signed statement will not be graded and will receive an exam grade of zero. Section Time Professor Check one v M Mon–Wed: 1600-1730,1430-1600 Brian Conheady N Tues-Thurs: 10:00 - 11:30, 830-1000 Rhonda Pyper P Mon-Wed: 100-230,1130-100 Ronald Eden Q Tues: 13:00 - 14:30, 1130-1300 Rhonda Pyper R Wed: 19:00 - 22:00 Ronald Eden ADM2341 Winter 2008 Midterm Page 2 of 9 Q.1 ( 2 points) Briefly discuss the differences between committed and discretionary fixed costs. Use examples in your answer. Use proper spelling and grammar. Committed fixed costs are difficult to adjust and are typically more long-term investments than discretionary fixed costs. Examples of a committed fixed cost would be the amortization of capital assets, salaries of executives, etc. ½ point for definition , ½ point for one example Discretionary fixed costs will fluctuate depending on the decisions of management in organizations based on need, budget limitations, and changing priorities of management....
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This test prep was uploaded on 04/17/2008 for the course MANAGEMENT ADM 2341 taught by Professor Eden during the Winter '08 term at University of Ottawa.

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2008solutions - ADM2341 Winter 2008 Midterm Page 1 of 9...

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