AEM323_final2005_version2AnsKey_Exam

AEM323_final2005_ver - Test Version 2 AEM323 Managerial Accounting Spring 2005 Final Name Sec Day/Time TA Sec Day/Time Section Location SEC 01 SEC

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Test #:_________ Version # 2 AEM323 Managerial Accounting Spring 2005 – Final May 16, 2005 Name: TA: Section: Sec # Day/Time SEC 01 W 7:30-9:25 SEC 02 W 7:30-9:25 SEC 03 R 10:10-12:05 SEC 04 R 10:10-12:05 SEC 05 R 12:20-2:15 SEC 06 R 12:20-2:15 Sec # Day/Time Location SEC 07 R 2:30-4:25 WN 131 SEC 08 R 2:30-4:25 CK B105 SEC 09 F 10:10-12:05 PS G37 SEC 10 F 10:10-12:05 KN 213 SEC 11 F 12:20-2:15 WN 201 SEC 12 F 12:20-2:15 WN 260 General Instructions : 1. This is a 100 point exam. You have approximately 150 minutes. Budget your time accordingly. This includes time required to transfer your answers to the optical scanning sheet. No extra time will be allowed. 2. YOU MUST USE A #2 PENCIL ON THE OPTICAL SCANNING SHEET. The scanner does NOT read blue or black ink. 3. The only materials to be used while taking this exam are writing materials and non-financial, non-graphing, non-programmable calculators. 4. It is an act of academic dishonesty to give or receive information about this examination either before or during the examination. 5. Your exam has 16 pages. It is your responsibility to make sure that you have all pages to the exam. 6. There is no partial credit on question 1. You must show your work on the remaining questions to be eligible for credit (partial or full). Question 1 – Multiple Choice 60 points Question 2 – 18 points Question 3 – 10 points Page 1 of 21
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Test #:_________ Question 4 – 12 points Total 100 points ______ Page 2 of 21
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Test #:_________ Question 1 – Multiple Choice (60 points) Select the best answer choice. Each question is worth 2 points. There is no partial credit. Please be sure to fill in your answers on the optical scanning sheet using a #2 pencil. 1. A general rule in relevant cost analysis is: A) variable costs are always relevant. B) fixed costs are always irrelevant. C) differential future costs and revenues are always relevant. D) depreciation is always irrelevant. 2. Which department should usually be held responsible for an unfavorable materials price variance? A) Production. B) Materials Handling. C) Engineering. D) Purchasing. 3. Opportunity costs are: A) not used for decision making. B) the same as variable costs. C) the same as historical costs. D) relevant to decision making. 4. Bringing future sums to their present value is known as: A) interpolating. B) compounding. C) annualizing. D) discounting. 5. The Fischer Company uses a standard costing system. For the month of December, the following data have been assembled: Actual direct labor hours worked. .......... 5,800 hours Standard direct labor rate. ....................... $9 per hour Labor efficiency variance. ...................... $1,800 unfavorable The standard hours allowed for December production is: Page 3 of 21
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Test #:_________ A) 5,400 hours. B) 5,600 hours.
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This test prep was uploaded on 02/19/2009 for the course AEM 3230 taught by Professor Little,j.e. during the Spring '08 term at Cornell University (Engineering School).

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AEM323_final2005_ver - Test Version 2 AEM323 Managerial Accounting Spring 2005 Final Name Sec Day/Time TA Sec Day/Time Section Location SEC 01 SEC

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