AEM323prelim12006answers_v13_Solutions

AEM323prelim12006answers_v13_Solutions - Test #:_________...

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Unformatted text preview: Test #:_________ Version # 1 AEM323 Managerial Accounting Spring 2006 Prelim #1 February 21, 2006 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 PS 143 SEC 08 R 2:30-4:25 WN 245 SEC 09 & 10 F 10:10-12:05 PS G37 SEC 11 F 12:20-2:15 WN 201 SEC 12 F 12:20-2:15 WN 360 General Instructions : 1. This is a 100 point exam. You have approximately 120 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 56 points ______ Question 2 Cost of Goods Manufactured 11 points ______ Question 3 Activity Based Costing 11 points Page 1 of 24 Test #:_________ Question 4 Process Costing 10 points ______ Question 5 Journal Entries Job Order Costing 12 points Total 100 points ______ Question 1 Multiple Choice ( 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. Which of the following would be included as manufacturing overhead in a shipbuilding factory? A) Cost of wood installed on ship decks B) The 20% commission paid to employees for each ship sale C) Depreciation of the factory equipment D) Rent for storage warehouse for completed ships 2. The process of overseeing day-to-day activities and keeping the organization functioning smoothly is called: A) directing. B) controlling. C) planning. D) decision making. 3. The advertising expenses for a furniture manufacturing company would be considered: Product Cost Period Cost A) No Yes Page 2 of 24 Test #:_________ B) Yes No C) Yes Yes D) No No 4. Which of the following statements is correct in describing manufacturing overhead costs? A) Manufacturing overhead when combined with direct material cost forms conversion cost. B) Manufacturing overhead consists of all manufacturing cost except for prime cost....
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AEM323prelim12006answers_v13_Solutions - Test #:_________...

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