Final2006AnswerKey_v1_1_Solutions

Final2006AnswerKey_v1_1_Solutions - Test Version 1 AEM323...

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Test #:_________ Version # 1 AEM323 Managerial Accounting Spring 2005 – Final May 16, 2005 Name: TA: Section: Sec # Day/Time Location Sec # Day/Time Location SEC 01 W 7:30-9:25 WN 145 SEC 07 R 2:30-4:25 PS 143 SEC 02 W 7:30-9:25 WN 360 SEC 08 R 2:30-4:25 WN 245 SEC 03 R 10:10-12:05 CD 250 F 10:10-12:05 PS G37 SEC 04 R 10:10-12:05 PS 143 SEC 11 F 12:20-2:15 WN 201 SEC 05 R 12:20-2:15 KN 103 SEC 12 F 12:20-2:15 WN 360 SEC 06 R 12:20-2:15 WN 245 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 points Question 2 – points Page 1 of 20
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Test #:_________ Question 3 – points Question 4 – points Total 100 points ______ 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 static budget: A) should be compared to actual costs to assess how well costs were controlled. B) should be compared to a flexible budget to assess how well costs were controlled. C) is valid for only one level of activity. D) represents the best way to set spending targets for managers. 2. The higher the denominator level of activity: A) the higher the cost per unit of product. B) the lower the cost per unit of product. C) the less likely is the occurrence of a volume variance. D) the more profitable operations likely will be. 3. Traveller Company sells one product and uses a standard cost system. Last year the overhead volume variance was zero. Which of the following is correct? A) Actual variable overhead cost was equal to standard variable overhead cost. B) Total applied overhead was equal to total actual overhead. C) The denominator activity was equal to actual activity. Page 2 of 20
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Test #:_________ D) The budgeted fixed costs were equal to the applied fixed costs. 4. Baxter Corporation's master budget calls for the production of 5,000 units of its product monthly. The master budget includes indirect labor of $144,000 annually; Baxter considers indirect labor to be a variable cost. During the month of April, 4,500 units of product were produced, and indirect labor costs of $10,100 were
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This homework help was uploaded on 02/19/2009 for the course AEM 3230 taught by Professor Little,j.e. during the Spring '08 term at Cornell.

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Final2006AnswerKey_v1_1_Solutions - Test Version 1 AEM323...

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