Solutions_AEM323prelim22005_1_Solutions

Solutions_AEM323prelim22005_1_Solutions - Test #:_ Version...

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Test #:_________ Version # 1 AEM323 Managerial Accounting Spring 2005 – Prelim #2 March 31, 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 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 15 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 – 10 points Question 3 – 20 points Page 1 of 23
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Test #:_________ Question 4 – 10 points Total 100 points ______ Page 2 of 23
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Question 1 – Multiple Choice (46 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. When the level of activity increases within the relevant range, how does each of the following change? Average cost Total variable Fixed cost per unit cost per unit A. Increases Increases Increases B. Increases No change Increases C. Decreases No change Decreases D. Decreases Increases Decreases 2. Which of the following costs, if expressed on a per unit basis, would be expected to vary inversely with the level of production and sales? A) Sales commissions. B) Fixed manufacturing overhead. C) Variable manufacturing overhead. D) Direct materials. 3. Which of the following types of entities likely would have a high proportion of variable costs in its cost structure? A) College or University B) Airline. C) Fast food outlet. D) Architectural firm. 4. Contribution margin means: A) what remains from total sales after deducting fixed expenses. B) what remains after deducting cost of goods sold to cover fixed and variable expenses. C) the sum of cost of goods sold and variable expenses. D) what remains from total sales after deducting all
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Solutions_AEM323prelim22005_1_Solutions - Test #:_ Version...

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