ACC221exam01keysp08 - ACC 221 Cost Accounting Exam 1 Name:_...

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ACC 221 Cost Accounting Exam 1 Name:__________________________________________________________________ Instructions for Part 1: Indicate the response you believe is the most correct for the multiple choice (MC) questions by circling the appropriate letter to indicate your answer. No partial credit can be earned on multiple choice questions. Therefore, choose your answers carefully. Only choose one response for MC questions, indicating two selections will invalidate your answer. Instructions for Part 2: You will be given a problem question. When attempting a problem, please be sure your handwriting is legible. No points will be earned of illegible work. Enter your answers to problem immediately following the problem and in the worksheet provided. Part 1: Multiple Choice: (3 points each, total of 90 points) 1. Management accounting focuses primarily on providing data for: A. Internal uses by managers. B. External uses by stockholders and creditors. C. External uses by the Internal Revenue Service. D. External uses by the Securities and Exchange Commission. 2.Which of the following would normally be found on a manufacturing company’s organization chart? A. The layout of the factory assembly lines. B. A list of the materials needed to produce each of the company’s products. C. The informal lines of reporting and communication. D. None of the above. 3. For a hospital, which type of position (line or staff) is each of the following? Emergency Room Nurse Human Resources Manager A. Staff Staff B. Staff Line C. Line Staff D. Line Line 1
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4. After careful planning, Jammu Manufacturing Corporation has decided to switch to a just-in-time inventory system. At the beginning of this switch, Jammu has 30 units of product in inventory. Jammu has 2,000 labor hours available in the first month of this switch. These hours could produce 500 units of product. Customer demand for this first month is 400 units. If just-in-time principles are correctly followed, how many units should Jammu plan to produce in the first month of the switch? A. 370 B. 400 C. 430 D. 470 5. Pizza world makes forty-three kinds of pizza for takeout and delivery. Which of the following could be the constraint at Pizza world? A. The person who makes the pizza crust. B. The person who puts toppings on the pizzas C. The pizza oven D. Any of the above could be the constraint 6. Which of the following is not a difference between financial and managerial accounting? A. Financial accounting is governed by generally accepted accounting principles. B. Financial accounting places more emphasis on the future. C. Managerial accounting emphasizes segments of the firm. D. Managerial accounting places more emphasis on non-monetary data. 7.
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This note was uploaded on 06/09/2008 for the course ACC 221 taught by Professor Tribunella during the Spring '08 term at Rochester.

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ACC221exam01keysp08 - ACC 221 Cost Accounting Exam 1 Name:_...

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