Question 5

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Acct346 Midterm part 1.docx

Question 1   7/ 7 pts ( TCO 1 ) Comparing budgets versus actuals is an example of which management responsibility ?
 Planning Directing X Controlling Decision making
Question 2   7 / 7 pts ( TCO 1 ) Which of the following statements regarding financial accounting and managerial accounting is incorrect ?
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Question 3   7/ 7 pt s ( TCO 1 ) Which of the following professional standards applies to disclosing all relevant information that could reasonably be expected to influence an intended user ’s understanding ?
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Question 4   7/ 7 pt s ( TCO 1 ) Which of the following is not part of manufacturing overhead ?
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Question 6   7 / 7 pts ( TCO 1 ) Which of the following is a conversion cost ?
 Interest paid on the headquarters office building
 X Costs to rent the factory
 Advertising costs Direct materials costs
Question 7   7 / 7 pts ( TCO 1 ) On December 31 , 2015 , XYZ Inc. has a balance in the Finished Goods Inventory account of $ 50,000 . On January 1 , 2015 , the balance in the Finished Goods Inventory account was $ 75,000 . On December 31 , 2015 , the balance in the Work - in - Process inventory account is $ 25,000 . On January 1 , 2015 , the balance in the Work - in - Process inventory account is $ 10,000 . Cost of goods manufactured is $ 160,000 . How much is cost of goods sold ?
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Question 8   7 / 7 pts ( TCO 2 ) Which of the companies below would be most likely to use job - order costing ?
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Question 9   7 / 7 pts ( TCO 2 ) Cindy Company applies manufacturing overhead based on labor hours . Information concerning manufacturing overhead cost and hours for August follows . Estimated Actual Overhead cost $ 300,000 $ 200,000 Direct labor hours 25,000 30,000 Machine hours 15,000 20,000 How much is the predetermined overhead rate ?
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Question 10   7 / 7 pts ( TCO 2 ) During 2015 , Kim Company applied overhead using a job - order costing system at a rate of $ 12 per direct labor hour . Estimated direct labor hours for the year were 125,000 , and estimated overhead for the year was $ 1,500,000 . Actual direct labor hours for 2015 were 130,000 , and actual overhead was $ 1,650,000 . What is the amount of under - or over - applied overhead for the year ?
 $ 90,000 over-applied
 X $ 90,000 under-applied
 $ 150,000 over-applied
Question 1 7/7 pts (TCO 1) Comparing budgets versus actuals is an example of which management responsibility? Planning Directing X Controlling Decision making
Question 2 7 / 7 pts (TCO 1) Which of the following statements regarding financial accounting and managerial accounting is incorrect?
Question 3 7/7 pts (TCO 1) Which of the following professional standards applies to disclosing all relevant information that could reasonably be expected to influence an intended user’s understanding?
Question 4 7/7 pts (TCO 1) Which of the following is not part of manufacturing overhead?
Question 5
7 / 7 pts (TCO 1) Which of the following is a variable cost? The salary of the plant manager Rent for the factory X Shipping products to customers Insurance for the headquarters office building
Question 6 7 / 7 pts (TCO 1) Which of the following is a conversion cost?

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