ACCT2332 Take Home Review (Final) Exam

ACCT2332 Take Home Review (Final) Exam - MANAGERIAL...

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MANAGERIAL ACCOUNTING ACCT2332 TAKE HOME REVIEW (FINAL) EXAM SS I, 2009 Name:________________________________ Signature:______________________________ Instructions : Clearly mark your answers on BOTH the scantron AND on your test , and do so with a #2 pencil. SHOW ALL WORK to receive credit . Guesses on problems that show no work will be given a zero. Please use extra paper if you need any. Both this exam, any extra sheets given out AND your scantron must be turned in. There are 40 questions, each with a value of 2.5% for a total of 100%. This test is NOT required but if you choose to take it and turn it in, your curve on MT #1 and MT #2 will be determined by this exam: (100% - your MT score)(25%)(your score on this exam). Signing this page indicates that you have turned in your own work; that you have not discussed this exam with or allowed anyone else outside of class to coppy your work prior to turning it in at 10 AM on Monday, June 29 th ; will not discuss any part of this exam with individuals who have not yet taken the exam after you turn it in; and that you will report any cheating that you are aware of. The Honor Code rules apply to this test. Good luck!
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Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. Which of the following statements regarding "control" is true? a. Control involves the use of incentives and other rewards to motivate employees to accomplish organizational goals. b. The purpose of control is to ensure that the goals of an organization are being obtained. c. Control often involves the comparison of an organization's actual outcomes with desired outcomes. d. All of the above statements are true. ____ 2. Budgeted revenue and expenses for Jillian's Jelly Beans are as follows: Sales revenue $1.00 per bag Variable costs: Direct material .25 per bag Direct labor .15 per bag Marketing costs .20 per bag Fixed costs $200 for up to 1000 bags If 750 bags are sold, the flexible budget for net income would be: a. $ 100 b. $ 150 c. $ 300 d. $ 400 ____ 3. USE THE INFORMATION BELOW FOR THE NEXT TWO QUESTIONS 3 & 4 Toi Enterprises had the following standard costs for the production of one stuffed bear: Direct materials 1.5 lbs. of stuffing @ $2 per lb. Direct labor 2 hrs of assembly @ $15 per hr. Actual production costs for the production of 1000 bears included 1750 lbs. of stuffing @ $1.95 per lb. and 1950 labor hrs at $15.25 per hour. The direct materials price variance is: a. $75.00 F b. $75.00 U c. $87.50 F d. $87.50 U ____ 4. The direct materials usage variance is: a. $ 500 F b. $ 500 U c. $ 487.50 F d. $ 487.50 U _C___ 5. The evaluation of a manager should be based upon: a. prices of products or services. b.
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ACCT2332 Take Home Review (Final) Exam - MANAGERIAL...

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