sample_midterm_AFM102w08 - MIDTERM EXAM AFM 102...

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Page 1 of 16 MIDTERM EXAM AFM 102: Introduction to Managerial Accounting Sections 001, 002, 003 and 004 February 29, 2008: 4:30 – 6:00 PM Instructors: Rob Ducharme; Thomas Vance STUDENT NAME:____________________________________ STUDENT ID:________________________________________ TUTORIAL: Room: PAS 1229 Room: HH 138 ______9:30-10:20 (101) ______1:30-2:20 (109) ______10:30-11:30 (102) ______2:30-3:20 (110) ______11:30-12:20 (103) ______3:30-4:20 (111) ______12:30-1:20 (104) ______4:30-5:20 (112) ______1:30-2:20 (105) ______2:30-3:20 (106) ______3:30-4:20 (107) ______8:30-9:20 (108) INSTRUCTIONS: Please verify that this exam has no missing pages. You have 90 minutes to complete the exam. Exams will only be returned in your tutorial section. Answer multiple-choice questions on the Scantron sheet provided o Use black lead HB pencil. o Write your name and student ID on the Scantron sheet – you do not need to provide section number or card number. o Scantron cards will not be returned. o For your own reference, feel free to circle your responses on the exam paper (these will not be graded) Non-programmable calculators may be used. Show all your work as partial points may be awarded (on questions 2-8). Clearly label your solutions to each part of Questions 2-8 to facilitate accurate marking. MARKS (Awarded / Possible) Q1: ________ / 31 Q2: ________ / 8 Q3: ________ / 6 Q4: ________ / 14 Q5: ________ / 8 Q6: ________ / 5 Q7: ________ / 12 Q8: ________ / 6 TOT: ________ / 90
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Page 2 of 16 Q1. ANSWER MULTIPLE CHOICE QUESTIONS ON THE SCANTRON SHEET One mark per question, unless preceded by ‘*’, then two. 1. Which of the following statements about overhead allocation based on volume alone is correct? A) It is a key aspect of the activity-based costing model. B) It will systematically overcost high-volume products and undercost low-volume products. C) It will systematically overcost low-volume products and undercost high-volume products. D) It must be used for external financial reporting. 2. Micro Computer Company has set up a toll-free telephone line for customer inquiries regarding computer hardware produced by the company. The cost of this toll-free line would be classified as which of the following? A) Product cost. B) Manufacturing overhead. C) Direct labour. D) Period cost. 3. Which of the following best defines an opportunity cost? A) The difference in total costs that results from selecting one alternative instead of another. B) The benefit forgone by selecting one alternative instead of another. C) A cost that may be saved by not adopting an alternative. D) A cost that may be shifted to the future with little or no effect on current operations. 4. All three major professional accounting groups in Canada require their members to
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sample_midterm_AFM102w08 - MIDTERM EXAM AFM 102...

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