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sample_midterm_AFM102w08_WithSolution - MIDTERM EXAM AFM...

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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 Page 1 of 16
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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? 3. Which of the following best defines an opportunity cost?
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sample_midterm_AFM102w08_WithSolution - MIDTERM EXAM AFM...

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