M6-Chp-00-Tst1-Exm-Prb-Acct-2122-Sum-2006

M6-Chp-00-Tst1-Exm-Prb-Acct-2122-Sum-2006 - 13065639.doc....

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6ba66e6dc7e12b2cd2c6522c85692a542a587c7c.doc. Page 1 of 7 Test No. 1. Accounting 2122, Summer 2006. Name: ____________________________ Class Time: 9:45 or 11:30 (Circle one) Row in Class _____________________ Multiple Choice- 25 questions count 4 points each for a total of 100 Points. Blacken the area in the circle containing the appropriate letter for each entry. Use a soft-lead pencil. Enter last name first in the area for “NAME.” Enter student ID number in the area for “IDENTIFICATION NUMBER.” Answer each question by marking the letter representing the best answer. Chapter 1. Managerial Accounting and Business Organizations 1 The accountant for Local Corporation printed the following report for the month of January for a division (Amounts in $1,000s) Budgeted Amount Actual Amount Revenues $25,000 $21,000 Expenses 20,000 22,000 Net Income $5,000 ($1,000) In reviewing this report, management should give attention a. Primarily to revenues b . Primarily to expenses c. To both revenues and expenses 2 The Alpha Beta Gamma Fraternity held a Christmas party. The fraternity expected attendance of 200 persons and prepared the following budget: Hotel room rental $600 Food 500 Entertainment 800 Decorations 300 Totals $2,200 After all bills for the party were paid, the total came to $2,175. Details are $600 for hotel room rental; $475 for food; $900 for entertainment; and $200 for decorations. One hundred and ninety persons attended the party. Under the principle of management by exception, which costs should receive attention a. food b. entertainment c. decorations d. all of these costs 3 Arranging insurance coverage is a role for the: a. Controller b . Treasurer c. Equally for both of these executives 4 The Raleigh Company had inventories at the beginning and end of the year as follows ($000 omitted): 1/1 12/31 Raw materials $65 $55 Work-in-process 96 90 Finished goods 50 55 During the year the following costs were incurred ($000 omitted): Raw materials purchased $400 Direct-labor payroll 220 Factory overhead 330 Raleigh's cost of goods manufactured was ($000 omitted):
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6ba66e6dc7e12b2cd2c6522c85692a542a587c7c.doc. Page 2 of 7 a. $921 b. $961 c. $966 d. $981
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6ba66e6dc7e12b2cd2c6522c85692a542a587c7c.doc. Page 3 of 7 Chapter 2. Cost Behavior and Cost-Volume-Profit Relationships 5 Relay Corp. manufactures batons. Relay can manufacture 300,000 batons a year at a variable cost of $750,000 and a fixed cost of $450,000. Based on Relay's predictions, 240,000 batons will be sold at the regular price of $5.00 each. In addition, a special order was placed for 60,000 batons to be sold at a 20% discount off the regular price. By what amount would income before income taxes be increased or decreased as a result of the special order? a. $60,000 decrease
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