RSM222 - Fall 2009 - Test - University of Toronto Joseph L....

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University of Toronto Joseph L. Rotman School of Management October 19, 2009 RSM222H1F Managerial Accounting Duration: 2 hours Aids allowed: Non-programmable calculator Instructions: Please print your name and student number in the spaces provided below . There are 16 multiple choice and 3 problems. Please use the space provided below for your answers to the multiple choice questions. You must use a pen. Do not use WHITEOUT . Clearly show all computations in the test paper in order to obtain full marks for the problems. Tests written in pencil will not be considered for remarking. ------------------------------------------------ --------------------------------------------- Student name (LAST NAME FIRST) Student number Marks: Answers to the Multiple Choice Questions Part A (32 marks) 1.______ 9.______ Part B ( 5 marks) 2.______ 10.______ Part C (20 marks) 3.______ 11.______ Part D (18 marks) 4.______ 12.______ Total (75 marks) 5.______ 13.______ 6.______ 14.______ 7.______ 15.______ 8.______ 16.______ 1
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PART A (2 marks each - 32 marks) 1. After careful planning, Jammu Manufacturing Corporation has decided to switch to a just-in- time inventory system as a component of the lean thinking model. At the beginning of this switch, Jammu has 30 units of product in inventory. Jammu has 2,000 labour hours available in the first month of this switch. These hours could produce 500 units of product. Customer demand for this first month is 400 units. If just-in-time principles are correctly followed, how many units should Jammu plan to produce in the first month of the switch? A) 370 B) 400 C) 430 D) 470 2. Which of the following types of information contained in a business plan is LEAST likely to be found in the accounting records of a typical company? A) Financial B) Competitors C) Internal D) Non-financial 3. A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $2,700 and is paid at the beginning of the first year. Eighty percent of the premium applies to manufacturing operations and 20% applies to selling and administrative activities. What amounts should be considered product costs and period costs respectively for the first year of coverage? Product Costs Period Costs A) $2,700 $ 0 B) $2,160 $ 540 C) $1,440 $ 360 D) $720 $ 180 2
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4. During the month of May, Bennett Manufacturing Company purchases $43,000 of raw materials. The manufacturing overhead totals $27,000 and the total manufacturing costs are $106,000. Assuming a beginning inventory of raw materials of $8,000 and an ending inventory of raw materials of $6,000, what must be the total for direct labour? A)
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