ACC312_Spring09_Exam%201_Form%20A_SOLUTION

ACC312_Spring09_Exam%201_Form%20A_SOLUTION - ACC 312...

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ACC 312 Fundamentals of Managerial Accounting Midterm Exam 1 Spring 2009 Test Form A N a m e Instructor Class Start Time DO NOT OPEN until given instructions to do so. Instructions 1. Confirm that you have 9 numbered pages (not including this page), printed front and back. 2. Answers to Multiple-Choice questions should be recorded on the Scantron. A. On your Scantron answer sheet, write and bubble in your name, UTEID, and the “Test Form” letter noted above. B. Use a #2 pencil only to mark your responses on your Scantron answer sheet. Mark clearly and erase completely as needed. Only multiple choice answers marked on your Scantron answer sheet will be graded. 3. Answers to Problems should be recorded on the exam where indicated. Show your work in the space provided. Scratch paper is available from the proctor but only calculations recorded on the exam itself will be considered for partial credit. 4. Cell phones, books, notes, PDAs and programmable calculators are NOT allowed at your desk during the exam. 5. In the interest of minimizing disruptions and making sure all students have exactly the same information on the exam, we will answer only the following kinds of questions during the exam: a. Vocabulary questions relating to non-class-specific words; b. Questions about a possible mistake in the exam. In the latter case, if a mistake is confirmed, we will answer by making an announcement to the whole class. If no announcement is made in a short period of time, you may assume that the problem is correct as written. 6. Bring your entire exam, scratch paper, Scantron answer sheet, and student ID to the front of the room when you have finished. 7. You are reminded of the University’s honor policy which requires you do your own work and not give or receive assistance on this exam.
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ACC 312, Midterm Exam #1 Form A - Page 1 Spring 2009 SECTION I – MULTIPLE CHOICE (60 points – 24 questions, 2.5 points each) - Please choose the ONE BEST answer for each question and record your answer on the Scantron sheet. 1. In a Normal costing system that has machine hours as its only cost driver, Manufacturing Overhead is applied by multiplying the Predetermined Overhead Rate times which of the following? A. number of units produced. B. standard machine hours per unit. C. number of units produced multiplied times the standard machine hours per unit. D. actual machine hours. E. under- or over-applied machine hours. 2. An accountant recently debited Work-in-Process Inventory and credited Manufacturing Overhead. In a Normal costing system, the accountant was: A. applying manufacturing overhead to production. B. recognizing receipt of the factory utilities bill. C. recording a year-end adjustment for an insignificant amount of overapplied overhead. D. recognizing actual overhead incurred during the period.
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This note was uploaded on 03/30/2010 for the course CH 369 taught by Professor Kbrowning during the Spring '07 term at University of Texas.

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ACC312_Spring09_Exam%201_Form%20A_SOLUTION - ACC 312...

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