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Spring_2010_Midterm_I_Form_A_with_answers

Managerial Accounting: Creating Value in a Dynamic Business Environment

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ACC312 Spring 2010 Midterm I Version A Name UTEID __ Instructor Class Day______________ Time Seat #__________ DO NOT OPEN UNTIL GIVEN INSTRUCTIONS TO DO SO. 1. Confirm that you have 11 numbered pages printed front and back. Answers to Multiple- Choice questions should be recorded on the Scantron. On your Scantron answer sheet, write and bubble in your name, UTEID, and the “Test Form” letter noted above. 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. The time allotted for an exam includes the time required to “bubble-in” your Scantron answer sheets. It is cheating to take extra time to bubble in the answer sheet after time is up for the exam. 2. 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. 3. Cell phones, books, notes, PDAs and programmable calculators are NOT allowed at your desk during the exam. 4. 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. 5. Bring your entire exam, scratch paper, Scantron answer sheet, and student ID to the front of the room when you have finished. 6. 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. Summary M/C ______/40 Problem 1. ____/12 Problem 2. ____/14 Problem 3. ____/14 Problem 4. ____/20 Total ____/100
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ACC312 Spring 2010 Midterm I Version A SECTION I – MULTIPLE CHOICE (40 points – 20 questions, 2 points each) -- Please choose the ONE BEST answer for each question and record your answer on the Scantron sheet. There is no partial credit on multiple choice questions 1.) The left side of the Manufacturing Overhead T-account is used to accumulate: A. actual manufacturing overhead costs incurred throughout the accounting period. B. overhead applied to Work-in-Process Inventory. C. underapplied overhead. D. predetermined overhead. E. overapplied overhead.
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