Quiz 1 - Quiz 1 Solutions/Mark Assignments Instructions...

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Quiz 1 - Solutions/Mark Assignments Instructions There were 11 different quizzes. Thus, to find the solution/mark assignment for the quiz you wrote, find the number of your quiz by looking at the top left of your paper and trace that number (1 to 11)to the appropriate solution/mark assignment. Name: Student Number: 1 YORK UNIVERSITY Atkinson College ADMS2510 3.0, Quiz, January 17, 18, 19, 22, 24 Instructor: Gary Spraakman Instructions : This is a closed book examination and no collaboration is allowed. Put your name and student number at the top of the page. Answer each question on the examination paper, and on the back if necessary. You may write with a pencil or a pen. One hour is allowed. If you leave early, please respect your fellow students by leaving quietly. Place photo identification on your desk during the quiz to facilitate verification. Good luck. Question 1 (6/12.5 marks) a. Describe a management accounting information system (p. 2 - 1.5 marks) An information system that produces outputs using inputs and processes needed to satisfy specific management objectives. b. Describe differences in foci between management accounting and financial accounting. (p. 7 - 1.5 marks) See the table on page 7. c. Describe the customer orientation of management accounting (p. 11 - 1.5 marks) Customer value, total production, post-purchase costs, and value chain d. Describe a fixed cost. (p. 51 - 1.5 marks) Costs that, in total, are constant within a relevant range as the level of activity output changes. Question 2 (6.5/12.5) a. Acer manufacturers a computerized toy called the "Acer Special". Last year 200,000 toys were made and sold for $60 each. The actual unit costs for the toy were as follows: Direct materials $ 8.00 Direct labor 12.00 Variable overhead 11.00 Fixed overhead 16.00 Total unit cost $47.00 E2-5 - 3.5 marks
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The only selling expenses were a commission of $4 per unit sold and advertising totaling $295,000. There were no beginning or ending finished goods inventories. Required: prepare an income statement for external users. Acer Income Statement For the Year ending December 31, 19xx Sales (200,000 x $60) $12,000,000 ½ Less: Cost of goods sold ($200,000 x $47) 9,400,000 ½ Gross margin $ 2,600,000 ½ Less: Operating expenses Commissions (200,000 x $4) $800,000 ½ Advertising expenses 295,000 1,095,000 ½, ½ Income before taxes $ 1,505,000 ½ Marks deducted for format errors. b. The Credit Valley Regional Hospital has collected data on all of its activities for the past seven months. Data for the admissions operation follows: Month Cost Hours of Operation P3-7 - 3 marks September 1998 $139,000 3,400 October 1998 128,500 3,100 November 1998 104,000 2,400 December 1998 132,000 3,200 January 1999 166,000 3,600 February 1999 133,000 2,660 March 1999 159,000 3,400 Required: using the high-low method, calculate the variable rate per hour and the fixed cost for the admissions operations. V = (166,000 - 104,000)/(3,600 - 1,200) = $51.67
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Quiz 1 - Quiz 1 Solutions/Mark Assignments Instructions...

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