sample_MidtermExam_solutions_AFM102w09

sample_MidtermExam_solutions_AFM102w09 - MIDTERM EXAM AFM...

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MIDTERM EXAM AFM 102: Introduction to Managerial Accounting Sections 001, 002, 003 and 005 February 27, 2009: 4:30 – 6:00 PM Instructors: Robert Ducharme; Thomas Vance; Yutao Li STUDENT NAME:____________________________________ STUDENT ID:________________________________________ UWDIR/Quest Id:_____________________________________ LECTURE: (select one) ______6:00-8:50 T (001) Ducharme ______8:30-9:20 MWF (002) Vance ______10:30-11:20 MWF (003) Vance ______11:30-12:20 MWF (005) Li TUTORIAL: (select one) Room: PAS 1229 ______8:30-9:20 F (101) ______9:30-10:20 F (102) ______10:30-11:20 F (103) ______11:30-12:20 F (104) Room: AL 208 ______12:30-1:20 F (105) ______1:30-2:20 F (106) ______2:30-3:20 F (107) ______3:30-4:20 F (108) INSTRUCTIONS: This exam has 15 pages. Please verify that this exam has no missing pages. You have 90 minutes to complete the exam. Exams will only be returned in your tutorial section. Answer multiple-choice questions on the Scantron sheet provided o Use black lead HB pencil. o Write your name and student ID on the Scantron sheet – you do not need to provide section number or card number. o Scantron cards will not be returned. o For your own reference, feel free to circle your responses on the exam paper (these will not be graded). Non-programmable calculators may be used. Show all your work as partial points may be awarded (on questions 2-5). Clearly label your solutions to each part of Questions 2-5 to facilitate accurate marking. MARKS (Awarded / Possible) Q1: ________ / 42 Q2: ________ / 9 Q3: ________ / 15 Q4: ________ / 4 Q5: ________ / 10 TOT: ________ / 80 AFM102 Page 1 of 15
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Q1. ANSWER MULTIPLE CHOICE QUESTIONS ON THE SCANTRON SHEET One mark per question, unless preceded by ‘**’, then two marks. 1. Identifying alternatives and selecting the best among them is part of which of the following activities which managers carry on in organizations? A) Controlling. B) Directing. C) Planning. D) Motivating. 2. How would the insurance premium on Research In Motion’s manufacturing plants generally be classified? Prime cost Product cost A) No Yes B) No No C) Yes No D) Yes Yes 3. Which one of the following statements is true about job-order costing? A) Job-order costing is used in manufacturing companies and process costing is used in service firms. B) In a job-order costing system, costs are traced to departments and then allocated to units of product using an averaging process. C) Job-order costing is more likely to be used than process costing in situations where many different products or services are produced each period to customer specifications. D) In a Job-order costing, there is no need to keep separate records for each job. 4.
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This note was uploaded on 10/24/2010 for the course AFM 102 taught by Professor R.ducharme during the Spring '09 term at Waterloo.

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sample_MidtermExam_solutions_AFM102w09 - MIDTERM EXAM AFM...

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