ca_exm_ma1_2005-12

Ca_exm_ma1_2005-12 - CGA-CANADA MANAGEMENT ACCOUNTING 1 EXAMINATION December 2005 Marks Note Except for multiple-choice questions all calculations

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EMA1D05 ©CGA-Canada, 2005 Page 1 of 8 CGA-CANADA MANAGEMENT ACCOUNTING 1 EXAMINATION December 2005 Marks Time: 3 Hours Note: Except for multiple-choice questions, all calculations must be shown to obtain full marks. 30 Question 1 Select the best answer for each of the following unrelated items. Answer each of these items in your examination booklet by giving the number of your choice. For example, if the best answer for item (a) is (1), write (a)(1) in your examination booklet. If more than one answer is given for an item, that item will not be marked. Incorrect answers will be marked as zero. Marks will not be awarded for explanations. Note: 2 marks each a. A monthly electricity bill computed on the basis of a flat rate plus fee for usage is an example of which of the following? 1) Variable cost and fixed cost 2) Variable cost and direct cost 3) Product cost and period cost 4) Direct cost and indirect cost b. Heart Co. uses process costing to cost its products. The factory has three departments — mixing, assembly, and finishing. Which of the following statements is not true? 1) Each of the three departments may have its own work in process and finished goods inventory. 2) The unit production cost calculated for the finishing department will include costs incurred in the mixing and assembly departments. 3) Factory overhead costs must be allocated between the three departments. 4) The value of the work in process inventory in the finishing department can be determined without calculating the equivalent units. c. If, after manufacturing overhead is applied at the end of the period, there is a credit balance in the manufacturing overhead clearing account, which of the following is true? 1) Actual overhead costs for the period were greater than overhead costs applied. 2) Actual overhead costs for the period were less than overhead costs applied. 3) The credit balance may be closed out by debiting the cost of goods sold. 4) There was poor control over expenditures for manufacturing overhead costs in the period. d. If the number of units in ending inventory at the end of October is greater than zero, and assuming production costs are the same under FIFO and weighted average, how will the cost per equivalent unit for units started and completed in October compare between FIFO and weighted average? 1) The cost per equivalent unit will be higher under FIFO than under weighted average. 2) The cost per equivalent unit will be lower under FIFO than under weighted average. 3) The cost per equivalent unit will be the same under FIFO and weighted average. 4) It is impossible to tell from the information given. Continued. ..
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EMA1D05 ©CGA-Canada, 2005 Page 2 of 8 Note: Use the following information to answer parts (e) and (f): Proto Toys manufactures one type of wooden doll and uses a process costing system for its cost accounting system. Production information for July is as follows: Opening inventory of work in process 3,000 units Completion as to materials
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This note was uploaded on 11/15/2010 for the course CGA ma1 taught by Professor ... during the Spring '10 term at York Tech.

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Ca_exm_ma1_2005-12 - CGA-CANADA MANAGEMENT ACCOUNTING 1 EXAMINATION December 2005 Marks Note Except for multiple-choice questions all calculations

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