Midterm_Version_A_Answers

Midterm_Version_A_Answers - Student Name: _ Student ID #: _...

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Student Name: __________________________________ Student ID #: __________________ BUS 209 A, B, C, or D _________________ (indicate) OR: My section meets on ____________ at _______ am/pm Spring 2009, AUBG Today’s date: ____________________ MIDTERM EXAM VERSION A 1
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Part I: Definitions. Match the following definitions with the appropriate letter. Write legibly. (12 points; 1 point each) ___ Benchmarking ___ Cost-plus contract ___ Job-order system ___ Outsourcing ___ Process costing system ___ Activity-based costing (ABC) ___ Direct costs ___ Fixed cost ___ Cost of goods manufactured ___ Nonvalue-adding activities ___ Value-adding activities ___ Variable cost a. A technique for determining a company’s competitive advantage by comparing its performance with that of its best competitors. b. A product costing system used by companies that produce large amounts of similar products or liquid products or that have long, continuous production runs of identical products. c. Job contracts that require the customer to pay all costs incurred in performing the job plus a predetermined amount of profit. d. A cost that remains constant within a defined range of activity or time period. e. A method of assigning overhead costs that categorizes all indirect costs by activity, traces the ndirect costs to those activities, and assigns activity costs to products using a cost driver related to the cause of the cost. f. Activities that add value to a product or service as perceived by the customer. g. A customer order system for a specific number of specially designed, made-to- order products. h. An inventory account that shows the costs assigned to all completed products that have not been sold. i. A cost that changes in direct proportion to a change in productive output (or any other measure of volume). j. Costs that can be conveniently and economically traced to a cost object. k. The engagement of other companies to perform a process or service of the value chain that is not among an organization’s core competencies. 2
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l. Activities that add cost to a product or service but do not increase its market value. Part II: True or False? Input your answers as “A” for true or “B” for false on the answer sheet. (18 points; 2 points each) 1. In the “Enron: the Smartest Guys in the Room” film, one of the topics discussed was the disregard of investors’ financial interests by some of Enron’s executives and traders. a)
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Midterm_Version_A_Answers - Student Name: _ Student ID #: _...

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