Final Review questions

Final Review questions -...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Managerial Accounting – Final Exam Review questions – chapter 1 – 4 Answers are on the last page. Chapter 1 1. Managerial accounting: A. has its primary emphasis on the future. B. is required by regulatory bodies such as the SEC. C. focuses on the organization as a whole, rather than on the organization's segments. D. Responses a, b, and c are all correct 2. Manufacturing overhead: A. can be either a variable cost or a fixed cost. B. includes the costs of shipping finished goods to customers. C. includes all factory labor costs. D. includes all fixed costs. 3. The three basic elements of manufacturing cost are direct materials, direct labor, and: A. cost of goods manufactured. B. cost of goods sold. C. work in process. D. manufacturing overhead 4. Transportation costs incurred by a manufacturing company to ship its product to its customers would be classified as which of the following? A. Product cost B. Manufacturing overhead C. Period cost D. Administrative cost 5. Within the relevant range, the difference between variable costs and fixed costs is: A. variable costs per unit fluctuate and fixed costs per unit remain constant. B. variable costs per unit are constant and fixed costs per unit fluctuate. C. both total variable costs and total fixed costs are constant.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
D. both total variable costs and total fixed costs fluctuate. 6. The following costs were incurred in August: Conversion costs during the month totaled: A. $127,000 B. $51,000 C. $52,000 D. $75,000 7. Consider the following costs incurred in a recent period: What was the total amount of the period costs listed above for the period? A. $78,000 B. $71,000 C. $46,000 D. $37,000
Background image of page 2
The following cost data pertain to the operations of Lefthand Department Stores, Inc., for the month of December. The Brentwood Store is just one of many stores owned and operated by the company. The Shoe Department is one of many departments at the Brentwood Store. The central warehouse serves all of the company's stores. 8. What is the total amount of the costs listed above that are direct costs of the Shoe Department? A. $43,000 B. $35,000 C. $79,000 D. $40,000 9. What is the total amount of the costs listed above that are NOT direct costs of the Brentwood Store? A. $78,000 B. $43,000 C. $162,000 D. $36,000
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
10. Henscheid Corporation leases its corporate headquarters building. This lease cost is fixed with respect to the company's sales volume. In a recent month in which the sales volume was 33,000 units, the lease cost was $283,800. To the nearest whole dollar, what should be the total lease cost at a sales volume of 35,300 units in a month? (Assume that this sales volume is within the relevant range.) A. $283,800 B. $293,690 C. $303,580 D. $265,309 Chapter 2 11. Which of the following companies would be most likely to use a job-order costing system rather than a process costing system? A. fast food restaurant
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/08/2011 for the course ACCOUNTING 275 taught by Professor Ngo during the Spring '11 term at Rutgers.

Page1 / 13

Final Review questions -...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online