Mid-Term E (With Solution)

Mid-Term E (With Solution) - CONCORDIA UNIVERSITY...

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Unformatted text preview: CONCORDIA UNIVERSITY MANAGERIAL ACCOUNTING DEPARTMENT OF ACCOUNTANCY COMM 305 & ACCO 240 OHN MOLSON SCHOOL OF BUSINESS ALL SECTIONS MID TERM EXAMINATION Winter 2009 PLEASE READ THIS PAGE – IT CONTAINS IMPORTANT INFORMATION BEFORE STARTING TO WRITE BE SURE YOU ARE WRITING IN THE CORRECT EXAM ROOM RELATED TO YOUR SECTION 1. This examination will last Three (3) hours and consists of Five (5) Questions printed on (11) pages including this page. Make sure your copy of the exam is complete before starting. 2. Write all your answers (including answers to multiple-choice statements ) in the lined examination answer booklet that has been provided to you separately. You may answer the Questions in any order. Indicate clearly your professor’s name in the front of the booklet. 3. Your answers may be written in pencil or ink. 4. Read the Questions carefully and budget your time carefully. Show details of all work in order to benefit from part marks , except for Multiple-choice questions. Attempt all Questions. 5. This is a closed book examination; no reference to notes, etc. is allowed. However, a silent hand-held four-function calculator and one standard (not electronic) dictionary are permitted. 6. Invigilators will not answer questions , unless you think there is an error in the examination questionnaire. 7. Write all your answers to multiple-choice statements in IBM Sheet with pencil . QUESTION I. 15 POINTS MULTIPLE CHOICES: Choose the best answer. 1. Which one of the following tasks would not be performed by a management accountant? (a) Being concerned with the impact of cost and volume on profits (b) Strategic cost management (c) Assisting in budget planning (d) Preparing reports primarily for external users 2. Managerial accounting information (a) pertains to the entity as a whole and is highly aggregated. (b) must be prepared according to generally accepted accounting principles. (c) pertains to subunits of the entity and may be very detailed. (d) is prepared only once a year. 3. Variable costs are costs that (a) vary in total directly and proportionately with changes in the activity level. (b) remain the same per unit at every activity level. (c) Neither of the above (d) Both (a) and (b) above 4. Indirect labour is a (a) non-manufacturing cost. (b) raw materials cost. (c) product cost. (d) period cost. 5. In accumulating raw materials costs, companies debit the cost of raw materials purchased in a perpetual inventory system to (a) Raw Materials Purchases. (b) Raw Materials Inventory. (c) Purchases. (d) Work in Process. 6. Manufacturing overhead is under-applied if (a) actual overhead is less than applied. (b) actual overhead is greater than applied. (c) the predetermined rate equals the actual rate....
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This note was uploaded on 05/17/2011 for the course COMM 305 taught by Professor T.hutchison during the Spring '09 term at Concordia Canada.

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Mid-Term E (With Solution) - CONCORDIA UNIVERSITY...

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