Mid-Term C (With Solution)

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

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CONCORDIA UNIVERSITY MANAGERIAL ACCOUNTING DEPARTMENT OF ACCOUNTANCY COMM 305 & ACCO 240 JOHN MOLSON SCHOOL OF BUSINESS ALL SECTIONS MID TERM EXAMINATION Fall 2007 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 (6) Questions printed on (9) 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 professors 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. 1
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QUESTION I. 15 POINTS MULTIPLE CHOICES: Choose the one alternative that best completes the statement or answers the question. 1) As activity volume changes within the relevant range, costs that tend to remain the same include: A) fixed costs per unit B) total variable costs C) total mixed costs C) all of the above E) none of the above 2) Which of the following is NOT TRUE of Period Costs? A) For manufacturing sector companies they include all non-manufacturing costs. B) They are expected to benefit future periods. C) They are all of the costs on the income statement except cost of goods sold. D) They are also called operating costs. E) For merchandising sector companies they include all costs not related to the cost of goods purchased for resale. 3) Which of the following is true concerning Prime Costs? A) They include direct manufacturing labour, in a two-part classification. B) They are indirect manufacturing costs. C) They equal the sum of fixed manufacturing costs plus conversion costs. D) Prime costs are direct manufacturing costs. E) They equal the sum of direct manufacturing costs plus conversion costs. 4) Cost-volume profit is used to analyze A) the behaviour of variable costs at all levels of output. B) the behaviour of some costs and revenues as changes occur in the output level. C) the behaviour of total costs, total revenues, and operating income as changes occur in the output level. D) multiple revenue drivers and a single cost driver in special case CVP.
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Mid-Term C (With Solution) - CONCORDIA UNIVERSITY...

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