Mid-Term B - Managerial Accounting COMM 305 & ACCO 240...

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Managerial Accounting COMM 305 & ACCO 240 Midterm Exam- Summer 2007 Student Name ______________________ ID#_______________ INSTRUCTIONS 1. ANSWER ALL QUESTIONS IN THE EXAMINATION BOOKLET THAT HAS BEEN PROVIDED TO YOU. 2. BE SURE TO RETURN THE EXAM ALONG WITH THE EXAMINATION BOOKLET AT THE END OF THE EXAM. 3. BE SURE TO PUT YOUR NAME AND STUDENT I.D. NUMBER ON THE EXAM AND THE EXAMINATION BOOKLET . 6. START EACH QUESTION ON A NEW PAGE IN THE EXAMINATION BOOKLET. 7. IT IS VERY IMPORTANT TO WRITE THE NAME OF YOUR INSTRUCTOR AND SECTION LETTER/NUMBER ON YOUR EXAMINATION BOOKLET(S). Good Luck! 1
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Managerial Accounting COMM 305 & ACCO 240 Midterm Exam- Summer 2007 Question 1 (12 Multiple Choice Questions) (15 marks) Do not answer on the EXAM ; write your answers in the EXAMINATION BOOKLET. 1. Upon which of the following does managerial accounting place considerable weight? A) Generally accepted accounting principles. B) The financial history of the entity. C) Ensuring that all transactions are properly recorded. D) Detailed segment reports about departments, products, and customers. (1 mark) 2. Selected information about Buehler Corporation's operations at high and at low levels of activity follow: Using the high-low method, what is the cost formula for manufacturing overhead? A) $50,000 per period plus $10 per unit. B) $50,000 per period plus $21 per unit. C) $50,000 per period plus $22 per unit. D) $347,000 per period plus $0.10 per unit. (2 marks) 3. For the current year, Paxman Company incurred $150,000 in actual manufacturing overhead cost. The Manufacturing Overhead account showed that overhead was overapplied in the amount of $6,000 for the year. If the predetermined overhead rate was $8.00 per direct labour hour, how many hours were worked during the year? A) 17,750 hours. B) 18,000 hours. C) 18,750 hours. D) 19,500 hours. (1 mark) 4. At a sales level of $300,000, James Company's gross margin is $15,000 less than its contribution margin, its net income is $50,000, and its total selling and administrative expenses are $120,000. At this sales level, what is the company's contribution margin? A) $155,000. B) $170,000. C) $185,000. D) $250,000. (2 marks) 2
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Managerial Accounting COMM 305 & ACCO 240 Midterm Exam- Summer 2007 5. Which of the following would be considered a product cost for external financial reporting purposes? A) Cost of a warehouse used to store finished goods.
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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 B - Managerial Accounting COMM 305 & ACCO 240...

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