Practice - Managerial Accounting Final Exam Winter 2007 Student Number Pledge On my honor I have neither given or received help on this exam I

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Managerial Accounting – Final Exam Winter 2007 Student Number: __________________________ Pledge: On my honor I have neither given or received help on this exam. I understand that any violation of the University Honor Policy will result in an automatic zero on this exam, and that I will be subject to all sanctions available under the University's Honor Policy. Part I - Multiple Guess Select your points: 225 _______ 200 ______ 175 _______ 1. B 2. D 3. C 4. D 5. C 6. A 7. A 8. B 9. A 10. D 11. B 12. B 13. A 14. B 15. C 16. A 17. D 18. C 19. B 20. A 21. C 22. B 23. B 24. A 25. D 26. C 27. D 28. C 29. C 30. D
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1. Costs that are always relevant in decision-making are: A) variable costs. B) avoidable costs. C) sunk costs. D) fixed costs. 2. Consider a decision facing a firm of either accepting or rejecting a special offer for one of its products. A cost that is not relevant is: A) direct materials. B) variable overhead. C) fixed overhead that will be avoided if the special offer is accepted. D) common fixed overhead that will continue if the special offer is not accepted. 3. To maximize total contribution margin, a firm faced with a production constraint should: A) promote those products having the highest unit contribution margins. B) promote those products having the highest contribution margin ratios. C) promote those products having the highest contribution margin per unit of constrained resource. D) promote those products having the highest contribution margins and contribution margin ratios. 4. The opportunity cost of making a component part in a factory with no excess capacity is the: A) variable manufacturing cost of the component. B) fixed manufacturing cost of the component. C) cost of the production given up in order to manufacture the component. D) net benefit foregone from the best alternative use of the capacity required. 5. Which one of the following costs would not be considered an indirect cost of serving a particular customer at a Pizza Hut franchise? A) The salary of the franchise's manager. B) The cost of the tables and chairs used to furnish the restaurant. C) The cost of the dough used to make the pizza that is ordered. D) The cost of lighting and heating the restaurant. 6. Which of the following statements is (are) true? A) Companies that produce many different products or services are more likely to use job-order costing systems than process costing systems. B) Job-order costing systems are used by service firms and process costing systems are used by manufacturers. C) Costs are traced to departments and then allocated to units of product when job-order costing is used. D) All of the above. 7. The Precision Company used a predetermined overhead rate last year of $3 per
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direct labor hour, based on an estimate of 24,000 direct labor hours to be worked during the year. Actual costs and activity during the year were: Actual manufacturing overhead cost incurred $84,000 Actual direct labor hours worked 27,000 A) $3,000 underapplied. B) $3,000 overapplied.
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This note was uploaded on 06/04/2011 for the course ACCOUNTING 2156 taught by Professor Cheryl during the Spring '09 term at Central Community College.

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Practice - Managerial Accounting Final Exam Winter 2007 Student Number Pledge On my honor I have neither given or received help on this exam I

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