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Guideline & solutions

Guideline & solutions - processing D Molding and...

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Guideline for the 2nd exam preparation -- Cost Accounting Summer 2011 1. [82 points] There are 41 multiple choice questions (7 - 8 from each chapter). All questions are non-computational. Sample questions: 1) All contract with US government agencies must comply with cost accounting standards issued by the A SEC B IRS C FASB D CASB 2) The costs of goods acquired from suppliers including incoming freight or transportation costs are: A stockout costs B purchasing costs C carrying costs D ordering costs 3) Which of the following is NOT a market-based approach to allocating costs? A constant gross-margin % NRV B physical measures C sales at splitoff D net realizable value 4) Which of the following departments is NOT a support department for a boat manufacturing company? A Personnel B Accounting C Data
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Unformatted text preview: processing D Molding and assembly 5) Direct material costs are locked in when they are: A assembled B delivered C sold D designed 2. [12 points] There are 4 short exercises: 1) Through-put costing 2) Cost-plus pricing 3) Accounting for byproduct 4) Equivalent units of production 3. [70 points] There are 6 problems. 1) Variable costing vs Absorption costing – Chapter 9. [12 points] 2) Denominator level calculation Chapter 9. [9 points] 3) Service department cost allocation – Chapter 15. [17 points] 4) Joint cost allocation – Chapter 16, [12 points] 5) Equivalent unit computation and assign costs to units completed and to units in ending work in process. – Chapter 17, [10 points] 6) Backflush costing - Chapter 20, (10 points] Total 164 points – 145 points = 19 points bonus...
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