240exam1practice - ACCOUNTING 240 EXAM 1 Ch 1-3 Practice...

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ACCOUNTING 240 EXAM 1 Ch 1-3 Practice Test Name _____________________ Version A Section I Fill in the Blanks 1. __________________________ costs never involve an outlay of cash. 2. _______________ costs, often referred to as manufacturing costs, are all costs necessary to create finished goods. 3. _______________ costs remain constant in total over a relevant range of activity. 4. Please explain the difference between Financial Acctg. (230) and Managerial Acctg. (240). ________________________________________________________________ ______________________________________________________________________ ______________________________________________________________________ ______________________________________________________________________ ______________________________________________________________________ 5. _________________ Techniques for determining how changes in revenue, costs, and level of activity affect the profitability of an organization. Section II Period Costs and Product Costs Classify each cost as a period cost or a product cost. For each item classified as a product cost, indicate whether it would usually be included in direct materials (DM), direct labor (DL), or manufacturing overhead (OH). a. Depreciation on the production plant _____________________ b. Depreciation on the corporate offices _____________________ c. Paper, toner, and miscellaneous supplies for the office copy machine. ______ d. Wages of production line employees. _______________________ e. Raw materials used in the production of toys. _________________ f. Advertising costs ________________________________________ g. Shipping costs for products sold. _____________________________ 1
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h. Property tax on the production plant. __________________________ i. Commissions paid to sales personnel. ___________________________ j. Interest on bank loans. ________________________________ Section III Multiple Choice 1. Which of the following principles are the LEAST uniform and are NOT mandatory? a.
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This note was uploaded on 10/16/2011 for the course ACC 240 taught by Professor Sidneyford during the Fall '10 term at Chandler-Gilbert Community College.

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240exam1practice - ACCOUNTING 240 EXAM 1 Ch 1-3 Practice...

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