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version1 - Exam 1 Spring 2010 Version #1 Select the best...

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Exam 1 Spring 2010 Version #1 Select the best answer for each of the following questions. Mark your answer in the test booklet and on the answer sheet. 1. Managerial accounting: A. has its primary emphasis on the future. B. is required by regulatory bodies such as the SEC. C. focuses on the organization as a whole, rather than on the organization's segments. D. Responses a, b, and c are all correct. 2. In a job-order costing system, the amount of overhead cost that has been applied to a job that remains incomplete at the end of a period: A. is deducted on the Income Statement as overapplied overhead. B. is closed to Cost of Goods Sold. C. is transferred to Finished Goods at the end of the period. D. is part of the ending balance of the Work in Process inventory account. 3. Within the relevant range, the difference between variable costs and fixed costs is: A. variable costs per unit fluctuate and fixed costs per unit remain constant. B. variable costs per unit are constant and fixed costs per unit fluctuate. C. both total variable costs and total fixed costs are constant. D. both total variable costs and total fixed costs fluctuate. 4. Consider the following costs incurred in a recent period: Under the traditional approach, what was the total amount of the period costs listed above for the period? A. $78,000 B. $71,000 C. $46,000 D. $37,000 1
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5. Dorra Corporation manufactures lawnmowers in five work stations. Dorra's weekly demand is 5,000 mowers but Dorra can only produce 4,200. According to the theory of constraints, to increase production output Dorra would benefit the most by concentrating improvement efforts on the: A. first work station. B. last work station. C. largest work station. D. fastest work station. E. slowest work station. 6. In a job-order costing system, direct labor costs usually are recorded initially with a debit to: A. Manufacturing Overhead. B. Finished Goods inventory. C. Direct Labor Expense. D. Work in Process. 7. The costs of direct materials are classified as: A. Choice A B. Choice B C. Choice C D. Choice D 8. The cost of fire insurance for a manufacturing plant is generally considered to be a: A. product cost. B. period cost.
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version1 - Exam 1 Spring 2010 Version #1 Select the best...

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