Exam%201%20Practice%20Test%20Answers[1]

Exam 1 Practice% - ACG 3341 Sample Exam Solutions 1 Managers use management accounting information to strategy A choose B communicate C implement D

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
ACG 3341 Sample Exam Solutions 1) Managers use management accounting information to ________ strategy. A) choose B) communicate C) implement D) All of these answers are correct. 2) Which of the following descriptors refers to management accounting information? A) It is verifiable and reliable. B) It is driven by rules. C) It is prepared for shareholders. D) It provides reasonable and timely estimates. 3) Actual costs are: A) the costs incurred B) budgeted costs C) estimated costs D) forecasted costs 4) The collection of accounting data in some organized way is: A) cost accumulation B) cost assignment C) cost tracing D) conversion costing 5) Cost assignment is: A) always arbitrary B) includes tracing and allocating C) the same as cost accumulation D) finding the difference between budgeted and actual costs 6) Which one of the following items is a direct cost? A) Customer-service costs of a multiproduct firm; Product A is the cost object. B) Printing costs incurred for payroll check processing; payroll check processing is the cost object. C) The salary of a maintenance supervisor in a multiproduct manufacturing plant; Product B is the cost object. D) Utility costs of the administrative offices; the accounting department is the cost object. Page 1 of 10
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
ACG 3341 Sample Exam Solutions 7) Which of the following statements regarding manufacturing overhead allocation is FALSE? A) It includes all manufacturing costs that cannot be directly traced to a product or service. B) The costs can be grouped in either a single indirect-cost pool or in multiple indirect-cost pools. C) Total costs are unknown at the end of the accounting period. D) Allocated amounts are debited to Work-in-Process. Answer the questions 8-11 using the information below: Wayland Manufacturing uses a normal cost system and had the following data available for 20X5: Direct materials purchased $ 74,000 Direct materials requisitioned 41,000 Direct labor cost incurred 65,000 Factory overhead incurred 73,000 Cost of goods completed 146,000 Cost of goods sold 128,000 Beginning direct materials inventory 13,000 Beginning WIP inventory 32,000 Beginning finished goods inventory 29,000 Budgeted Overhead rate, as a percent of direct-labor costs = 125 percent 8) The journal entry to record the materials placed into production would include a: A) credit to Direct Materials Inventory for $41,000 B) debit to Direct Materials Inventory for $74,000 C) credit to WIP Inventory for $41,000 D) debit to WIP Inventory for $74,000 Explanation: The entry would be Dr. WIP $41,000 / Cr. Direct Materials $41,000 for the $41,000 of materials that were requisitions (placed into production). 9) The ending balance of direct materials inventory is:
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 10/25/2011 for the course ACG 3341 taught by Professor Jomosankara during the Spring '09 term at FAU.

Page1 / 10

Exam 1 Practice% - ACG 3341 Sample Exam Solutions 1 Managers use management accounting information to strategy A choose B communicate C implement D

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online