Midterm Review solutions from old exam

Midterm Review solutions from old exam - 1.) What is the...

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

View Full Document Right Arrow Icon
1.) What is the essence of just in time philosophy? A) Eliminate waste B) Reduce cost C) Preparing a budget D) Calculate the variances 2.) What is the typical product life cycle? A) Product development, introduction to market, mature market, phase out of market B) Phase out, mature, product development C) Product development, mature, phase out D) Introduction, product development, mature, phase out 3.) A characteristic of service organizations is that A)labour is intensive . B)plant and equipment costs are high in proportion to labour costs. C)output is easy to define. D)major inputs and outputs can be stored. 4)All costs other than direct material and direct labour that are associated with the manufacturing process are called A)conversion costs. B) factory-overhead costs. C)prime costs. D) product costs. 5)Which of the following is NOT a factory overhead cost? A)Wages of machine operators B)Factory utilities C)Wages of supervisors D)Amortization of the machinery
Background image of page 1

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

View Full DocumentRight Arrow Icon
6)A unique individual product would be better accounted for using a A)process costing system. B) job-order costing system. C)product costing system. D) period costing system. 7)A department that is equipment intensive would most likely use a predetermined departmental overhead rate based on which of the following cost drivers: A)direct labour cost B) machine hours C)direct labour hours D) units of direct labour used Use the following information to answer question 8: Estimated overhead $320,000 Actual overhead costs incurred $344,400 Estimated direct labour hours 40,000 Actual direct labour hours worked 42,000 8)The predetermined overhead rate for applying manufacturing overhead would be:
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 10/10/2011 for the course AC 118 taught by Professor Barr during the Summer '11 term at Laurentian.

Page1 / 6

Midterm Review solutions from old exam - 1.) What is the...

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