Sample MidTerm MC with answers

Sample MidTerm MC with answers - Part II - Multiple Choice...

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Unformatted text preview: Part II - Multiple Choice (30 marks) WITH ANSWERS Please provide your answers on the Multiple Choice Answer Sheet provided. 1. A professional managerial accountant has an ethical responsibility to take some action when he/she becomes aware that the company he/she is working for is illegally dumping toxic wastes. Which of the following specific code of ethics applies best in this scenario? A) Integrity second best answer, but we also marked this correct. B) Confidentiality. C) Competence best answer. D) Reliability. Use the following information to answer question 2-3: ToyGo Company uses predetermined manufacturing overhead rate to apply overhead based on machine hours. On December 31, 2008, ToyGos manufacturing overhead account showed a debit balance of $30,000. ToyGo estimated at the beginning of the year that it would incur 230,000 machine hours for 2008. The actual machine hours totaled 200,000 hours. Completed job cost sheets show that $300,000 in manufacturing overhead was transferred to the finished goods account. There were no partially completed jobs at the end of 2007. Among all the jobs started in 2008, job X was the only partially completed job at the end of 2008, with $80,000 in applied overhead. Applied=300+80=380K, 2. What is the total manufacturing overhead applied for year 2008? A. $330,000 B. $300,000 C. $380,000 D. $220,000 3. At the beginning of the year, what was the companys estimated manufacturing overhead amount? Applied MOH/ actual MH = PDOH rate PDOH x estimated MH beg of year = Estimated MOH 380/200*230=437K A. $379,500 B. $402,500 C. $345,000 D. $437,000 4. DSK Company applies its manufacturing overhead base on direct labor hours. For the month of September, the company incurred 20,000 labour hours, out of which 80% were direct labour hours. The budgeted direct labour hours for September was 14,000 hours. direct labour hours....
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This note was uploaded on 02/18/2012 for the course BUSE 237 taught by Professor Sf during the Spring '12 term at Simon Fraser.

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Sample MidTerm MC with answers - Part II - Multiple Choice...

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