Sample MidTerm MC

Sample MidTerm MC - Part II - Multiple Choice (30 marks)...

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Part II - Multiple Choice (30 marks) 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. B) Confidentiality. C) Competence. 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, ToyGo’s 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. 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 company’s estimated manufacturing overhead amount? 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 were 14,000 hours. During September $100,000 manufacturing overhead is applied to work in progress. Job 007 used 10,000 direct labour hours and 1,800 indect labour hours during the month. On the job cost
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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 - Part II - Multiple Choice (30 marks)...

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