accounting - 1. (TCO 1) Performance reports often compare...

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1. (TCO 1) Performance reports often compare current period performance with (Points : 4) Performance in a prior period. Planned (budgeted) performance. Both A and B are correct. Neither A nor B is correct. 2. (TCO 1) Which of the following is not likely to be a fixed cost? (Points : 4) Direct materials Rent Depreciation Salary of the human resources director 3. (TCO 2) Which of the following is not a manufacturing cost? (Points : 4) Manufacturing overhead Direct materials Direct labor Administrative expenses 4. (TCO 2) A form used to accumulate the cost of producing an item is called a(n) (Points : 4) job-cost sheet material requisition balance sheet invoice 5. (TCO 3) Why is it necessary to compute equivalent units separately for materials and conversion costs? (Points : 4) Mistakes are made in the accounting for these costs Materials and conversion enter the production process at different rates Conversion costs are more difficult to estimate None of the above reasons are true 6. (TCO 3) In the assembly department, all the direct materials are added at the beginning of the processing. Beginning Work in Process inventory consists of 2,000 units with a direct materials cost of $31,860. During the period, 15,000 units are started and direct materials costing $250,000 are charged to the department. If there are 1,000 units in ending inventory, what is the cost per equivalent unit? (Points : 4) $15.93 $15.63 $14.83 $16.58 7. (TCO 4) Which of the following is not an assumption of C-V-P analysis? (Points : 4) Costs can be accurately separated into fixed and variable components. Fixed costs remain constant within the relevant range.
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Total variable costs are proportioned to the level of activity. Selling price per unit declines after the break-even point is reached. 8. (TCO 4) The number of units that must be sold to exactly cover its fixed and variable costs is the (Points : 4) contribution margin break-even point relevant range margin of safety 9. (TCO 5) Full costing (Points : 4) is the same as absorption costing. considers fixed manufacturing overhead as part of the cost of inventory. often does not provide the information needed for C-V-P analysis. All of the above choices are correct. 10. (TCO 5) If the number of units sold is less than the number of units produced (Points : 4) full costing and variable costing will yield the same net income. full costing will assign some fixed manufacturing overhead to the units in the ending inventory. net income will be higher under variable costing than under full costing. inventory levels will decrease.
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This note was uploaded on 03/15/2012 for the course ACC 250 250 taught by Professor Connie during the Spring '11 term at University of Phoenix.

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accounting - 1. (TCO 1) Performance reports often compare...

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