final exam

final exam - 1 Question 1 - Multiple ChoiceID: 5631265 -...

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1 Question 1 - Multiple ChoiceID: 5631265 - The correct answer has been circled. Question: When recording the use of direct materials in the production process, materials inventory is credited for which of the following? Standard quantity for actual production times actual cost per pound Actual quantity times standard cost per pound Actual quantity times actual cost per pound Standard quantity for actual production times standard cost per pound Question 2 - Multiple ChoiceID: 5631260 - Correct Question: Daub, Inc. gathered the following information for the month ended March 31, 2009 The static budget volume is 4,500 units: Overhead flexible budget: Number of units 4,000 4,500 5,000 Standard machine hours 12,000 13,500 15,000 Budgeted overhead costs: Variable $24,000 $27,000 $30,000 Fixed $33,750 $33,750 $33,750 Actual production was 5,000 units. Actual overhead costs were $26,000 for variable costs and $35,000 for fixed costs. Actual machine hours worked were 14,100 hours. What is the standard rate of variable overhead per machine hour? $1.84 $2.50 $2.00 $1.50 Question 3 - Multiple ChoiceID: 5631140 - Correct Question: Job order costing is most likely used in which of the following industries?
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2 Pharmaceutical manufacturing Textbook publishing Chemical manufacturing Food and beverage manufacturing Question 4 - Multiple ChoiceID: 5631224 - Correct Question: Which one of the following capital budgeting models would most likely not be affected by a change in salvage value? Payback Internal rate of return Net present value Profitability index Question 5 - Multiple ChoiceID: 5631169 - Correct Question: Which of the following statements regarding Total Quality Management (TQM) is incorrect? TQM extends horizontally across business functions TQM increases time spent on rework and warranty work TQM is a formal effort to improve quality throughout an organization’s value chain TQM emphasizes educating, training, and cross training employees to increase and broaden their skills Question 6 - Multiple ChoiceID: 5631257 - Correct Question: The difference between total actual overhead and the flexible budget amount for actual production is referred to as the Overhead efficiency variance Production volume variance Overhead flexible budget variance
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3 Overhead static budget variance Question 7 - Multiple ChoiceID: 5631160 - The correct answer has been circled. Question: Activity-based costing systems do not Determine a cause-and-effect relationship with respect to cost and cost drivers Improve the accuracy of the costs allocated to the various products Create homogenous cost pools that are activity based Create a variety of direct manufacturing cost pools Question 8 - Multiple ChoiceID: 5631207 - Correct Question: DC Electronics uses a standard part in the manufacture of several of its radios. The cost of producing 30,000 parts is $90,000, which includes fixed costs of $33,000 and variable costs of $57,000. The company can buy the part from an outside supplier for $2.50 per unit, and
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This note was uploaded on 03/25/2012 for the course EAC 2212 taught by Professor Whitaker during the Spring '10 term at FIT.

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final exam - 1 Question 1 - Multiple ChoiceID: 5631265 -...

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