Acc 346 mid-term questions v2

ACC 346 Mid-Term Questions v2
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Unformatted text preview: 1. (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for (Points : 4) taxing authorities. internal users of accounting information. external users of accounting information. the Securities and Exchange Commission (SEC). 2. TCO 1) Which of the following statements regarding fixed costs is true? (Points : 4) When production increases, fixed cost per unit increases. When production decreases, total fixed costs decrease. When production increases, fixed cost per unit decreases. When production decreases, total fixed costs increase. 3. (TCO 1) Which of the following is a direct cost in relation to the cost of teaching the managerial accounting course you are currently taking? (Points : 4) the cost of the paper that you receive as handouts for the class the cost of the room you are using for the class the cost of the registration system that allowed you to enroll in the class the cost of the financial aid department that helps you fund the cost of taking the class 4. (TCO 1) Shulas 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. What is the budgeted total variable cost? (Points : 4) $5,200 $9,280 $10,080 $2,300 5. (TCO 1) Which of the following costs is part of manufacturing overhead? (Points : 4) indirect labor direct labor salaries for the accounting personnel wages for the janitorial staff for the sales offices 6. (TCO 1) Which of the following is not a period cost? (Points : 4) advertising costs accounting staff salaries direct materials depreciation of accounting office equipment 7. (TCO 1) Red Runners Work in Process Inventory account has a beginning balance of $50,000 and an ending balance of $40,000. Direct materials used are $70,000 and direct labor used totals $35,000. Cost of goods sold totals $135,000. Manufacturing overhead applied is $20,000. How much is cost of goods manufactured? (Points : 4) $145,000 $115,000 $125,000 $135,000 8. (TCO 2) BCS Company applies manufacturing overhead based on direct labor hours. Information concerning manufacturing overhead and labor for August follows: Estimated Actual Overhead cost $174,000 $171,000 Direct labor hours 5,800 5,900 Direct labor cost $87,000 $89,975 How much overhead should be applied in total during August? (Points : 4) 177,000 179,950 171,100 168,200 9. (TCO 2) During 2011, Madison Company applied overhead using a job-order costing system at a rate of ...
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