AC505 MANAGERIAL ACCOUNTING PRACTICE FINAL INSTRUCTIONS: Please fill in the blank for question 1 and select the appropriate response to questions 2 through 45. 1. Use the following information to determine the gross margin for Pacific States Manufacturing for the year just ended (all amounts are in thousands ($000) of dollars: Sales $31‚800 Purchases of direct materials 7‚000 Direct labor 5‚000 Work in process inventory‚ 1/1 800 Work
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1. (TCO A) Wages paid to the factory supply shop foreman are considered an example of: (Points: 5) Direct Labor - yes‚ Period Cost - yes Direct Labor - yes‚ Period Cost - No Direct Labor - no ‚ Period Cost - yes Direct Labor - no ‚ Period Cost - no 2. (TCO A) Rent on a manufacturing plant is an element of: (Points: 5) Conversion cost - yes‚ period cost - no Conversion cost - yes‚ period cost - yes Conversion cost - no‚ period
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| AC505 MANAGERIAL ACCOUNTINGFINAL EXAMWeek 8: Week 8: Final Exam - Final Exam | | | | Help | | | | ------------------------------------------------- Top of Form There are 3 pages in this exam. Be sure to complete all pages before submitting the exam. Page: | 1 | | 2 | | 3 | | | | | Bottom of Form Page 1 ------------------------------------------------- Top of Form Time Remaining: 1. (TCO A) Wages paid to the factory manager are considered
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timekeeper in a factory are a: Your Answer: Prime Cost YES.....Conversion Cost NO Prime Cost YES.....Conversion Cost YES Prime Cost NO....Conversion Cost NO Prime Cost NO.....Conversion Cost YES CORRECT Instructor Explanation: Chapter 2 Points Received: 6 of 6 2. Question: (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n): Your Answer: period cost.
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Final for Review 1 of 21 Student: Assignment: Final for Review Take Details Assignment score: 100% Total Time spent: Score for selected take: 100% (100/100) 1. Your answer: Fact Pattern 50-1B Shopping Mall‚ Inc. (SMI)‚ leases space to Toney Goods Company and Uneek Stuf Store. Later‚ Uneek begins to sell items that are similar to Toney ’s goods‚ and Toney abandons its space before the end of the lease term. Refer to Fact Pattern 50-1B. In a growing number of jurisdictions
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accumulating product costs rather than a process costing system? Student Answer: a steel factory that processes iron ore into steel bars a factory that processes sugar and other ingredients into black licorice a costume maker that makes specialty costumes for figure skaters all of these Comments: 2. Question : (TCO F) Process costing would be appropriate for each of the following except: Student Answer: custom furniture manufacturing. oil refining. grain milling.
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o Annual rate of return o Net present value o Internal rate of return 2. Would you recommend the acceptance of this proposal? Why or why not? Prepare a short double-spaced Word paper elaborating and supporting your answer. Answer: AC505 your Name Data:
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COURSE : ECONOMICS EXAMINATION : APRIL 2011 QUESTION 1 A) What is market equilibrium? With the aid of a diagram‚ explain how it is determined? (4marks) Answer: Market equilibrium is a situation in which the supply curve of an item is exactly equal to its demand curve. Since there is neither surplus nor shortage in the market‚ price tends to remain stable in this situation. Price D S E P S D 0 Q
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1. (TCO A) The variable portion of advertising costs is a: (Points : 6) Conversion YES... Period NO Conversion YES .... Period YES Conversion NO.... Period YES Conversion NO.... Period NO | 2. (TCO A) Fixed costs expressed on a per unit basis: (Points : 6) will increase with increases in activity. will decrease with increases in activity. are not affected by activity. should be ignored in making decisions since they cannot
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Final Exam PMBA 8030 TRACI’S SALON 1) Retail Hairstyling Industry Number of firms – many Entry conditions – easy Product type – few to many Conduct of firms – less aggressive Retail hairstyling industry is considered to be a monopolistic competition where there are many firms selling similar but not identical goods and services. In monopolistic markets‚ there are a large number of sellers and they can easily enter or leave the market. This is most common market in the U.S. economy‚ especially
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