Accounting 2082 Managerial Accounting Exam 1 Sample Exam Questions Printed Name: Date: I certify that I have neither given nor received assistance on this exam‚ in accordance with the University of Cincinnati Student Code of Conduct. Signature: Instructions: Circle your answers for the multiple choice questions on the exam. Fill out the scantron sheet carefully‚ using a #2 pencil. Your name (last‚ then first) and M number must be on the scantron sheet. Type of
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| Question : | (TCO 2) Bubba’s Crawfish Processing Company uses a traditional overhead allocation based on direct labor hours. For the current year overhead is estimated at $2‚250‚000 and direct labor hours are budgeted at 415‚000 hours. Actual overhead was $2‚200‚000 and actual direct labor hours worked were 422‚000. (a) Calculate the predetermined overhead rate. (b) Calculate the overhead applied. (c) Determine the amount of overhead that is over/underapplied. | | | Student Answer:
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CHAPTER 3 PROBLEM 3-43 (35 MINUTES) 1. Predetermined overhead rate = budgeted overhead ÷ budgeted direct-labor cost = $2‚730‚000 ÷ $2‚100‚000 = 130% of direct labor cost 2. Additions (debits) total $7‚802‚500 [$2‚800‚000 + $2‚175‚000 + ($2‚175‚000 x 130%)]. 3. The finished-goods inventory consisted of job no. 3154‚ which cost $175‚750 [$78‚000 + $42‚500 + ($42‚500 x 130%)]. 4. Since there is no work in process at year-end‚ all amounts in the Work-in-Process account must
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................................................... 12 Technology Factor...................................................................................................... 13 Porter’s 5 Forces Analysis for Hilton Hotel ................................................................. 14 Bargaining power of Customers ................................................................................... 15 Bargaining power of Suppliers ..............................................................
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registered bond. 11. When the effective rate of a bond is lower than the stated rate‚ the bond sells at a discount. False 12. If a bond sold at 98 1/2‚ the market rate was: greater than the stated rate. 13. Bond issue costs are recorded as a(n): deferred charge. 14. On January 1‚ Franco Inc. issued $10‚000‚000‚ 9% bonds at 102. The journal entry to record the issuance of the bonds will include a credit to Premium on Bonds Payable for $200‚000. 15. When bonds sell between interest
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Chapter 14 Section 3 Big Business and Labor 1. Terms & Names * Andrew Carnegie- a Scottish-American industrialist‚ businessman‚ entrepreneur and a major philanthropist. * Vertical Integration-a company’s taking over its suppliers and distributors and transportation systems to gain total control over the quality and cost of its product. * Horizontal Integration- the merging of companies that make similar products. * Social Darwinism- an economic and social philosophy—supposedly
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econonmMicroeconomics Review Quiz Test 2 1. When is marginal utility equal to zero? A. When TU is zero. B. When MU is at its maximum. C. When TU is at its maximum. D. When MU is at its minimum. The following table shows Mia ’s $ marginal utility for litres of soya milk: 2. Refer to the above table to answer this question. Suppose that Mia has a budget of $7 and the price of a litre of soya milk is $1‚ what is the maximum quantity that Mia might purchase? A. 0. B. 4 litres
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Chapter 14 - Base Rate Base rate is the mean number of times an event occurs divided by the mean number of times it might occur. Representativeness is a bias when people wholly and exclusively rely on pre-conceived notions. Empirical evidence suggests that people formulate their judgments by relying on representativeness and neglect the base rate. This results in sub-optimal judgments and guesses. Given a plausible base rate‚ the anchoring of judgment of the probability of an outcome whilst putting
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CHAPTER 23 Statement of Cash Flows LEARNING OBJECTIVES 1. 2. 3. 4. 5. 6. 7. 8. 9. Describe the purpose of the statement of cash flows. Identify the major classifications of cash flows. Differentiate between net income and net cash flows from operating activities. Contrast the direct and indirect methods of calculating net cash flows from operating activities. Determine net cash flows from investing and financing activities. Prepare a statement of cash flows. Identify sources of information for
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Criticism on historical cost accounting 1. Inability to provide useful information in times of rising prices * Assumes that money holds a constant purchasing power‚ so the result become irrelevance in times of rising prices * Received much criticism during high inflation periods of 1970s and 1980s. * Obvious flaw in time of rising prices. 2. Real problem of additivity * Some countries allowed revaluation of non-current assets and the different assets are revaluing
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