Buy Best ACCT 346 Midterm Exam (Multiple Versions)

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Buy Best ACCT 346 Midterm Exam Multiple Versions

 

ACCT 346 Midterm Exam (Fall Term)

(Multiple Choice):

  • Question: (TCO 1) Comparing budgets versus actuals is an example of which management responsibility?
  • Question: (TCO 1) Which of the following statements regarding financial accounting and managerial accounting is incorrect?
  • Question: (TCO 1) Which of the following professional standards applies to disclose all relevant information that could reasonably … expected to influence an intended user’s understanding?
  • Question: (TCO 1) Which of the following is not part of manufacturing overhead?
  • Question: (TCO 1) Which of the following is a variable cost?
  • Question: (TCO 1) Which of the following is a conversion cost?
  • Question: (TCO 1) ……. XYZ Inc. has a balance in the Finished Goods Inventory account of $50,000. On January 1, 2015, the balance in the Finished Goods Inventory account was $75,000………. the balance in the Work-in-Process inventory account is $25,000…… January 1, 2015, the balance in the Work-in-Process inventory account is $10,000. Cost of goods manufactured is $160,000. How … is the cost of goods sold?
  • Question: (TCO 2) Which of the companies below would be most likely to use job-order costing?
  • Question: (TCO 2) Cindy Company applies manufacturing overhead based on labor hours. Information concerning manufacturing overhead costs and hours for August follows.
  • Question: (TCO 2) During 2015, Kim Company applied overhead using a job-order costing system at a rate of $12 per direct labor hour…….. overhead for the year was $1,500,000. Actual direct labor hours for 2015 were 130,000, and actual overhead was $1,650,000……… year.

(Essay):

  • Question: (TCO 2) XYZ Company uses budgeted overhead rates to apply overhead to individual jobs. It uses a system based on machine hours. Last year, the company made the following estimates for this year.
  • Question: (TCO 3) James Company uses process costing to track its costs in two sequential production departments: Forming and Finishing. The following information is … regarding the Forming Department:
  • Question: (TCO 6) Classify each of the costs below within the ABC costing hierarchy as either unit-level, batch-level, product-level, or facility-level.
  • Question: (TCO 2) Drake Company incurred costs of $77,000 for direct materials (raw) purchased. Direct labor was $45,000 and factory overhead was $22,000 for March.

ACCT 346 Midterm Exam (Summer Term)

(Multiple Choice):

  1. Question : (TCO 1) Using managerial accounting reports to run operations is an example of which management responsibility?
  2. Question : (TCO 1) Which of the following statements regarding financial accounting and managerial accounting is correct?
  3. Question : (TCO 1) Which of the following professional standards applies to not engaging in any activity that would discredit the profession?
  4. Question : (TCO 1) Which of the following is an inventoriable product cost?
  5. Question : (TCO 1) Which of the following is a variable cost?
  6. Question : (TCO 1) Which of the following is a conversion cost?
  7. Question : (TCO 1) On December 31, 2015, XYZ Inc. has a balance in the Finished Goods Inventory account of $50,000. On January 1, 2015, the balance in the Finished Goods Inventory account was $75,000…….the balance in the Work-in-Process inventory account is $25,000…… January 1,  2015, the balance in the Work-in-Process inventory account is $10,000. The cost of goods manufactured is $160,000. How much is cost of goods sold?
  8. Question : (TCO 2) Which of the companies below would be most likely to not use job-order costing?
  9. Question : (TCO 2) James Company applies manufacturing overhead based on machine hours. Information concerning manufacturing overhead costs and hours for August follows.
  10. Question : (TCO 2) During 2015, Thompson Company applied overhead using a job-order costing system at a rate of $15 per direct labor hour. Estimated direct labor hours for the year were 110,000, and … overhead for the year was $1,650,000. Actual direct labor hours for 2015 were 100,000, and actual overhead was $1,520,000. What is the amount of under or over-applied overhead for the year?

(Essay):

  1. Question : (TCO 2) ABC Company uses budgeted overhead rates to apply overhead to individual jobs. It uses a system based on direct labor hours. Last year, the company made the following estimates for this year.
  2. Question : (TCO 3) James Company uses process costing to track its costs in two sequential production departments: Forming and Finishing. The following information is … regarding the Forming Department:
  3. Question : (TCO 6) Classify each of the costs below within the ABC costing hierarchy as either unit-level, batch-level, product-level, or facility-level.
    • Cost to inspect each product as it is finished
    • Factory depreciation
    • Machine setup
    • Costs to hire human resource personnel
    • Salary for a product-line manager
    • Receiving raw materials from vendors

4. Question : (TCO 2) Drake Company incurred costs of $77,000 for direct materials (raw) purchased. Direct labor was $45,000 and factory overhead was $22,000 for March.

  • Inventories were as follows:
  • Raw materials beginning $10,000; raw materials ending $14,000
  • Work-in-process beginning $36,000; work-in-process ending $24,000
  • Finished goods beginning $5,000; finished goods ending $10,000
  • Required: Calculate the cost of goods manufactured for March for Drake Company. Show your work.

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