Get Solved ACCT 346 Midterm Exam Version 1
(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 be 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. The cost of goods manufactured is $160,000. How much 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.
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