Accounting 505 Mid Term Multiple Choice Questions and Answers

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These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Date Taken: 2/4/2013 Time Spent: 2 h , 46 min , 16 secs

Points Received: 42 / 150 (28%)

Question Type: # Of Questions: # Correct:
Multiple Choice 10 7
Short 1 N/A
Essay 3 N/A

Grade Details - All Questions
Page: 1 2
1. Question : (TCO A) Direct material cost is a part of

Student Answer: Conversion Cost YES.... Prime Cost NO. Conversion Cost NO.... Prime Cost YES.
Conversion Cost YES.... Prime Cost YES.
Conversion Cost NO.... Prime Cost NO.
Instructor Explanation: Chapter 2

Points Received: 0 of 6
Comments:

2. Question : (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n)

Student Answer: period cost.
incremental cost.
opportunity cost.
None of the above
Instructor Explanation: Chapter 2

Points Received: 6 of 6
Comments:

3. Question : (TCO A) Property taxes on a company's factory building would be classified as a(n)

Student Answer: sunk cost.
opportunity cost.
period cost.
variable cost.
manufacturing cost.
Instructor Explanation: Chapter 2

Points Received: 0 of 6
Comments:

4. Question : (TCO A) When the activity level is expected to increase within the relevant range, what effects would be anticipated with respect to each of the following?

Student Answer: Fixed costs per unit increase and variable costs per unit increase. Fixed costs per unit decrease and variable costs per unit do not change. Fixed costs per unit do not change and variable costs per unit do not change. Fixed costs per unit do not change and variable costs per unit increase. Instructor...
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