Midterm Exam 2011

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|COURSE: Cost & Management Accounting (ACCO 330) Winter 2011 | |Sections: BB, CC, F, G, H | |EXAMINATION: |DATE: |TIME: 3 hours |# OF PAGES: | |MIDTERM EXAM |SUNDAY February 13th, 2011 |10:00 – 13:00 |11 (including cover) | |Instructors: Ms. Brivot, Mr. Hutchison, Mr. Kopczynski, Mr. Tenenbaum. | |MATERIALS ALLOWED: | |1) ENGLISH LANGUAGE / OTHER LANGUAGE DICTIONARY | |2) NON-PROGRAMMABLE CALCULATOR - MAY NOT BE SHARED | |SPECIAL INSTRUCTIONS: READ THE INSTRUCTIONS BELOW |

Instructions:

1. ANSWER ALL QUESTIONS (INCLUDING MCQS) IN THE ANSWER BOOKLET THAT HAS BEEN PROVIDED TO YOU.

2. BE SURE TO RETURN THE EXAM PAPER ALONG WITH THE ANSWER BOOKLET AT THE END OF THE EXAM.

3. ANY STUDENT WHO FAILS TO RETURN THE ENTIRE EXAM PAPER ALONG WITH THE ANSWER BOOKLET(S) WILL BE REPORTED FOR CHEATING.

4. DO NOT TEAR YOUR EXAM PAPER OR YOUR ANSWER BOOKLET(S).

5. BE SURE TO PUT YOUR NAME AND STUDENT I.D. NUMBER ON THE EXAM PAPER AND THE ANSWER BOOKLET.

6. START EACH QUESTION ON A NEW PAGE IN THE ANSWER BOOKLET.

7. IT IS VERY IMPORTANT TO WRITE THE NAME OF YOUR INSTRUCTOR AND SECTION LETTER/NUMBER ON YOUR ANSWER BOOKLET(S).

8. ANWSER ALL MULTIPLE CHOICE QUESTIONS ON THE IBM FORM. USE A PENCIL TO FILL THE IBM FORM.

Good Luck!

QUESTION 1 –MULTIPLE CHOICES – (25 marks. Estimated time: 40 minutes. Difficulty level: easy to medium) Write your answers on the IBM FORM Choose the Best answer of the following.

1) Scrap has no value (or limited value) therefore it is not traced back to specific jobs A) True
B) False

2) Which account is debited when scrap is reused as direct material? A) Scrap inventory
B) Work-in-process-control
C) Materials control
D) Manufacturing overhead control
E) Either work-in-process control, or manufacturing overhead control, depending on whether process-costing or job costing is used

3) Conformance quality is
A) the performance of a product or service according to competitor information. B) the performance of a product or service according to employee specifications. C) the performance of a product or service according to design and customer specifications. D) the performance of a product or service according to design and production specifications. E) the performance of a product or service according to design specifications.

4) Costs incurred in detecting which of the individual units do not conform to specifications are called A) internal failure costs
B) prevention costs.
C) appraisal costs.
D) external failure costs.
E) correction costs.

5) ________ measures the changes in operating income attributed solely to an increase in the quantity of output between years one and two. A) The price-recovery component
B) The cost leadership component
C) The strategy component
D) The productivity component
E) The growth component

6) Warranty repair costs are ______
A) prevention costs.
B) an external failure cost.
C) a marketing cost.
D) appraisal costs.
E) an internal failure...
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