Preview

Accounting Test with Multiple Choice Questions

Good Essays
Open Document
Open Document
1889 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Accounting Test with Multiple Choice Questions
BA 213 - Test#1 Review Instructor: Usha Ramanujam Dear Students,
I have indicated answers to the test review questions in BOLD. You can highlight the entire review and remove the bold feature before you start working on these questions and then verify the answers. Also, detailed solutions are given for q.38 and q.40 /Usha
1. Thread used in the production of mattresses, an indirect material, is classified as manufacturing overhead. TRUE/ False

2. Prime cost and conversion cost share what common element of total cost? A) Direct materials. B) Direct labor. C) Variable overhead. D) Fixed overhead.

3. Wages paid to a timekeeper in a factory are a:

Prime cost
Conversion cost
A)
Yes
No
B)
Yes
Yes
C)
No
No
D)
No
Yes

4. The nursing station on the fourth floor of Central Hospital is responsible for the care of patients who have undergone orthopedic surgery. The costs of drugs administered by the nursing station to patients would be classified as: A) direct costs of the patients. B) indirect costs of the patients. C) overhead costs of the nursing station. D) period costs of the hospital.

Number of Units Produced
Unit Cost
Total Cost
Cost A

1
?
$10

10
?
$100

100
?
$1,000

1,000
?
$10,000

Cost B

1
$5,000
?

10
$500
?

100
$50
?

1,000
$5
?

5. Which of the above best describes the behavior of Costs A and B? A) Cost A is fixed, Cost B is variable. B) Cost A is variable, Cost B is fixed. C) Both Cost A and Cost B are variable. D) Both Cost A and Cost B are fixed.

6. John Johnson decided to leave his former job where he earned $12 per hour to go to a new job where he will earn $13 per hour. In the decision process, the former wage of $12 per hour would be classified as a(n): A) sunk cost. B) direct cost. C) fixed cost. D) opportunity cost.

7. The

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Townsend Engineers owns a piece of machinery that it purchased 3 years ago for $40,000. The machinery has an estimated salvage value of $5,000 and an estimated useful life of 10 years. Straight-line amortization is used. At December 31, 2010, the accumulated amortization account had a balance of $10,500. On April 1, 2012 Townsend sold the machinery for $27,000. 1. Record the amortization on December 31, 2011. 2. Record all of the necessary journal entries to record the sale of machinery on April 1, 2012. Date Account Debit Credit…

    • 1412 Words
    • 6 Pages
    Satisfactory Essays
  • Good Essays

    Module 5 Quiz Study Guide

    • 666 Words
    • 3 Pages

    In order to best prepare for the quiz it would be a good idea to review chapters 1-5 in the E-book as well as complete this study guide.…

    • 666 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    This examination paper must be returned. Candidates are not permitted to remove this paper from the examination room.…

    • 972 Words
    • 4 Pages
    Satisfactory Essays
  • Good Essays

    Directions: Use your graded tests and Unit 4 & 5 notes to answer the following questions. You can find the answers for #’s 1 – 62 on Exam 1 (3rd Nine Weeks Exam) and #’s 63 – 100 on your unit notes. Write your answers in the space provided, below each question.…

    • 1566 Words
    • 7 Pages
    Good Essays
  • Good Essays

    This exam consist of 25 multiple choice questions and covers the material in Chapters 1 through 3.…

    • 1806 Words
    • 8 Pages
    Good Essays
  • Powerful Essays

    This EXAM focuses on Chapters 4 – 11 of the textbook; week 5 – 8 of the syllabus, & lectures / discussions.…

    • 1866 Words
    • 5 Pages
    Powerful Essays
  • Satisfactory Essays

    Directions: Answer the questions in the exam booklets provided, one question per booklet. Please write legibly or print. If it can’t be read it can’t be marked. Both questions are worth 10 points.…

    • 135 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    A method used to separate mixed costs into fixed and variable components is called the high-low method.…

    • 4307 Words
    • 18 Pages
    Good Essays
  • Best Essays

    Nurse to Patient Ratio

    • 3805 Words
    • 16 Pages

    As Ms. Smith, a Registered Nurse with ten years experience in the orthopedic unit, entered the floor, she was alarmed to see that one of her coworkers had called in sick. In this 30-bed unit, the typical staff to patient ratio was 1:9 or 1:10, a ratio borne out of necessity due to funding cuts and decreases in Medicare reimbursement, as well as shortages in the pool of nurses. Ms Smith knew right then it was going to be a long stressful night because not only did she have to take care of her normal ten patients she would now have to take on about fifteen, five more than normal. Ms. Smith, after reviewing patient information, walked toward the room of her first patient on this night, an elderly gentleman recovering from a hip replacement earlier that day. Although it was after 11:00 PM, a time when most patients would be sleeping, five of her patients had received prosthetic joints that day and required additional care, particularly related to pain management. While talking with the first patient, Ms. Smith could…

    • 3805 Words
    • 16 Pages
    Best Essays
  • Good Essays

    Attempt ALL questions. The questions carry weight in proportion to the marks in brackets after the question labels. These marks total 100 marks. You must show your work in order to receive credit! Please write your student number in the space provided on the top of this page. Answer all questions and show all work on the test paper itself. Please use the blank back sides of the test paper for extra working space. If necessary, you may request a script book if no other space is available, and be sure to write your student number on the front.…

    • 2599 Words
    • 11 Pages
    Good Essays
  • Satisfactory Essays

    Accounting Test 1

    • 504 Words
    • 6 Pages

    QUESTION 1 1. Annie's Attic has the following account balances for the dates given: Cash, Sept 1 $40,000 Cash, Sept 30 60,000 Accounts receivable, Sept 1 10,000 Accounts receivable, Sept 30 14,000 Owner's equity, Sept 1 ? Owner's equity, Sept 30 ? Supplies, Sept 1 30,000 Supplies Sept 30 24,000 Accounts payable, Sept 1 6,000 Accounts payable, Sept 30 ?…

    • 504 Words
    • 6 Pages
    Satisfactory Essays
  • Good Essays

    hello

    • 1673 Words
    • 7 Pages

    Answer all the questions given in Part 3 (five questions from Part 3A and three questions from Part 3B) and Part 4 (all questions). Submit your answers along with the screen shots as listed above as Appendices to the instructor through the Assignment tab on the Blackboard for evaluation.…

    • 1673 Words
    • 7 Pages
    Good Essays
  • Satisfactory Essays

    Once QuickBooks Pro 2008 Student Trial Edition is installed, all of the following icons will appear on the desktop except:…

    • 286 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Pol exam 1 study guide

    • 1352 Words
    • 6 Pages

    Should you have additional questions, I will post discussion topics in the Communications Area/Class Discussion folder on Blackboard for each chapter (kind of like a FAQ webpage). Post your questions in the appropriate forum so that others also can benefit from your questions about the material. If you know the answer to someone else’s question, post it! Also, please check the appropriate chapter’s discussion to see if your answer is posted before posting your questions or responses. This forum is primarily a way for you to help each other, although James and I will monitor it to ensure incorrect information is corrected. Please do not email either one of us with questions about the test; post them in the discussion forums.…

    • 1352 Words
    • 6 Pages
    Powerful Essays
  • Satisfactory Essays

    Please explain the first 6 practice questions on pages 1 &2 with respect to wrong answers, most are highlighted in red. Please explain the correct answer and why my choices are not correct.…

    • 376 Words
    • 2 Pages
    Satisfactory Essays