Acct 505 Midterm

Topics: Variable cost, Costs, Inventory Pages: 4 (681 words) Published: May 19, 2013
 1.
Question :
(TCO A) Wages paid to an assembly line worker in a factory are a  2.
Question :
(TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n)  3.
Question :
(TCO A) Depreciation of office buildings and office equipment is also known as  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?  5.
Question :
(TCO F) Which of the following statements is true? 
I. Overhead application may be made slowly as a job is worked on.  II. Overhead application may be made in a single application at the time of completion of the job.  III. Overhead application should be made to any job not completed at year end in order to properly value the work in process inventory.  6.

Question :
(TCO F) A job-order cost system is employed in those situations where  7.
Question :
(TCO F) The FIFO method only provides a major advantage over the weighted-average method in that  8.
Question :
(TCO B) The contribution margin ratio always decreases when the  9.
Question :
(TCO B) Which of the following would not affect the break-even point?  10.
Question :
(TCO E) In an income statement prepared using the variable costing method, variable selling and administrative expenses would  1.
Question :
(TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larop Corporation for the just-completed year:  Sales.................................................................................  $910 

Purchases of raw materials................................................  $225 
Direct labor.......................................................................  $245 
Manufacturing overhead....................................................  $265 
Administrative expenses....................................................  $150 
Selling...
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