Acct 515 Mideterm

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Grading Summary
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: 11/25/2012 Time Spent:2 h , 18 min , 12 secs

Points Received:143 / 150 (95.3%)

Question Type:# Of Questions:# Correct:
Multiple Choice109
Short1N/A
Essay3N/A

Grade Details - All Questions
Page: 1 2

1.Question :(TCO A) Wages paid to an assembly line worker in a factory are a

Student Answer: Prime Cost YES.....Conversion Cost NO.

Prime Cost YES.....Conversion Cost YES.

Prime Cost NO....Conversion Cost NO.

Prime Cost NO.....Conversion Cost YES.

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) Depreciation of office buildings and office equipment is also known as

Student Answer: variable costs.

conversion costs.

product costs.

period costs.

Instructor Explanation:Chapter 2

Points Received:6 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 Explanation:Chapter 5

Points Received:6 of 6
Comments:

5.Question :(TCO F) When manufacturing overhead is applied to production, it is added to

Student Answer: the Cost of Goods Sold account.

the Raw Materials account.

the Direct Labor account.

None of the above

Instructor Explanation:Chapter 3

Points Received:6 of 6
Comments:

6.Question :(TCO F) Which of the following statements about the process-costing system is incorrect?

Student Answer: In a process-costing system, each processing department has a work-in-process account. In a process-costing system, equivalent units are separately computed for materials and for conversion costs. In a process-costing system, overhead can be under- or overapplied just as in job-order costing. In a process-costing system, materials costs are traced to units of products. Instructor Explanation:Chapter 4

Points Received:6 of 6
Comments:

7.Question :(TCO F) The FIFO method only provides a major advantage over the weighted-average method in that

Student Answer: the calculation of equivalent units is less complex under the FIFO method. the FIFO method treats units in the beginning inventory as if they were started and completed during the current period. the FIFO method provides measurements of work done during the current period. the weighted-average method ignores units in the beginning and ending work-in-process inventories. Instructor Explanation:Chapter 4

Points Received:6 of 6
Comments:

8.Question :(TCO B) The contribution margin ratio always decreases when the

Student Answer: break-even point increases.

break-even point decreases.

variable expenses as a percentage of net sales increase.

variable expenses as a percentage of net sales decrease.

Instructor Explanation:Chapter 6

Points Received:6 of 6
Comments:...
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