Acct Midterm

Topics: Costs, Management accounting, Inventory Pages: 7 (1121 words) Published: January 25, 2013
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: | 9/26/2012| Time Spent:| 3 h , 00 secs |

Points Received:| 137 / 170 (80.6%) |
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Question Type:| # Of Questions:| # Correct:|
Multiple Choice| 25| 18|
Short| 1| N/A|
Essay| 2| N/A|
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Grade Details - All Questions |

Page: | 1 2 3 |
1.| Question :| (TCO 1) Which of the following is not a difference between financial accounting and managerial accounting?|
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| Student Answer:| | Financial accounting is primarily concerned with reporting the past, while managerial accounting is more concerned with the future. | | | | Managerial accounting uses more nonmonetary information than is used in financial accounting. | | | | Managerial accounting is primarily concerned with providing information for external users while financial accounting is concerned with internal users. | | | | Financial accounting must follow GAAP while managerial accounting is not required to follow GAAP. | | Instructor Explanation:| Chapter 1, Page 7|

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| Points Received:| 4 of 4 |
| Comments:| |
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2.| Question :| (TCO 1) Variable cost per unit|
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| Student Answer:| | increases when the number of units produced increases. | | | | does not change when the number of units produced increases. | | | | decreases when the number of units produced increases. | | | | decreases when the number of units produced decreases. | | Instructor Explanation:| Chapter 1, Page 8|

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| Points Received:| 0 of 4 |
| Comments:| |
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3.| Question :| (TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation?|
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| Student Answer:| | the trip to Cancun that you will not be able to take if you buy the car | | | | the cost of the car you are trading in |
| | | the cost of your books for this term |
| | | the cost of your car insurance last year |
| Instructor Explanation:| Chapter 1, Page 9|
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| Points Received:| 4 of 4 |
| Comments:| |
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4.| Question :| (TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. What is the budgeted fixed cost per unit?|

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| Student Answer:| | $1.06 |
| | | $1.44 |
| | | $4.49 |
| | | $1.94 |
| Instructor Explanation:| Chapter 1, Page 9 ($1,700 + $800 + $600) / 1,600 = $1.94| |
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| Points Received:| 0 of 4 |
| Comments:| |
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5.| Question :| (TCO 1) Which of the following costs is part of manufacturing overhead?|
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| Student Answer:| | indirect labor |
| | | direct labor |
| | | salaries for the accounting personnel |
| | | wages for the janitorial staff for the sales offices | | Instructor Explanation:| Chapter 2, Page 37|
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| Points Received:| 4 of 4 |
| Comments:| |
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6.| Question :| (TCO 1) Product costs|
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| Student Answer:| | are also called manufacturing costs. | | | | are considered an asset until the finished goods are sold. | | | | become an expense when the goods are sold. |
| | | All of the above answers are correct. |
| Instructor Explanation:| Chapter 2, Page 38|
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| Points Received:| 4 of 4 |
| Comments:| |
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7.| Question :| (TCO 1) At December 31, 2010, WDT Inc. has a balance in the Work in Process Inventory account of $62,000. At January 1, 2010, the balance was $55,000. Current manufacturing costs for the year...
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