Accounting: Costs and Multiple Choice
Accounting 2082 Managerial Accounting
Exam 1 Sample Exam Questions
Printed Name: Date:
I certify that I have neither given nor received assistance on this exam, in accordance with the University of Cincinnati Student Code of Conduct.
Signature:
Instructions: Circle your answers for the multiple choice questions on the exam. Fill out the scantron sheet carefully, using a #2 pencil. Your name (last, then first) and M number must be on the scantron sheet.
Type of Question Number of Questions Points per question Suggested Time Total Points
Multiple Choice 20 questions 3 points each 50 mins. 60 points
You may not use any notes, books, cell phones, other media devices or programmable calculators while taking this exam, but you may use a basic calculator.
Some of the questions are conceptual and will only take you about 1 minute each to answer. That leaves 40 minutes for the calculation questions. This does not leave time to ponder the answer or try 3 different ways to solve the problem. Either you know how to solve the problem or you don’t know. If you don’t know, take a guess and move on. Be sure not to get stuck for 10 minutes on one question, because you won’t be able to finish the exam and you’ll get a bad grade.
Multiple Choice (2 points each) 1. Manufacturing overhead consists of:
A. all manufacturing costs.
B. indirect materials but not indirect labor.
C. all manufacturing costs, except direct materials and direct labor.
D. indirect labor but not indirect materials.
2. A variable cost is a cost whose cost per unit varies as the activity level rises and falls.
A. True
B. False 3. The traditional format income statement is used as an internal planning and decision-making tool. Its emphasis on cost behavior aids cost-volume-profit analysis, management performance appraisals, and budgeting.
A. True
B. False 4. The cost of leasing production equipment is classified as:
Exam 1 Sample Exam Questions
Printed Name: Date:
I certify that I have neither given nor received assistance on this exam, in accordance with the University of Cincinnati Student Code of Conduct.
Signature:
Instructions: Circle your answers for the multiple choice questions on the exam. Fill out the scantron sheet carefully, using a #2 pencil. Your name (last, then first) and M number must be on the scantron sheet.
Type of Question Number of Questions Points per question Suggested Time Total Points
Multiple Choice 20 questions 3 points each 50 mins. 60 points
You may not use any notes, books, cell phones, other media devices or programmable calculators while taking this exam, but you may use a basic calculator.
Some of the questions are conceptual and will only take you about 1 minute each to answer. That leaves 40 minutes for the calculation questions. This does not leave time to ponder the answer or try 3 different ways to solve the problem. Either you know how to solve the problem or you don’t know. If you don’t know, take a guess and move on. Be sure not to get stuck for 10 minutes on one question, because you won’t be able to finish the exam and you’ll get a bad grade.
Multiple Choice (2 points each) 1. Manufacturing overhead consists of:
A. all manufacturing costs.
B. indirect materials but not indirect labor.
C. all manufacturing costs, except direct materials and direct labor.
D. indirect labor but not indirect materials.
2. A variable cost is a cost whose cost per unit varies as the activity level rises and falls.
A. True
B. False 3. The traditional format income statement is used as an internal planning and decision-making tool. Its emphasis on cost behavior aids cost-volume-profit analysis, management performance appraisals, and budgeting.
A. True
B. False 4. The cost of leasing production equipment is classified as: