Management Accounting Midterm Exam
UNIVERSITY OF TORONTO
RSM 222 H1S
MIDTERM EXAM, Winter 2014
Midterm Details:
Duration:
Total number of pages:
Total number of marks:
110 minutes (1 hour 50 minutes)
15 (double-sided; including this cover page)
100
Please write clearly. Illegible responses may result in a mark of zero.
When giving a quantitative answer, please show your supporting calculations. For nonquantitative questions, you may answer in point form, if appropriate.
You may use a pen and/or pencil, however, any contents written in pencil or over whiteout will NOT be remarked
Closed book midterm. You may use a non-programmable calculator only.
Total marks allocated as follows:
Section
Mark Achieved
I
Multiple Choice Questions
/21 marks
II
Short Answer Questions
/20 marks
III
Problem 1: Job Costing
/16 marks
Problem 2: Process Costing
/12 marks
Problem 3: ABC Problem
/15 marks
Problem 4: CVP Problem
/16 marks
Total
100 marks possible
Please clearly fill out all of the following information according to your T-card:
LAST name (print):
FIRST name (print):
STUDENT #:
Class Section – DAY and TIME
/100
Section I: 7 Multiple Choice Questions (3 marks each, 21 marks in total) :
Please circle the single best answer for the multiple-choice questions.
1. Which of the following terms is NOT an objective of a management accounting system?
a. identify the cost of resources consumed in performing significant activities of the firm
b. determine the efficiency and effectiveness of the activities performed.
c. Identify and evaluate new activities that can improve the future performance of the firm. d. Evaluate new marketing and distribution channels.
2. Which of the following statements about sensitivity analysis is FALSE?
a. It is a technique which is used to answer “what if” questions.
b. It can be used in CVP to show changes in operating income if variable costs per unit change. c. It
RSM 222 H1S
MIDTERM EXAM, Winter 2014
Midterm Details:
Duration:
Total number of pages:
Total number of marks:
110 minutes (1 hour 50 minutes)
15 (double-sided; including this cover page)
100
Please write clearly. Illegible responses may result in a mark of zero.
When giving a quantitative answer, please show your supporting calculations. For nonquantitative questions, you may answer in point form, if appropriate.
You may use a pen and/or pencil, however, any contents written in pencil or over whiteout will NOT be remarked
Closed book midterm. You may use a non-programmable calculator only.
Total marks allocated as follows:
Section
Mark Achieved
I
Multiple Choice Questions
/21 marks
II
Short Answer Questions
/20 marks
III
Problem 1: Job Costing
/16 marks
Problem 2: Process Costing
/12 marks
Problem 3: ABC Problem
/15 marks
Problem 4: CVP Problem
/16 marks
Total
100 marks possible
Please clearly fill out all of the following information according to your T-card:
LAST name (print):
FIRST name (print):
STUDENT #:
Class Section – DAY and TIME
/100
Section I: 7 Multiple Choice Questions (3 marks each, 21 marks in total) :
Please circle the single best answer for the multiple-choice questions.
1. Which of the following terms is NOT an objective of a management accounting system?
a. identify the cost of resources consumed in performing significant activities of the firm
b. determine the efficiency and effectiveness of the activities performed.
c. Identify and evaluate new activities that can improve the future performance of the firm. d. Evaluate new marketing and distribution channels.
2. Which of the following statements about sensitivity analysis is FALSE?
a. It is a technique which is used to answer “what if” questions.
b. It can be used in CVP to show changes in operating income if variable costs per unit change. c. It