Accounting 3200 Midterm Exam‚ Term 3 - Chapters 1 - 5 and 17 1‚7‚ Questions #1‚ 6 and 9 are SIX points each. Questions #2 and 7 are FIVE points each. Question #3 is TEN points. Questions #4 and 5 are EIGHT points each. Question #8 is TWELVE points. Question #10 is SIXTEEN points. Question #11 is EIGHTEEN points. BE SURE TO SHOW ALL SUPPORTING COMPUTATIONS. NO COMPUTATIONS = NO POINTS IF ANSWER IS WRONG. Version: HMT03midon 1) Describe management accounting and financial accounting. Managerial
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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‚
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Chapter -1 Multiple Choice Questions 21. Which of the following is not one of the three basic activities of a manager? A) Planning B) Controlling C) Directing and motivating D) Compiling management accounting reports Answer: D Level: Easy LO: 2 22. The delegation of decision making to lower levels in an organization is known as: A) the planning and control cycle. B) controlling. C) decentralization
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What should you know about Financial Accounting? 1. How to measure assets? How to present assets? *Assets are economic resources owned or controlled by the company and can be measured by dollars. *Measure assets by the Principle of Historical Cost. *The cost of asset includes all expenditures that make that asset in place and ready for use. * Present assets in the Balance Sheet by the rank of liquidity. 2. How to measure profits? How to present profits? * Operating
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(TCO F) For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system? Student Answer: a steel factory that processes iron ore into steel bars a factory that processes sugar and other ingredients into black licorice a costume maker that makes specialty costumes for figure skaters all of these Comments: 2. Question : (TCO F) Process costing would be appropriate for each
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AC505 MANAGERIAL ACCOUNTING PRACTICE FINAL INSTRUCTIONS: Please fill in the blank for question 1 and select the appropriate response to questions 2 through 45. 1. Use the following information to determine the gross margin for Pacific States Manufacturing for the year just ended (all amounts are in thousands ($000) of dollars: Sales $31‚800 Purchases of direct materials 7‚000 Direct labor 5‚000 Work in process inventory‚ 1/1 800 Work
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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: 6 of 6 Comments: 2. Question : (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as
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Ateneo de Zamboanga University SCHOOL OF MANAGEMENT AND ACCOUNTANCY Accounting 206: Cost Accounting and Cost Management‚ Part II Midterm Examination Kelvin J. Culajara‚ BSA‚ CPA Name: _____________________________________ Date: _______________ Score: __________ Test 1: Comprehensive Problem/Reporting Assume that you are the newly-hired chief cost accountant of Wapayutana Company. As the chief officer‚ you are tasked to monitor the flow of costs throughout the process‚ and hence‚ you are
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AC505 Course Project Hints: The beginning cash balance for April‚ is the cash from March 31 in the Asset section of the balance sheet. In the merchandise purchases budget‚ in April‚ we need 50% of March purchases (that amount is also given to us 3/31 Accounts payable of $100‚000 on page 415). Therefore‚ Total cash disbursements for April is (50% x $316‚000 April purchases) + ($100‚000 remaining March purchases to be paid) = $258‚000. Class‚ Here are some hints. Lets start from the beginning:
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Midterm week 4 ------------------------------------------------- Top of Form Bottom of Form 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: | 8/2/2011 | Time Spent: | 2 h ‚ 23 min ‚ 35 secs | Points Received: | 127 / 150 (84.7%) | | Question Type: | # Of Questions: | # Correct: | Multiple Choice | 10 | 7 | Short | 1 | N/A
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