Acc 256 Essay

2932 words - 12 pages

ACCOUNTING 256
FIRST MIDTERM
Review Problems

Multiple Choice—Choose the best answer.

Managerial accounting is concerned with:
The company as a whole, rather than with the segments of a company.
The data needs of stockholders and creditors.
The relevance and flexibility of data rather than precision.
Meeting the requirements of generally accepted accounting principles.
Recording the financial history of the organization.

The basic difference between managerial and financial accounting is that:
Financial accounting is concerned with providing financial information to stockholders, whereas managerial accounting is concerned with providing information to managers for their use ...view middle of the document...

Each of the following would be a period cost except:
The salary of the company president’s secretary.
The cost of a general accounting office
C. Depreciation of a machine used in manufacturing.
D. Sales commissions.

Given the four costs:
Factory depreciation
Sales office utilities
Presidents salary
Property taxes on the factory
Which of them would not be product costs?
Factory depreciation, president’s salary, and property taxes on the factory.
Sales office utilities, and president’s salary.
Factory depreciation, and sales office utilities.
Factory depreciation, and property taxes on the factory.

The term relevant range means the range of activity over which:
Relevant costs are incurred.
Costs may fluctuate.
Production may vary.
The assumptions about fixed and variable cost behavior are reasonably valid.

Variable costs:
Increase on a per unit basis as the number of units produced increases.
Remains constant on a per unit basis as the number of units produced increases.
Remains the same in total as production increases.
Decreases on a per unit basis as the number of units produced increases.

An example of a committed fixed cost is:
A training program for salespersons.
Executive travel expenses.
Property taxes on the factory building.
New product research and development.

The term differential cost refers to:
A difference in cost which results from selecting one alternative instead of another.
The benefit foregone by selecting one alternative instead of another.
A cost which does not involve any dollar outlay but which is relevant to the decision making process
A cost which continues to be incurred even though there is no activity.

When a decision is made among a number of alternatives, the benefit that is lost by choosing one alternative over another is the: 
Realized cost.
Opportunity cost.
Conversion cost.
Accrued cost.

Last month, when 10,000 units of a product were manufactured, the cost per unit was $60. At this level of activity, variable costs are 50% of total unit costs. If 10,750 units are manufactured next month and cost behavior patterns remain unchanged, the:
Total variable cost will remain unchanged.
Fixed costs will increase in total.
Variable cost per unit will increase.
Total cost per unit will decrease.

In the analysis of a mixed cost, least-squares regression is generally considered to be more accurate than the high-low method because:
It can be used to project cost outside of the relevant range.
It does not rely on historical data.
It is very simple to apply and requires no special knowledge.
It utilizes all the data points.

ABC Corporation has provided the following production and total cost data for two levels of monthly production volume. The company produces a single product.

[pic]
The best estimate of the total variable manufacturing cost per unit is:
$12.80
$62.20.
$96.50.
$109.30.

In classifying the costs of quality, which of the...

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