Acc543 Mid Term/Final Study Guide Essay

2448 words - 10 pages

ACC/543 Sample Questions for Midterm and Final Examinations
The sample exam below is a representation of the Midterm and Final Examinations your students will take in Weeks Three and Six of this course. As in the sample exam below, the Midterm and Final Examinations will include questions that assess the course objectives. Although the sample exam contains one question per objective, the Midterm and Final Examinations will contain three questions per course objective.
Refer to the questions in the sample exam below as a representation of the type of questions your students will be asked in the Midterm and Final Examinations. Refer your students to the weekly readings and content outlines ...view middle of the document...

3. Tawanna is considering starting a small business. She plans to purchase equipment costing $145,000. Rent on the building used by the business will be $24,000 per year while other operating costs will total $30,000 per year. A market research specialist estimates that Tawanna's annual sales from the business will amount to $90,000. Tawanna plans to operate the business for 6 years. Disregarding the effects of taxes, what will be the amount of annual net cash flow generated by the business?
A) $36,000
B) $54,000
C) $90,000
D) $125,000

Week Two: Cost Analysis
Objective: Apply the concepts of cost estimation, cost driver, and cost allocation to a business situation.

4. Booker Company operates a factory with two departments, X and Y. The rent paid on the manufacturing facility would most likely be allocated to departments X and Y on the basis of:
A) direct labor hours.
B) machine hours.
C) square footage.
D) units sold.

Objective: Use the techniques of job order and process costing to determine product cost.

5. Nadia Company uses a job order cost system. During the month of September, the company worked on three jobs. The job order cost sheets for the three jobs contained the following information at the end of September:


The company applies overhead at 120% of direct labor cost.

The total cost of Job A at the end of September was
A) $5,140.
B) $3,140.
C) $8,140.
D) $5,860.

Objective: Integrate cost behavior concepts with cost-volume-profit (CVP) analysis.

6. How does the cost-volume-profit model accommodate non-linear costs and revenues?
A) Non-linear costs and revenues are ignored by the model.
B) Output volume is segregated into distinct ranges within which a linear relationship is expected to approximate the actual cost or revenue behavior.
C) It is not a problem since non-linear costs and revenues do not exist in practice.
D) It is not a problem since all costs are linear.

Week Three: Management Planning and Control

Objective: Construct elements of a master budget.

7. Oak Furniture provided the following information relevant to its sales for December 2007 and the first quarter of 2008:

Based on the company's collection history, 2% of credit sales are uncollectible, 40% are collected in month of sale and the remainder collected in the following month.

Cash collections in January from December 2007 credit sales would be
A) $42,000
B) $40,600
C) $36,000
D) $34,800

Objective: Explain budget variances.

8. Shimano Company makes a product that is expected to require 2 hours of labor per unit of product. The standard cost of labor is $5.20. Shimano actually used 1.9 hours of labor per unit of product. The actual cost of labor was $5.10 per hour. Shimano made 1,000 units of product during the period. Based on this information alone, the labor price variance is
A) $190 favorable.
B) $190 unfavorable.
C) $510 favorable.
D) $510...

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