Acct 346 Midterm

1. managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for internal users of accounting information.

2. Which of the following costs does not change when the level of business activity changes? Total fixed costs

3. Which of the following is a direct cost in relation to the cost of teaching the managerial accounting course you are currently taking? The cost of the financial aid department that helps you find the fund the cost of taking the class

9. During 2011, Magus Company applied overhead using a job-order costing system at a rate of $12 per direct labor hours. Estimated direct labor hours for the year were 150,000, and estimated overhead for the year was $1,800,000. Actual direct labor hours for 2011 were 140,000 and actual overhead was $1,700,000.

What is the amount of under or over applied overhead for the year? 

A)$100,000 underapplied 

B)$20,000 underapplied 

C)$100,00 overapplied 

D)$120,000 underapplied 

10. which of the following companies is most likely to use a process costing system? A food manufacturer

13. Clearance Depot has total monthly costs of $8,000 when 2,500 units are produced and $12,400 when 5,000 units are produced. What is the estimated total monthly fixed cost? 

A)$4,400 

B)$6,580 

C)$3,600 

D)$8,800

14. The margin of safety is the difference between 

A)total revenue and total fixed costs

B)expected level of sales and the break-even point. 

C)budgeted fixed costs and actual fixed costs. 

D)selling price and variable cost per unit. 

15. Circle K Furniture has a contribution margin ratio of 16%. If fixed costs are $176,800, how many dollars of revenue must the company generate in order to reach the break-even point? 

A)$1,105,000 

B)$282,880 

C)$1,060,800 

D)$208,476

17. Which of the following is treated differently in full costing than in variable costing? Fixed manufacturing overhead

20. which of the following is not a reason why companies...