Midterm Week 4 Acct 505 Keller

ACCT 505 Week 4 Midterm

| Date Taken: | 8/2/2011 |

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Points Received: | 127 / 150 (84.7%) |

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Question Type: | # Of Questions: | # Correct: |

Multiple Choice | 10 | 7 |

Short | 1 | N/A |

Essay | 3 | N/A |

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Page: | 1 2 |

1. | Question : | (TCO A) Wages paid to an assembly line worker in a factory are a: |

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| 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 |

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| Points Received: | 6 of 6 |

| Comments: | |

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2. | Question : | (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n): |

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| Student Answer: | |  period cost. |

| | |  incremental cost. |

| | |  opportunity cost. |

| | |  none of the above. |

| Instructor Explanation: | Chapter 2 |

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| Points Received: | 6 of 6 |

| Comments: | |

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3. | Question : | (TCO A) Property taxes on a company's factory building would be classified as a(n): |

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| Student Answer: | |  sunk cost |

| | |  opportunity cost |

| | |  period cost |

| | |  variable cost |

| | |  manufacturing cost |

| Instructor Explanation: | Chapter 2 |

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| Points Received: | 0 of 6 |

| Comments: | |

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4. | Question : | (TCO A) When the activity level is expected to increase within the relevant range, what effects would be anticipated with respect to each of the following? 

Fixed Cost Per Unit Variable Cost Per Unit |

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| Student Answer: | |  Increase No Change |

| | |  Increase Increase |

| | |  decrease No Change |

| | |  No Change Increase |

| Instructor Explanation: | Chapter 5 |

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| Points Received: | 0 of 6 |

| Comments: | |

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5. | Question : | (TCO F) Which of the...