Acct 346 Midterm Exam

ACCT 346 MIDTERM EXAM

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ACCT 346 MIDTERM EXAM,

Question : (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for

Question : (TCO 1) Which of the following statements regarding fixed costs is true?

Question : (TCO 1) Which of the following costs does not change when the level of business activity changes?

Question : (TCO 1) A retailer purchased some trendy clothes that have gone out of style and must be marked down to 40% of the original selling price in order to be sold. Which of the following is a sunk cost in this situation?

Question : (TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation?

Question : (TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. How much is the budgeted variable cost per unit?

Question : (TCO 1) Which of the following costs is not part of manufacturing overhead?

Question : (TCO 1) Which of the following is an example of a manufacturing overhead cost?

Question : (TCO 1) Which of the following is a period cost?

Question : (TCO 1) At December 31, 2010, WDT Inc. has a balance in the Work in Process Inventory account of $62,000. At January 1, 2010, the balance was $55,000. Current manufacturing costs for the year are $292,000, and cost of goods sold is $284,000. How much is cost of goods manufactured?

Question : (TCO 1) If the balance in the Finished Goods Inventory account increased by $30,000 during the period and the cost of goods manufactured was $220,000, how much is cost...