Cost Accounting Mid Term

In: Business and Management

Submitted By kushi1007
Words 1214
Pages 5
1. Question : (TCO A) Managerial accounting provides all of the following EXCEPT _____.

Student Answer: future-oriented information

a balance sheet prepared in accordance with GAAP

internal reports that don't follow GAAP

financial and nonfinancial reports on departments

Instructor Explanation: Chapter 1, page 4

Points Received: 6 of 6 Comments:

2. Question : (TCO A) Borders Books is an example of a

Student Answer: manufacturing-sector company.

merchandising-sector company.

service-sector company.

client-focused company.

Instructor Explanation: Chapter 1, page 36

Points Received: 6 of 6 Comments:

3. Question : (TCO A) Which of the following issues is NOT addressed by the Sarbanes-Oxley legislation?

Student Answer: Improving internal control

Corporate governance

Monitoring of managers

Disclosure practices of private companies

Instructor Explanation: Chapter 1, page 14

Points Received: 0 of 6 Comments:

4. Question : (TCO A) Within the relevant range for a car manufacturer, if there is a change in the level of cars produced, then

Student Answer: fixed and variable costs per unit will change.

fixed and variable costs per unit will remain the same.

fixed costs per unit will remain the same and variable costs per unit will change. fixed costs per unit will change and variable costs per unit will remain the same. Instructor Explanation: Chapter 2, pages 32-34, variable costs will change with changes in production volume

Points Received: 6 of 6 Comments:

5. Question : (TCO B) The break-even point is

Student Answer: total costs divided by variable costs per unit.

contribution margin per unit divided by revenue per unit.…...

Similar Documents

Pub 04 Mid Term

...PUB 04 , AL Public Budgeting and Finance Mid-term Exam Brandon Alford 4 Discuss the financial controls within governmental agencies, communication of the budgetary process as well as maintaining budget compliance? Local government implements budgets with the common purpose of any financially sound business; to plan and forecast how revenues will be managed. However, local government budget standards are fundamentally different from the common public business enterprises in several important ways. They have different purposes, processes of generating revenues, stakeholders, budgetary obligations, and propensity for longevity. These differences require more stringent audit and financial reporting in order to provide information to meet the same legal and political compliance requirements used to assess government accountability and to make political, social, and economic decisions. Being subject to the constant scrutiny of the public eye is a difficult objective as both, the accomplishments and the mistakes are visible in order to reflect a transparent posture. Nowadays, with the internet, dissemination is a very effective and effortless task. Releasable documents, as more are, become available almost as soon as they are generated. That said, keep in mind that human error, natural disasters, terrorism and other inevitable events may happen and a local government’s efforts and goals to remain in compliance can be destroyed overnight. To mitigate these......

Words: 909 - Pages: 4

Ifsm Mid Term

...Rock Zang IFSM 300 MID TERM EXAM Professor Beach 1. List, describe, and provide an example of each of the five characteristics of high quality information.   High quality information is; Accurate- Information that contains all properly spelled names, words, dates, etc. The accuracy of information is important for many reasons such as a package delivered properly to a customer, a return phone call regarding a customer service issue, or a misplaced decimal point on a bank deposit slip. Any of the previously mentioned mistakes, by the customer or the employee, could result in a loss of business or profits. When developing IT systems, there are certain conditions available to a programmer that can help minimize these easily made mistakes. One example of such a condition would be creating a rule that 5 digits must be entered when asking for a consumer’s zip code. Completeness- Any information that is incomplete will prevent accurate results. Imagine a medical survey with a cell requesting a person’s date of birth. If the survey only captures the day and month of birth, the information available will not include the samples actual age, only their day and month of birth. This could prevent the employee from maintaining the average age of the consumers. Consistency- The consistency of information across different data centers, or within a single data sheet can create a problem in trying to accurately search and find an individual or an individual’s......

Words: 2127 - Pages: 9

Economics Mid Term

...Opportunity costs are most simply defined as cost in terms of foregoing alternatives. This means what you potentially lose in making a choice for one thing in a decision. Stella would need to be aware that whatever resources she allocates to paying for the new car, will be removed from using them for other purposes. She should consider how much the car will cost in comparison with the other uses for her funds combined with the cost of another means of transportation. In short, for this to be a good choice, the cost of the car should be lower than the cost of the alternative uses + the cost of alternate transportation if she wishes to maximize this decision. 2. In regards to which method should be used, I would make my choice based on the cost of the method. This means that I would be looking to put the cheapest labor option in to use. To determine this I calculated the cost of each option. Method 1 Cost – 20x10 + 10x100 = $1,200 Method 2 Cost - 50x10 + 2x100 = $700 Method 3 Cost - 100x10 = $1,000 Method 4 Cost - 10x10 + 12x100 = $1,300 After determining that method 2 is the cheapest method, I would suggest that the trucker use method 2. 3. I feel that Enron’s biggest problem was the misappropriation of its profit and revenue. They did not do all they could to ensure that their fixed costs were covered while simultaneously managing their money. Instead they were victim of accounting......

Words: 1265 - Pages: 6

Acc 501 Mid Term

...1. Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities. True False 2. Managerial accounting is the area of accounting that provides internal reports to assist the decision making needs of internal users. True False 3. The primary objective of financial accounting is to provide general purpose financial statements to help external users analyze and interpret an organization's activities. True False 4. The area of accounting aimed at serving the decision making needs of internal users is: Financial accounting. Managerial accounting. External auditing. SEC reporting. Bookkeeping. 5. External users of accounting information include all of the following except: Shareholders. Customers. Purchasing managers. Government regulators. Creditors. 6. Social responsibility: Is a concern for the impact of our actions on society. Is a code that helps in dealing with confidential information. Is required by the SEC. Requires that all businesses conduct social audits. Is limited to large companies. 7. A corporation: Is a business legally separate from its owners. Is controlled by the FASB. Has shareholders who have unlimited liability for the acts of the corporation. Is the same as a limited liability partnership. Is not subject to double......

Words: 2344 - Pages: 10

Mid Term

...the end of a quarter or a year. The income statement presents the results of operations—revenues, expenses, net profit or loss and net profit or loss per share—for the accounting period. The statement of shareholders' equity reconciles the beginning and ending balances of all accounts that appear in the shareholders' equity section of the balance sheet. The statement of cash flows provides information about the cash inflows and outflows from operating, investing, and financing activities during an accounting period. 2. In a speech by Arthur Levitt, chairman of the SEC, he states: "Managing may be giving way to manipulation; Integrity may be losing out to illusion." Using examples, explain the meaning of this quotation. Levitt is referring to earnings management, the practice of using accounting choices and techniques in such a way that earnings reports reflect what management wants the user to see, instead of the true financial performance of the firm. Five techniques are commonly used to create illusions according to Levitt. They are "Big Bath" restructuring charges, creative acquisition accounting, cookie jar reserves, misuse of materiality concept and incorrect revenue recognition. 3. Discuss the process FASB uses in writing Statements of Financial Accounting Standards. The FASB uses a lengthy deliberation process that includes the following steps: 1. Introduction of topic on the FASB agenda. 2. Research and......

Words: 1334 - Pages: 6

Cost Accounting

...* CHAPTER 1: COST MANAGEMENT AND STRATEGY * QUESTIONS 1-1 Firms Using Cost Management. Here are some examples; there are many possible answers. 1. Wal-Mart: to keep costs low by streamlining restocking and sales 2. Dell: to keep costs low by improving manufacturing performance and by using target costing and other management techniques 3. Citicorp: to keep costs low by using activity analysis (see exercise1-31) to identify key operations and to find those that add little or no value 4. A local school district or public agency: to keep costs low in order to provide the best possible service given available funds 5. Procter & Gamble: to assess the profitability of its different products 6. Any other large, diversified manufacturer, like Procter & Gamble: which needs to be able to analyze the relative profitability of its different products, using cost management 7. A small machine shop: which needs cost management to determine whether it should repair or replace a machine 8. A dance studio: to analyze and choose between different compensation plans for its teachers; and to determine whether it should open a new studio 1-2 Firms not expected to be significant users of cost management information: 1. Microsoft: here the focus is on forming strategic alliances, innovation and competition; cost management is more important for other firms in the information technology business, such as Hewlett-Packard, and IBM that compete in part on......

Words: 9648 - Pages: 39

Nos 230 Mid Term

...User | | Course | NOS 230 R01 - | Test | Mid-Term Exam (Take Home) | Status | Completed | Score | 98 out of 100 points   | * Question 1 2 out of 2 points | |   | The ____ provides interoperability between Windows Server 2008 and UNIX and Linux systems.Answer | | | | | Selected Answer: |    Subsystem for UNIX-based Applications | | | | | * Question 2 2 out of 2 points | |   | In the Initial Configuration Tasks window, you use the ____ section to set the time zone, configure networking, and provide computer name and domain or workgroup information.Answer | | | | | Selected Answer: |    Provide Computer Information | | | | | * Question 3 2 out of 2 points | |   | Disk quotas can be set on any local or shared volume.Answer | | | | | Selected Answer: |  True | | | | | * Question 4 2 out of 2 points | |   | A ____ is two or more disks that are combined like a volume set, but that are striped for RAID level 0 or RAID level 5.Answer | | | | | Selected Answer: |    stripe set | | | | | * Question 5 2 out of 2 points | |   | DNS forwarding can be set up so that if the DNS server that receives the forwarded request cannot resolve the name, then the server that originally forwarded the request attempts to resolve it, which is called ____.Answer | | | | | Selected Answer: |    nonexclusive forwarding | | | | | * Question 6 2 out of 2......

Words: 1894 - Pages: 8

Mid Term

...where located, efforts to find the aircraft and recover remains took a few days., tdue to its locationa dn confilt between mrebel forces and military. 2. Honeymoon Phase In the days that followed the sinking of the Lucitania the fishing vessels where offered a reward for any bodies that they collected. The Flight 93 recovery was conducted by Dutch aircraft. 3. Disillusionment Phase 4. Reconstruction Phase Culture as Casualty Summary ......

Words: 1099 - Pages: 5

Fundamental Accounting Principles Mid-Term

...FORMTEXT Your Name: Austin Michael Dix ACCT 203 Financial & Managerial Accounting Midterm Exam Instructions: Type your complete name on every page at the top. This is an open book exam which means you may use your book and all your course materials. You are on your honor to complete this exam on your own. You must not discuss this exam with anyone. All work submitted is your own. Complete all 10 problems. You must show all your work, including all calculations. Point values and the chapter number are indicated with each problem. Type your answers immediately under each question. Your exam must include both the given questions and your complete answers. The exam is worth 20% of your course grade. Your completed exam is due to the Assignment Drop Box by Sunday, July 12, at 10:00 p.m. 1. Problem #1 The equation to answer this questions is assets= liabilities+ owner's equity. Before the sale of the parcel of land is made, $60,000(what the seller still owed the bank on the land)+ $110,000(the amount of money the seller has invested into purchasing the land)= $170,000 (which is what the land was originally purchased for). (10 points) 2.Problem #2 (5 points) 3.1. D (going concern principle) 4.2. A (Business entity principle) 5.3. B (Objectivity principle) 6.4. C (Cost Principle) 7.5. E (Monetary unit principle) 3. 3. Problem #3(5 points) 4. 1. C (financing activity) 5. 2. A (operating activity) 6. ...

Words: 1574 - Pages: 7

Acct 504 Mid Term

...Question 1. Question : (TCOs A, B, and C) Which of the following statements concerning users of accounting information is incorrect? Student Answer: The marketing vice president is considered an internal user. Present and prospective creditors are considered external users. *Regulatory authorities, such as the SEC, are considered internal users. The IRS is considered an external user. Instructor Explanation: Chapter 1 Points Received: 3 of 3 Comments: Question 2. Question : (TCO C) Collecting cash from customers would be an example of which type of activity? Student Answer: *Operating Investing Financing Non-cash financing activity Instructor Explanation: Chapter 1 Question 3. Question : (TCO A) Assets include Student Answer: loans obtained by the company. stockholders’ investment in the business. dividends paid to shareholders. *supplies and prepaid expenses. Instructor Explanation: Chapter 1 Points Received: 3 of 3 Comments: Question 4. Question : (TCO A) Which of the following should not be classified as a current liability? Student Answer: Accounts Payable * A note payable due in 15 months Income Tax Payable Unearned Revenue Instructor Explanation: Chapter 3 Points Received: 3 of 3 Comments: Question 5. Question : (TCO B) For 2012, LBJ Corporation reported net income of $40,000; net sales $1,400,000; and weighted average shares outstanding of 10,000. There were no......

Words: 1077 - Pages: 5

Study Guide for Mid-Term

...16. What are the five stages of an industry life cycle? Embryonic, growth, shakeout, mature, decline 17. What are the characteristics of each stage? (page 63-66) IV. Week 5 18. Three factors that determine a firm’s profitability * Utility (value) * Price * Cost * What’s the relation between the three factors? (page 86) 19. Refined ROIC analyses (Green worksheet) * Returns on Sales * Capital Turnover 20. Major figures and stories in the first four chapters of the book of Creativity, Inc. V. Week 6 21. What are the four building blocks of competitive advantage? * Efficiency * Quality * Innovation * Customer responsiveness 22. What is value creation frontier? (sept. 29 slides) 23. What is a cost leadership? Find any way possible to have the lowest cost of everything. 24. What is differentiation? Find any way possible to satisfy the customer needs in a unique way regardless of cost. 25. What is Ryanair’s business model? (Quiz) * Tricks for Ryanair to reduce costs and generate revenues. * What is ancillary revenue? VI. Week 7 26. Fragmented markets and their consolidation (slides sept 29) 27. Consumer characteristics over different stages of an industry life cycle (slides) * Competitive chasm Fails to supply the......

Words: 536 - Pages: 3

Mid Terms

...cents per pound. Please let me have your reply quickly as I need room in my warehouse. On August 23, 2011, Peter sends the following email: I have a client that can use the cotton. I would be most pleased if you would accept 22.5 cents. I guess you probably won’t lower the price, so I suppose we have a deal. After his email to Glenn, Peter contacts Stewie who owns STWwear Cloth Ltd. in the Bahamas. Stewie agrees to buy the cotton from Peter and promptly rents equipment needed to process the cotton. On August 24, 2011, Glann emails Peter saying, “Sorry, cotton was sold.” Peter tells Stewie he cannot deliver the cotton. Stewie has a temper and demands money that it cost to rent the equipment. Stewie sues Peter in the Circuit Court for Miami Dade County to recover equipment rental costs and other damages. Peter sues Glenn for breach of contract in Circuit Court for Miami Dade County. Discuss: Peter’s claim against Glenn. Glenn’s Defense to Peter. Stewie’s Claim against Peter Peter’s Defense to Stewie There are several issues to be determined in the case, 1) Does Peter have a valid claim against Glenn and if so what would be Glenn’s defense? 2) Is Stewie’s claim against Peter valid and if so what would be Peter’s defense? The resolution of these issues involve a consideration of Contract Law and highlights the importance of Contract Law to everyday transactions. Contract Law, as the name suggests, is the relevant law governing contracts and their......

Words: 1637 - Pages: 7

Mid Term

...assist. 10. Individuals who reflect a group of people responsible for establishing the organizations overall objectives and developing the policies to achieve these objectives are called: D: top-level managers 11. The management function which involves monitoring activities to ensure that targets are being met is called _______ A: controlling 12. Another way to think of supervisors are: E: first-level managers 13. Even though supervisors may perform operative tasks, they are still part of management. This was made clear by the passing of the: E: 1947 Taft-Harley Act 14. The process of getting things done, effectively and efficiently, through and with other people is called: B: management 15. In management the term representing the primary activities supervisors perform is called: D: processing 16. When supervisors are performing tasks right, and they are concerned with the relationship between inputs and outputs, this relation is called: B: efficiency 17. When a supervisor is concerned with completing activities and achieving goals, this is called: B: effectiveness 18. Being a good supervisor means being concerned with both attaining goals and: E: doing so as efficiently as possible 19. The management process consists of the following functions EXCEPT FOR: A: coordinating 20. The planning function performed by managers includes the following EXCEPT FOR: C: influencing and motivating behavior 21. The organizing......

Words: 10145 - Pages: 41

Strayer Financial Accounting Mid Term Part 1

...which identify their location in the ledger. Correct Answer: listing of the accounts and the account numbers which identify their location in the ledger. Question 5 3 out of 3 points Correct An account is an individual accounting record of increases and decreases in specific Answer Selected Answer: assets, liabilities, and stockholders’ equity items. 26 . Which of the following statements is false? a. Revenues increase stockholders’ equity. b. Revenues have normal credit balances. c. Revenues are a positive factor in the computation of net income. *d. Revenues are increased by debits. Correct Answer: assets, liabilities, and stockholders’ equity items. 26 . Which of the following statements is false? a. Revenues increase stockholders’ equity. b. Revenues have normal credit balances. c. Revenues are a positive factor in the computation of net income. *d. Revenues are increased by debits. Question 6 3 out of 3 points Correct The first step in the recording process is to Answer Selected Answer: analyze each transaction for its effect on the accounts. Correct Answer: analyze each transaction for its effect on the accounts. Question 7 0 out of 3 points Incorrect The step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) is Answer Selected Answer: preparing a post-closing trial balance. Correct Answer: journalizing and posting adjusting entries. Question......

Words: 1452 - Pages: 6

Accounting Mid-Term a factory are a: Prime Cost YES.....Conversion Cost NO Prime Cost YES.....Conversion Cost YES Prime Cost NO....Conversion Cost NO Prime Cost NO.....Conversion Cost YES CORRECT 2. Question: (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n): period cost. opportunity cost. sunk cost. CORRECT differential cost. 3. Question: (TCO A) Inventoriable costs are also known as: variable costs conversion costs product costs CORRECT fixed costs 4. Question: (TCO A) When the activity level is expected to decline within the relevant range, what effects would be anticipated with respect to each of the following? Fixed Cost Per Unit Variable Cost Per Unit Increase No Change CORRECT Increase Increase No Change No Change No Change Increase 5. Question: (TCO F) Emco Company uses direct labor cost as a basis for computing its predetermined overhead rate. In computing the predetermined overhead rate for last year, the company misclassified a portion of direct labor cost as indirect labor. The effect of this......

Words: 982 - Pages: 4

Berlin Station - 3ª Temporada | 第19集 那座城这家人国产剧2018大陆 | Tiger Bunny dj - Candy Man