Docsity
Log inSign up
Docsity
Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity

Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan

Guidelines and tips
Guidelines and tips
Sell on Docsity
Sell on Docsity
Log inSign up

Prepare for your exams

Study with the several resources on Docsity

Find documents

Prepare for your exams with the study notes shared by other students like you on Docsity

Search Store documents

The best documents sold by students who completed their studies

Search through all study resources
Docsity AINEW

Summarize your documents, ask them questions, convert them into quizzes and concept maps

Explore questions

Clear up your doubts by reading the answers to questions asked by your fellow students

Earn points to download

Earn points by helping other students or get them with a premium plan

Share documents
download point icon20 Points

For each uploaded document

Answer questions
download point icon5 Points

For each given answer (max 1 per day)

All the ways to get free points
Get points immediately

Choose a premium plan with all the points you need

Study Opportunities

Choose your next study program

Get in touch with the best universities in the world. Search through thousands of universities and official partners

Community

Ask the community

Ask the community for help and clear up your study doubts

University Rankings

Discover the best universities in your country according to Docsity users

Free resources

Our save-the-student-ebooks!

Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors

From our blog

Exams and Study
Go to the blog

Exam 2 with Answers - Principles of Managerial Accounting | ACCT 202, Exams of Financial Accounting

Old Dominion UniversityFinancial Accounting
Prof. Terry Kubichan

Material Type: Exam; Professor: Kubichan; Class: Principles of Managerial Accounting; Subject: Accounting; University: Old Dominion University; Term: Fall 2010;

Typology: Exams

2010/2011
On special offer
30 Points
Discount

Limited-time offer

Uploaded on 11/17/2011

jwate009
jwate009 🇺🇸

4.7

(10)

18 documents

1 / 8

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
Accounting 202 Exam 2
1. Last year, Smith Company sold 10,000 units of its only product. If sales increase by
15% in the current year, how will unit variable cost and unit fixed cost be affected?
A) Choice A
B) Choice B
C) Choice C
D) Choice D
E) Choice E
2. Product costs:
A) are expenditures necessary and integral to finished products.
B) are expenditures identified more with a time period rather than with finished
products.
C) include selling and administrative expenses.
D) are costs that vary with the volume of activity.
E) are costs that do not vary with the volume of activity.
3. Products that are in the process of being manufactured but are not yet complete are
called:
A) Raw materials inventory.
B) Conversion costs.
C) Cost of goods sold.
D) Goods in process inventory.
E) Finished goods inventory.
Page 1
pf3
pf4
pf5
pf8
Discount

On special offer

Partial preview of the text

Download Exam 2 with Answers - Principles of Managerial Accounting | ACCT 202 and more Exams Financial Accounting in PDF only on Docsity!

Accounting 202 Exam 2

  1. Last year, Smith Company sold 10,000 units of its only product. If sales increase by 15% in the current year, how will unit variable cost and unit fixed cost be affected? A) Choice A B) Choice B C) Choice C D) Choice D E) Choice E
  2. Product costs: A) are expenditures necessary and integral to finished products. B) are expenditures identified more with a time period rather than with finished products. C) include selling and administrative expenses. D) are costs that vary with the volume of activity. E) are costs that do not vary with the volume of activity.
  3. Products that are in the process of being manufactured but are not yet complete are called: A) Raw materials inventory. B) Conversion costs. C) Cost of goods sold. D) Goods in process inventory. E) Finished goods inventory.
  1. Labor costs that are clearly associated with specific units or batches of product and also used to convert raw materials into finished products is called: A) Sunk labor. B) Direct labor. C) Indirect labor. D) Finished labor. E) All of these.
  2. Materials that are used in support of the production process but are not clearly identified with units or batches of product are called: A) secondary materials. B) general materials. C) direct materials. D) indirect materials. E) materials inventory.
  3. Which of the following items appears only in a manufacturing company's financial statements? A) Cost of goods sold. B) Cost of goods manufactured. C) Goods available for sale. D) Gross profit. E) Net income.
  1. Ajax Company accumulated the following account information for the year: Using the above information, total factory overhead costs would be: A) $ 9,800. B) $16,800. C) $15,800. D) $13,000. E) $ 7,800.
  2. A job order cost accounting system would best fit the needs of a company that makes: A) Shoes and apparel. B) Paint. C) Cement. D) Custom machinery. E) Pencils and erasers.
  3. The job order cost sheets used by Garza Company revealed the following: Job No. 125 was completed during May and Jobs No. 124 and 125 were shipped to customers in May. What were the company's cost of goods sold for May and the goods in process inventory on May 31? A) $3,200; $ 900. B) $2,900; $1,200. C) $1,200; $2,900.

D) $1,700; $1,200.

E) $4,100; $ 0.

  1. Labor costs in production can be: A) Direct or indirect. B) Indirect or sunk. C) Direct or payroll. D) Indirect or payroll. E) Direct or sunk.
  2. Canoe Company uses a job order cost accounting system and allocates its overhead on the basis of direct labor costs. Canoe Company's production costs for the year were: direct labor, $30,000; direct materials, $50,000; and factory overhead applied, $6,000. The overhead application rate was: A) 5.0%. B) 12.0%. C) 20.0%. D) 500.0%. E) 16.7%.
  3. The amount by which overhead incurred during a period exceeds the overhead applied to jobs is: A) Balanced overhead. B) Predetermined overhead. C) Actual overhead. D) Underapplied overhead. E) Overapplied overhead.

C) units started and completed. D) direct labor cost. E) materials cost.

  1. The following is an account for a production department, showing its costs for one month: Goods in Process Inventory Balance 5, Direct materials 21, Direct labor 16, Overhead 10, Assume that materials are added at the beginning of the production process and that direct labor and overhead are applied uniformly. If the units in ending goods in process inventory cost $4,590, and the started and completed units cost $41,850, what was the cost of completing the units in the beginning goods in process inventory? A) $12,150. B) $ 2,160. C) $ 7,560. D) $54,000. E) $37,260.
  2. Direct material costs are recorded: A) indirectly to Goods in Process account. B) indirectly to a Finished Goods account. C) directly to a Goods in Process account. D) directly to a Finished Goods account. E) directly to a Cost of Goods Sold account.

Answer Key

1. D

2. A

3. D

4. B

5. D

6. B

7. C

8. C

9. A

10. D

11. A

12. A

13. C

14. D

15. A

16. C

17. C

18. A

19. B

20. C