Grade Details – All Questions Page: 1 2 Question 1. Question : The goal of managerial accounting is

Grade Details – All Questions
Page: 1
2
Question 1. Question
: The goal of managerial
accounting is to provide information that managers need for

Student Answer: planning.
control.
decision making.
All of the above answers are correct.

Points Received: 5 of 5
Comments:

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Question 2. Question
: The fundamental difference
between managerial and financial accounting is that

Student Answer: all financial
accounting information is audited by Certified Public Accountants whereas
managerial accounting information is not audited by anyone.
managerial accounting is concerned principally
with determining the cost of inventory (ending inventory and cost of goods
sold), whereas financial accounting is concerned with a wider range of the
organization’s activities.
managerial accounting provides information for
decision-makers within the organization, whereas financial accounting provides
information for individuals and institutions external to the organization.
financial accounting information follows U.S.
Generally Accepted Accounting Principles, whereas managerial accounting
information generally follows rules set forth by the Institute of Management
Accountants.

Points Received: 5 of 5
Comments:

Question 3. Question
: Which of the following costs
does not change when the level of business activity changes?

Student Answer: total fixed costs
total variable costs
total direct materials costs
fixed costs per unit

Points Received: 5 of 5
Comments:

Question 4. Question
: Which of the following is not
likely to be a fixed cost?

Student Answer: direct materials
rent
depreciation
salary of the human resources director

Points Received: 5 of 5
Comments:

Question 5. Question
: Sunk costs

Student Answer: are not relevant
for decision making
would include the cost of your tuition after
the refund deadline has passed.
are costs that have been incurred in the past.

All of the above are correct.

Points Received: 0 of 5
Comments:

Question 6. Question
: The wages of a timekeeper in
the factory would be classified as

Student Answer: a prime cost.
direct labor.
indirect labor.
compliance costs.

Points Received: 5 of 5
Comments:

Question 7. Question
: 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. What is Shula’s budgeted profit?

Student Answer: $22,400
$13,120
$10,020
$12,380

Points Received: 5 of 5
Comments:

Question 8. Question
: Which of the following is a period
cost?

Student Answer: Rent on an
factory building
Depreciation on production equipment
Raw materials cost
Commissions paid on each unit sold

Points Received: 0 of 5
Comments:

Question 9. Question
: Which one of the following
would not be classified as manufacturing overhead?

Student Answer: Indirect labor
Direct materials
Insurance on factory building
Indirect materials

Points Received: 5 of 5
Comments:

Question 10. Question
: Stevens Manufacturing Company
reported the following year-end information: beginning work in process
inventory, $180,000; cost of goods manufactured, $516,000; beginning finished
goods inventory, $252,000; ending work in process inventory, $220,000; and
ending finished goods inventory, $264,000. Stevens Manufacturing Company’s cost
of goods sold for the year is

Student Answer: $504,000.
$528,000.
$476,000.
$252,000.

Points Received: 0 of 5
Comments:

Question 11. Question
: If the amount of underapplied
overhead or overapplied overhead is not material, the Manufacturing Overhead
account is closed to

Student Answer: Raw Materials
Inventory.
Work in Process Inventory.
Finished Goods Inventory.
Cost of Goods Sold.

Points Received: 0 of 5
Comments:

Question 12. Question
: Which of the following
companies is most likely to use a process costing system?

Student Answer: A law office
A custom home builder
A car repair business
A food manufacturer

Points Received: 5 of 5
Comments:

Question 13. Question
: Labor and overhead are often
grouped together and referred to as

Student Answer: prime costs.
conversion costs.
total manufacturing costs.
equivalent unit costs.

Points Received: 0 of 5
Comments:

Question 14. Question
: 3,000 units in a process that
are 70% complete, are referred to as

Student Answer: 3,000 equivalent
units of production.
900 equivalent units of production.
2,100 equivalent units of production.
900 unequivalent units of production.

Points Received: 5 of 5
Comments:

Question 15. Question
: When the level of activity
increases, the variable cost per unit

Student Answer: decreases.
remains constant.
increases.
fluctuates, depending on the amount of the
increase in activity.

Points Received: 5 of 5
Comments:

Question 16. Question
: Which of the following is not
involved in determining the break-even point?

Student Answer: anticipated sales for the next period
fixed costs
selling price per unit
variable cost per unit

Points Received: 5 of 5
Comments:

Question 17. Question
: At Havana Cafe, the break-even
point is 2,000 units. If fixed costs total $300,000 and variable costs are $30
per unit, what is the selling price per unit?

Student Answer: $5
$210
$150
$180

Points Received: 0 of 5
Comments:

Question 18. Question
: If a company had a
contribution margin of $200,000 and a contribution margin ratio of 40%, total
variable costs must have been

Student Answer: $300,000.
$120,000.
$500,000.
$80,000.

Points Received: 0 of 5
Comments:

Question 19. Question
: Sales are $250,000 and
variable costs are $150,000. What is the contribution margin ratio?

Student Answer: 67%
40%
60%
cannot be determined because amounts are not
expressed per unit.

Points Received: 5 of 5
Comments:

Question 20. Question
: (TCO 4) Which of the following
will have no effect on the break-even point in units?

Student Answer: The selling price
increases
The variable cost per unit increases
The sales volume increases
Total fixed costs increase
Instructor Explanation: Chapter 4, Page 131

Points Received: 5 of 5
Comments:

Question 21. Question
: (TCO 4) The margin of safety
is the difference between

Student Answer: total revenue and
total fixed costs.
expected level of sales and the break-even
point.
budgeted fixed costs and actual fixed costs.
selling price and variable cost per unit.
Instructor Explanation: Chapter 4, Page 131

Points Received: 5 of 5
Comments:

Question 22. Question
: (TCO 1) Which of the following
costs is not part of manufacturing overhead?

Student Answer: electricity for
the factory
depreciation of factory equipment
salaries for the production supervisors
health insurance for sales staff
Instructor Explanation: Chapter 2, Page 37

Points Received: 5 of 5
Comments:

Question 23. Question
: (TCO 1) Which of the following
is a period cost?

Student Answer: rent on a factory building
depreciation on production equipment
raw materials cost
commissions paid on each unit sold
Instructor Explanation: Chapter 2, Page 39

Points Received: 0 of 5
Comments:

Question 24. Question
: (TCO 3) Which of the following
describes the differences between job-order and process costing?

Student Answer: Job-order costing
is used in financial accounting while process costing is used in managerial
accounting.
Job-order costing can only be used by
manufacturers; service enterprises must use process costing.
Job-order costing is voluntary while process
costing is mandatory.
Job-order costing traces costs to jobs while
process costing traces costs to departments and averages the costs among the
units worked on during the period.
Instructor Explanation: Chapter 3, Page 84

Points Received: 5 of 5
Comments:

Page: 1
2

Page: 1
2
Question 1. Question
: Show all steps of your
calculation and formula as well as the final answer ( to receive credit)
The following monthly data are available for Win, which
produces only one product that it sells for $96 each. Its unit variable costs
are $ 48 and its total fixed expenses are $72,720. Sales during April totaled
1,600 units.

(a) What is the breakeven point in sales dollars for Win?
(b) How many units must Win sell in order to earn a profit
of $24,000?
this cost?

Question 2. Question
: Show all steps of your
calculation and formula as well as the final answer ( to receive credit)
The following data (in thousands of dollars) have been taken
from the accounting records of Dallas
Corporation for the just-completed year.

Sales $950
Purchases of raw materials $170
Direct labor $210
Manufacturing overhead $220
Administrative expenses $180
Selling expenses $140
Raw materials inventory, beginning $70
Raw materials inventory, ending $80
Work-in-process inventory, beginning $30
Work-in-process inventory, ending $20
Finished goods inventory, beginning $100

Finished goods inventory, ending $70
Required: Prepare a Schedule of Cost of Goods Manufactured
statement for the Dallas Corp

 

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