ACCTG 211
Which of the following is most associated with financial accounting reports? a. can be prepared periodically, or as needed b. prepared in accordance with GAAP c. can have both objective and subjective information d. can be prepared for the entity or segment
B
Which of the following would be included in the cost of a product manufactured according toabsorption costing? a. sales salaries b. depreciation expense on factory building c. office supplies costs d. advertising expense
B
If fixed costs are $1,200,000, the unit selling price is $240, and the unit variable costs are $100, the amount of sales (units) required to realize an operating income of $200,000 is a.12,000 units b.5,000 units c.10,000 units d.8,572 units
C
If fixed costs are $245,000, the unit selling price is $116, and the unit variable costs are $78, thebreak-even sales (units) is a.2,112 units b.1,263 units c.6,447 units d.3,141 units
C
Under variable costing, which of the following costs would be included in finished goods inventory? a. both variable and fixed factory overhead cost b. only fixed factory overhead cost c. only variable factory overhead cost d. neither variable nor fixed factory overhead cost
C
Given the following cost and activity observations for Bounty Company's utilities, use the high-lowmethod to determine Bounty's variable utilities cost per machine hour. Round your answer to the nearest cent. Cost Machine Hours March $3,021 14,539 April 2,621 9,717 May 2,877 11,667 June 3,728 17,613
a.$0.80 b.$0.14 c.$1.54 d.$0.84
The Thomlin Company forecasts that total overhead for the current year will be $11,456,000 with 179,000 total machine hours. Year to date, the actual overhead is $7,522,000 and the actual machinehours are 80,000 hours. If the Thomlin Company uses a predetermined overhead rate based on machinehours for applying overhead, as of this point in time (year to date), the overhead isRound the factory overhead rate to the nearest dollar before multiplying by the number of hours.
a.$2,402,000 overapplied b.$2,402,000 underapplied c.$3,362,800 overapplied d.$3,362,800 underapplied
Assume the following data for a company: Current year $883018 Preceeding Year $535913 What is the percentage increase in sales from the preceding year to the current year?
a.39.31% b.64.77% c.164.77% d. 60.69%
Which of the following items would not be classified as part of factory overhead? a. factory supplies used b. production supervisors' salaries c. amortization of manufacturing patents d. direct labor used
D
If fixed costs are $265,000, the unit selling price is $28, and the unit variable costs are $18, the break-even sales (units) if fixed costs are reduced by $32,900 is a.23,210 units b.18,568 units c.27,852 units d.34,815 units
A
What type of analysis is indicated by the following? a. horizontal analysis b. liquidity analysis c. common-size analysis d. vertical analysis
A
Which of the following is most associated with managerial accounting? a.is prepared for users outside the organization b. must follow GAAP c. always reports on the entire entity d. may rely on estimates and forecasts
D
Which of the following is not a factory overhead cost? a. insurance on factory equipment b. property tax on factory building c. salaries of production supervisors d. materials used directly in the manufacturing process of the product
D
Which of the following is not a prime cost? a. direct labor wages b. assembly line wages c. machine operator wages d. plant janitor's wages
D
Compute conversion costs given the following data: direct materials $364,700 direct labor $202,200 factory overhead $221,200 selling expenses $36,900
a. $184,300 b.$788,100 c.$423,400 d.$585,900
