Cost Acc - 1339 Words

Name: ________________________ Class: ___________________ Date: __________ Quiz 2 1) Cost-volume-profit analysis is used primarily by management: A) as a planning tool B) for control purposes C) to prepare external financial statements D) to attain accurate financial results Answer: A Diff: 1 Terms: cost-volume-profit (CVP) Objective: 1 AACSB: Communication 2) One of the first steps to take when using CVP analysis to help make decisions is: A) finding out where the total costs line intersects with the total revenues line on a graph. B) identifying which costs are variable and which costs are fixed. C) calculation of the degree of operating leverage for the company. D) estimating how many products will have to be sold to make a decent†¦show more content†¦Answer: D Diff: 1 Terms: job Objective: 1 AACSB: Reflective thinking 12) Each indirect-cost pool of a manufacturing firm: A) utilizes a separate cost-allocation rate B) is a subset of total indirect costs C) relates to one cost object D) All of these answers are correct. Answer: D Diff: 1 Terms: cost pool Objective: 1 AACSB: Reflective thinking 13) Job costing: A) can only be used in manufacturing B) records the flow of costs for each customer C) allocates an equal amount of cost to each unit made during a time period D) is commonly used when each unit of output is identical Answer: B Diff: 2 Terms: job-costing system Objective: 2 AACSB: Reflective thinking 14) Many large companies which have multiple production methods and processes have hybrid costing systems that are: A) job-costing B) actual costing C) process costing D) a mix of job-costing and process costing Answer: D Diff: 2 Terms: job costing system, process-costing system Objective: 2 AACSB: Reflective thinking 15) Which of the following companies is most likely to use a process costing system. A) a manufacturer of breakfast cereal B) a manufacturer of large commercial aircraft C) a custom jewelry manufacturer D) a law firm Answer: A Diff: 1 Terms: process costing Objective: 2 AACSB: Reflective thinking 16) Stewart Company s actual manufacturing overhead is $2,800,000. Overhead is allocated on the basis of direct labor hours. The direct labor hours were 50,000 for the period.Show MoreRelatedCost Acc1156 Words   |  5 Pages350 $2,712,150 Ãâ€" = $2,410,800 25 2012 æ” ¯Ã¦  ´ æ” ¯Ã¦  ´Ã©Æ' ¨Ã©â€"€ æ” ¯Ã¦  ´Ã©Æ' ¨Ã©â€"€ 26 ç› ¸Ã¤ ºâ€™Ã¦ ³â€¢(reciprocal method) Ã¥Å" ¨Ã¥Ë†â€ Ã¦â€ ¤Ã¦â€ ¯Ã¦  ´Ã©Æ' ¨Ã©â€"€æˆ Ã¦Å" ¬Ã§ µ ¦Ã§â€¡Å¸Ã¦ ¥ ­Ã©Æ' ¨Ã©â€"€æ™‚ï ¼Å'æ‰ ¿Ã¨ ª Ã¦â€°â‚¬Ã¦Å"‰æ” ¯ æ  ´Ã©Æ' ¨Ã©â€"ێâ€"“ç› ¸Ã¤ ºâ€™Ã¦  Ã¤ ¾â€ºÃ¦â€ ¯Ã¦  ´Ã¦â„¢â€šÃ¦â€°â‚¬Ã§â„¢ ¼Ã§â€Å¸Ã¦Ë† Ã¦Å" ¬Ã£â‚¬â€š è § £Ã¯ ¦â€"ï § ·Ã¦â€" ¹Ã§ ¨â€¹Ã¥ ¼ Ã¯ ¼Å¡ PM ï ¼  $6,300,000 ï ¼â€¹ 0.1IS IS ï ¼  $1,452,150 ï ¼â€¹ 0.2PM 1. Ã¥ â€¡Ã¨ ¨ ­PMç‚ ºÃ¥ · ¥Ã¥ »  Ã§ ¶ ­Ã¤ ¿ ®Ã©Æ' ¨Ã©â€"ی ®Å'å… ¨Ã§â€º ¸Ã¤ ºâ€™Ã¥Ë†â€ Ã¦â€ ¤Ã¥ ¾Å'æˆ Ã¦Å" ¬ (complete reciprocated cost) 2. Ã¥ â€¡Ã¨ ¨ ­IS ç‚ ºÃ¨ ³â€¡Ã¨ ¨Å Ã§ ³ »Ã§ µ ±Ã©Æ' ¨Ã©â€"ی ®Å'å… ¨Ã§â€º ¸Ã¤ ºâ€™Ã¥Ë†â€ Ã¦â€ ¤Ã¥ ¾Å'æˆ Ã¦Å" ¬ Ã¥ ®Å'å… ¨Ã§â€º ¸Ã¤ ºâ€™Ã¥Ë†â€ Ã¦â€ ¤Ã¥ ¾Å'æˆ Ã¦Å" ¬ æÅ'‡æ” ¯Ã¦  ´Ã©Æ' ¨Ã©â€"€å€‹åˆ ¥Ã¦Ë† Ã¦Å" ¬Ã¥Å   Ã¤ ¸Å Ã¦â€°â‚¬Ã¦Å"‰éÆ' ¨Ã©â€"ێâ€"“ç› ¸Ã¤ ºâ€™Ã¥Ë†â€ Ã¦â€ ¤Ã¤ ¹â€¹Ã¦Ë†  æÅ" ¬Ã£â‚¬â€š 27 ç› ¸Ã¤ ºâ€™Ã¦ ³â€¢(reciprocal method) IS ï ¼  $2,767,500 PM ï ¼  $6,576,750 è ³â€¡Ã¨ ¨Å Ã§ ³ »Ã§ µ ±Ã©Æ' ¨Ã©â€"ۊ ¹â€¹Ã¥ ®Å'å… ¨Ã§â€º ¸Ã¤ ºâ€™Ã¥Ë†â€ Ã¦â€ ¤Ã¥ ¾Å'æˆ Ã¦Å" ¬Ã§â€š º$2,767,500ï ¼Å' æŽ ¥Ã¨â€˜â€"Ã¥ °â€¡Ã¨ © ²Ã¦Ë† Ã¦Å" ¬Ã¥Ë†â€ Ã¦â€ ¤Ã¨â€¡ ³Ã¥â€¦ ¶Ã¤ »â€"æ” ¯Ã¦  ´Ã©Æ' ¨Ã©â€"€èˆ‡ç‡Ÿæ ¥ ­Ã©Æ' ¨Ã©â€"ە ¼Å¡ 28 ç› ¸Ã¤ ºâ€™Ã¦ ³â€¢(reciprocal method) æ” ¯Ã¦  ´Ã©Æ' ¨Ã©â€"€ å›  Ã§â€š ºÃ¦â€ ¯Ã¦  ´Ã¦Ë† Ã¦Å" ¬Ã§Å¡â€žÃ¥Ë†â€ Ã¦â€ ¤Ã¯ ¤Å Ã© ¡ Ã¦Ëœ ¯Ã¥Ë†â€ Ã¦â€ ¤Ã¥Ë† °Ã¦â€°â‚¬Ã¦Å"‰ä ½ ¿Ã§â€ ¨Ã¦â€ ¯Ã¦  ´ çš„æ” ¯Ã¦  ´Ã¨Ë†â€¡Ã§â€¡Å¸Ã¦ ¥ ­Ã©Æ' ¨Ã©â€"ە ¼Å'è€Å'é Å¾Ã¥Æ'…è€Æ'æ… ®Ã§â€¡Å¸Ã¦ ¥ ­Ã©Æ' ¨Ã©â€"€ã€‚Read MoreCost Acc1315 Words   |  6 PagesName: Class: Cost Accounting Date: 02.12.2012 Quiz 5 1) Absorption costing: A) expenses marketing costs as cost of goods sold B) treats direct manufacturing costs as a period cost C) includes fixed manufacturing overhead as an inventoriable cost D) is required for internal reports to managers 2) Variable costing: A) expenses administrative costs as cost of goods sold B) treats direct manufacturing costs as a product cost C) includes fixed manufacturing overhead as an inventoriableRead MoreAmerican Connector Company Case Essay1309 Words   |  6 PagesAmerican Connector Company Case Severity of Threat by DJC The American Connector Company (ACC) should be extremely concerned with the im-pending entrance of DJC to the US landscape. Any new entrant will most likely be of the mentality to try and take as much market share as quickly as possible. This course of action usually involves a period of time when the new company will plan on operating at a loss, and will thereby be will-ing to price below market average with small margins. Realization ofRead MoreCosting Method Super Bakery1049 Words   |  5 PagesBakery, Inc. – Costing Methods Norman Thompson ACC/561 July 24, 2010 In today’s economy the business world has changed tremendously with the advances of computer systems, global competition, and innovation in technology. Because of these changes businesses compete to keep their products and services profitable as well as keeping a strong customer base. The main challenges for keeping a business successful are managing the cost of services and products while keeping the company leanRead MoreOriginal Alternative Methods Of Historical Cost Accounting966 Words   |  4 PagesIntroduction Nowadays, most companies usually utilize the Historical Cost accounting to report financial statements and reflect the profitability of business. It is more conventional and simple method. Nevertheless, when considered in relation to inflation and price changes, the alternative methods such as Current Purchasing Power Accounting (CPPA), Continuously Contemporary Accounting(CoCoA) and Current Cost Accounting(CCA) would be more appropriate. There is an assumption that ‘ applying thoseRead MoreTootsie Roll Industries, Inc. Loan Package1318 Words   |  6 PagesTootsie Roll Industries, Inc. Loan Package ACC/561 Tootsie Roll Industries, Inc. Loan Package In week three, Learning Team E presents a loan package for public held company, Tootsie Roll Industries, Inc., in business for over 100 years. Tootsie Roll is a manufacturer of confectionary products. In addition to sales in the United States, Tootsie Roll’s profits grew in Mexico, Canada, Europe, Asia, South and Central America. This loan package consists of three sections: Financial Ratios, CorporateRead MoreAccounting Ram1208 Words   |  5 PagesACC 312H – Spring 2012 Fundamentals of Managerial Accounting-Honors Instructor – Will O’Hara (copyright 2009  © John Wiley Sons) Thursday, January 19, 2012 Chapter 2 – Indentifying and Estimating Costs and Benefits |2.45  Ã‚   |Controllability and relevance (LO1).  Rams Ramachandran is considering the wisdom of reducing the number of suppliers | | |his firm uses. Currently, Rams uses 25 suppliers to purchase goods worth $2,500,000 per year. To manage the orders and | | |coordinateRead MoreAcc 561 Week 3 Team Tootsie Roll Loan Paper1358 Words   |  6 PagesTootsie Roll Industries, Inc. Loan Package ACC/561 Tootsie Roll Industries, Inc. Loan Package In week three, Learning Team E presents a loan package for public held company, Tootsie Roll Industries, Inc., in business for over 100 years. Tootsie Roll is a manufacturer of confectionery products. In addition to sales in the United States, Tootsie Roll’s profits grew in Mexico, Canada, Europe, Asia, South and Central America. This loan package consists of three sections: Financial Ratios, CorporateRead MoreACC 561 Final Exam1196 Words   |  5 Pagesï » ¿ACC 561 Final Exam Copy this link to your browser and download http://www.finalexamguide.com/ACC-561-Final-Exam-5-90.htm 1).  Ã‚  _____ refers to accounting information developed for managers within an organization. A.  Ã‚  Ã‚  Ã‚  Ã‚  Internal auditing B.  Ã‚  Ã‚  Ã‚  Ã‚  Managerial accounting C.  Ã‚  Ã‚  Ã‚  Ã‚  Financial accounting D.  Ã‚  Ã‚  Ã‚  Ã‚  Tax accounting 2).  Ethical accountants are important to society because _____. A.  Ã‚  Ã‚  Ã‚  Ã‚  they pay their taxes B.  Ã‚  Ã‚  Ã‚  Ã‚  the information produced is reliable C.  Ã‚  Ã‚  Ã‚  Ã‚  they will notRead MoreACC 561 Final Exam833 Words   |  4 Pagesï » ¿ACC 561 Final Exam Copy this link to your browser and download http://www.finalexamguide.com/ACC-561-Final-Exam-2-73.htm 1)  According to the Financial Executives Institute, one function of controllership is _____. 2)  Performance reports _____. 3)  Budgets _____. 4)  Ethical accountants are important to society because _____. 5)  According to the Institute of Management Accountants’ Statement of Ethical Professional Practice, the standard of competence includes: 6)  According