Accounting Costs and Multiple Choice - 975 Words

Accounting 2082 Managerial Accounting Exam 1 Sample Exam Questions Printed Name: Date: I certify that I have neither given nor received assistance on this exam, in accordance with the University of Cincinnati Student Code of Conduct. Signature: Instructions: Circle your answers for the multiple choice questions on the exam. Fill out the scantron sheet carefully, using a #2 pencil. Your name (last, then first) and M number must be on the scantron sheet. Type of Question Number of Questions Points per question Suggested Time Total Points Multiple Choice 20 questions 3 points each 50 mins. 60 points You may not use any notes, books, cell phones, other media devices or programmable calculators while†¦show more content†¦What amounts should be considered product and period costs respectively for the first year of coverage? A. Option A B. Option B C. Option C D. Option D 15. At an activity level of 9,200 machine-hours in a month, Nooner Corporation s total variable production engineering cost is $761,300 and its total fixed production engineering cost is $154,008. What would be the total production engineering cost per unit, both fixed and variable, at an activity level of 9,300 machine-hours in a month? A. $98.42 B. $99.49 C. $99.31 D. $98.96 16. Given the cost formula, Y = $9,000 + $2.50X, total cost for an activity level of 3,000 units would be: A. $9,750 B. $12,000 C. $16,500 D. $7,500 17. Holzhauer Corporation, a merchandising company, reported the following results for March: The contribution margin for March is: A. $922,600 B. $1,120,000 C. $1,962,600 D. $1,360,000 18. An example of a committed fixed cost is: A. a training program for salespersons. B. executive travel expenses. C. property taxes on the factory building. D. new product research and development 19. When a decision is made among a number of alternatives, the benefit that is lost by choosing one alternative over another is the: A. realized cost. B. opportunity cost. C. conversion cost. D. accrued cost. 20. The following would typically be considered indirect costs of manufacturing a particular Boeing 747 to be delivered to Singapore Airlines:Show MoreRelatedAcc/561 Exam Essay1444 Words   |  6 Pages| | Multiple Choice Question 49 | | | | Your answer is correct. |    |    | Which of the following is an advantage of corporations relative to partnerships and sole proprietorships? | Reduced legal liability for investors. | | Harder to transfer ownership. | | Lower taxes. | | Most common form of organization. | | | | | Multiple Choice Question 64 | | | | Your answer is correct. |    |    | The group of users of accounting information charged withRead MorePaper1462 Words   |  6 PagesCHAPTER 18 REVENUE RECOGNITION MULTIPLE CHOICE—Conceptual Answer​No.​Description ​c​1.​Revenue recognition principle. ​b​2.​Definition of realized. ​a​3.​Definition of earned. ​d​4.​Recognizing revenue at point of sale. ​d​5.​Recording sales when right of return exists. ​c​6.​Revenue recognition when right of return exists. ​d​7.​Revenue recognition when right of return exists. ​b​8.​Appropriate accounting method for long-term contracts. ​c​9.​Percentage-of-completion methodRead More Cost Accounting Essay1091 Words   |  5 PagesAccounting is the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results; (Merriam-Dictionary, 2012). 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