Question 1

  1. Although depreciation is always a period cost in a merchandising firm, it can be a product cost in a manufacturing firm

Question 2

  1. Even departmental overhead rates will not correctly assign overhead costs in situations where a company has a range of products that differ in volume, lot size, or complexity of production.

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Question 3

  1. An increase in the number of units sold will decrease the break-even point.

Question 4

  1. Fixed cost per unit increases as activity decreases and decreases as activity increases.

Question 5

  1. The usual starting point in budgeting is to make a forecast of cash receipts and cash disbursements.

Question 6

  1. Which of the following comparisons best isolates the impact that changes in prices of inputs and outputs have on performance?

Question 7

  1. If the actual labor hours worked exceed the standard labor hours allowed, what type of variance will occur?



Question 8

  1. Which of the following performance measures will decrease if there is an increase in the accounts receivable?



Question 9

  1. Which of the following will not result in an increase in return on investment (ROI), assuming other factors remain the same?



Question 10

  1. Lyons Company consists of two divisions, A and B. Lyons Company reported a contribution margin of $50,000 for Division A, and had a contribution margin ratio of 30% in Division B, when sales in Division B were $200,000. Net operating income for the company was $25,000 and traceable fixed expenses were $40,000. Lyons Company’s common fixed expenses were:



Question 11

  1. The PDQ Company makes collections on credit sales according to the following schedule:



Question 12

  1. Misemer Corporation is developing standards for its products. One product requires an input that is purchased for $57.00 per kilogram from the supplier. By paying cash, the company gets a discount of 8% off this purchase price. Shipping costs from the supplier’s warehouse amount to $3.60 per kilogram. Receiving costs are $0.26 per kilogram. The standard price per kilogram of this input should be:



Question 13

  1. Vodopich Corporation has provided the following data from its activity-based costing system:



Question 14

  1. Green Company’s costs for the month of August were as follows: direct materials, $27,000; direct labor, $34,000; selling, $14,000; administrative, $12,000; and manufacturing overhead, $44,000. The beginning work in process inventory was $16,000 and the ending work in process inventory was $9,000. What was the cost of goods manufactured for the month?



Question 15

  1. Placek Hospital bases its budgets on patient-visits. The hospital’s static budget for October appears below:



Question 16

  1. Carver Company produces a product which sells for $30. Variable manufacturing costs are $15 per unit. Fixed manufacturing costs are $5 per unit based on the current level of activity, and fixed selling and administrative costs are $4 per unit. A selling commission of 10% of the selling price is paid on each unit sold. The contribution margin per unit is:



Question 17

  1. The following materials standards have been established for a particular product:



Question 18

  1. What is the most important concept you have learned from this course? Will you be able to use this in your current job or in the future? How?

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