ACCT 505 Week 4 Midterm - New 2016

ACCT 505 Week 4 Midterm - New 2016


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ACCT 505 Week 4 Midterm – New 2016

1. (TCO A) Direct material cost is a part of (Points : 6)
Conversion Cost NO…. Prime Cost NO.
Conversion Cost YES…. Prime Cost NO.
Conversion Cost YES…. Prime Cost YES.
Conversion Cost NO…. Prime Cost YES.

Question 2.2. (TCO A) Total fixed costs (Points : 6)
will increase with increases in activity.
will decrease with increases in activity.
are not affected by activity.
should be ignored in making decisions because they can never change.

Question 3.3. (TCO A) Property taxes on a company’s factory building would be classified as a(n) (Points : 6)
variable cost.
opportunity cost.
period cost.
product cost.

Question 4.4. (TCO C) When the activity level is expected to increase within the relevant range, what effects would be anticipated with respect to each of the following? (Points : 6)
Fixed costs per unit decrease and variable costs per unit do not change.
Fixed costs per unit increase and variable costs per unit do not change.
Fixed costs per unit do not change and variable costs per unit do not change.
Fixed costs per unit do not change and variable costs per unit increase.

Question 5.5. (TCO B) Which of the following statements is true?
I. Overhead application may be made slowly as a job is worked on.
II. Overhead application may be made in a single application at the time of completion of the job.
III. Overhead application should be made to any job not completed at year end in order to properly value the work in process inventory. (Points : 6)
Only statement I is true.
Only statement II is true.
Both statements I and II are true.
Statements I, II, and III are true.

Question 6.6. (TCO B) Under a job-order costing system, the product being manufactured (Points : 6)
is homogeneous.
passes from one manufacturing department to the next before being...