Download: ACC 346 Managerial Accounting Final Exam 25 MCQs

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ACC 346 Managerial Accounting Final Exam 25 MCQs
1. The principle managers follow when they only investigate significant departures from the plan is commonly known as ?
A) small amounts don’t matter
B) only materials and labor deserve attention
C) management by exception
D) exceptional costs yield exception results 2.
A company has a cost that is $2.00 per unit at a volume of 12,000 units and $2.00 per unit at a volume of 16,000 units. What type of cost is this?
A) Fixed
B) Variable
C) Sunk
D) Incremental
3. Which of the following is not a manufacturing cost?
A) Manufacturing overhead
B) Direct materials
C) Direct labor
D) Administrative expenses
4. A form used to accumulate the cost of producing an item is called a(n)?
A) job-cost sheet
B) material requisition
C) balance sheet
D) invoice
5. Why do we compute equivalent units differently for raw materials and conversion costs?
A) Raw materials are more difficult to count
B) Conversion costs are more difficult to count
C) They are introduced into the process at different times
D) None of the above
6. The Freedom Corporation’s painting department had a beginning inventory of 580 units, which had direct material costs of $22,715. During June, 9,290 units were started and costs of $1,268,085 were incurred for direct material. Ending inventory consists of 1,000 units, which are 35% complete with respect to direct material. What is the cost per equivalent unit for direct material?
A) $40.00
B) $137.00
C) $140.00
D) $159.00
7. Regression analysis
A) uses all the available data points to estimate a cost equation
B) can be performed by many spreadsheet programs
C) provides an equation that can be used to estimate total costs at different levels
D) all of the above
8. Beaudreaux Motors is operating at its break-even point of 16,000 units. Which of the following statements is not true?
A) The amount of the company’s total costs equals the amount of its revenues.
B) The company’s fixed costs equal its variable costs.
C) The company’s profit equals zero.
D) Assuming no other changes, if the company sold more units, it would earn a profit.
9. Which of the following is treated as a product cost in variable costing?
A) Sales commissions
B) Administrative salaries
C) Fixed manufacturing overhead
D) Direct labor
10. When the number of units sold is equal to the number of units produced, net income using full costing will be
A) greater than net income under variable costing
B) equal to net income using variable costing
C) less than income using variable costing
D) none of the above
11. A major problem with cost-plus contracts is that they?
A) are not acceptable under GAAP.
B) cause the supplier to take significant financial risks.
C) require the supplier to use variable costing.
D) create an incentive to allocate as much cost as possible to the goods produced under the cost-plus contract.
12. Which of the following is not