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Question 1. 1. (TCO 3) A characteristic of managerial accounting would include: (Points : 3) being based on historical financial information. following GAAP. foregoing accuracy for timeliness. being designed to report information to external users. Question 2. 2. (TCO 3) All of the following add value except: (Points : 3) product design. rework of defective units. customer service. research and development. Question 3. 3. (TCO 3) The Coyote Cafe had sales revenues and food costs in 2007 of $800,000 and $600,000, respectively. In 2008, Coyote will be introducing a new menu item that will generate $100,000 in sales revenues and $45,000 in food costs. Assuming no changes are expected for the other food items, the differential operating profit for 2008 is: (Points : 3) $55,000. $100,000. $155,000. $200,000. Question 4. 4. (TCO 1) The terms direct cost and indirect cost are commonly used in accounting. A particular cost might be considered a direct cost of a manufacturing department, but an indirect cost of the product produced in the manufacturing department. Classifying a cost as either direct or indirect depends upon: (Points : 3) whether an expenditure is unavoidable because it cannot be changed, regardless of any action taken. whether the cost is expensed in the period in which it is incurred. the behavior of the cost in response to volume changes. the cost object to which the cost is being related. Question 5. 5. (TCO 1) Which of the following is NOT a product cost under full absorption costing? (Points : 3) Salaries of CEOs Raw materials used in production Supplies used in the factory Direct labor Question 6. 6. (TCO 1) Calculate the conversion costs from the following information: Fixed manufacturing overhead Variable manufacturing overhead Direct materials Direct labor (Points : 3) $4,000 $7,000 $9,000 $6,500 Question 7. 7. (TCO 1) The excess of sales over the cost of merchandise sold is termed: (Points : 3) the the the the net income. contribution margin. operating profit. gross margin. Question 8. 8. (TCO 6) Western Sales has the following information concerning its one and only product: Selling price per unit: $40 Variable cost per unit: $15 Total fixed costs: $250,000 Compute the break-even point in sales dollars. (Points : 3) $250,000 $1,000,000 $400,000 $666,680 Question 9. 9. (TCO 6) The profit equation may be expressed as: (Points : 3) total revenues - total costs = operating profit. total fixed costs - total variable costs = operating profit. price x units of output = operating profit. revenue - contribution margin = operating profit. Question 10. 10. (TCO 6) The following information pertains to Sly's Company: Sales: $800,000 Variable costs: $160,000 Fixed costs: $40,000 What is Sly's total contribution margin? (Points : 3) $180,000 $600,000 $640,000 $800,000 Question 1. 1. (TCO 5) The management method for dealing with bottlenecks in the production process is called: (Points : 3) differential management. make-buy decision. differential strategy. theory of constraints. Question 2. 2. (TCO 5) Costs incurred in the past that cannot be changed by a present or future decision are termed: (Points : 3) opportunity costs. sunk costs. differential costs. avoidable costs. Question 3. 3. (TCO 5) Differential analysis may be used for all the following except: (Points : 3) a make-buy decision. adding or dropping a product. accepting a special order. costing our product using full absorption costing. Question 4. 4. (TCO 3) The cost estimation method that is based on two cost observations is called the: (Points : 3) scattergraph method. high-low method. regression analysis method. relevant range. Question 5. 5. (TCO 3) The cost estimation method that calls for a review of each account making up the total cost being analyzed is: (Points : 3) account analysis. regression analysis. high-low method. scattergraph method. Question 6. 6. (TCO 3) A basic assumption of regression analysis is: (Points : 3) it will use a spreadsheet application. management is honest. the process for which costs are being estimated remains constant over time. business will constantly change for the better. Question 7. 7. (TCO 2) The cost flow diagram includes all of the following costs except: (Points : 3) selling expenses. direct materials. direct labor. fixed manufacturing overhead. Question 8. 8. (TCO 2) In a labor intensive company in which more overhead is used by the more highly skilled and paid employees, which activity base would be most appropriate for applying overhead to production? (Points : 3) Direct labor cost Direct material cost Direct labor hours Machine hours Question 9. 9. (TCO 2) What is the amount transferred out for Case B? Case B Beginning balance Ending balance Transferred in Transferred out (Points : 3) $93,000 $101,500 $116,900 $120,700 Question 10. 10. (TCO 2) The loan department of a financial corporation provides loans to businesses. The costs of processing these loans are often several thousand dollars. All loans are initially evaluated using the same financial analysis software, but some require outside services, such as appraisals and legal services. Which is the most appropriate costing system for the loan department? (Points : 3) Job order costing Process costing Operation costing Batch costing