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maximum Score: 100 Marks Part I: Multiple Choices (Answer all the 25 questions and total 50 marks) 1. Which of the following statements is false? A. Managerial Accounting statements do not necessarily comply with GAAP B. Financial Accounting statements normally reflect more detail than would be found in Managerial Accounting reports. C. Managerial Accounting reports emphasize future activities and future costs. D. Financial Accounting data are directed primarily at external users rather than internal users. 2. Overhead is under applied if: A. The actual overhead rate is lower than the budgeted overhead rate B. The budgeted overhead rate is lower than the actual overhead rate C. The actual overhead rate is lower than the rate used in prior periods. D. None of the above 3. The cost of goods sold is $100,000, the beginning balance in finished goods is $25,000, the ending balance in finished goods is $50,000, and the ending work in process is $5,000. What is the cost of goods manufactured? A. $ 125,000 B. $ 100,000 C. $ 50,000 D. None of the above 4. Which of the following is a not a product cost? A. Wages paid to factory workers 6 "Maintenance of manufacturing plant. Salary of office staff D/Salesmen commission. Page 2 of 8000. Product A weighs 5. The Joint Cost (jr-products A and B before the split of'poim is $ 2. 'S at s 10 per 20 pounds and son". at 5; 50 pcr pound. Product B Weighs 40 pounds and sol pound. Then the joint cost allocated to I'roduet A and Product II will be: uct A and $ 572 for Product B at A and $ 1,000 for Product B d $ l,428 for Product B A. $ l,428 for l'rod B. $ l,0()0 for produ C $ 572 for Product A an D. None ofthe above. 6- The following are the four major steps involved in the cost allocation of Activity Based Costing (ABC) method. a. Group cost activities into cost pools b. Identify the major activities 0. Relate costs to products d.. Identify the cost drivers Which one of the following is the correct order of the above steps? A.abcd B.cdab C.bacd D.badc 7. Q The selling price per unit is $ 900 and the variable cost per unit is $ 500. Fixed costs are $ 06000 per year. In this case the BEP in sales value is: QLD. $ 1,250 B. $ 1,250,000 Q $ 1,125,000 D. None of the above 8. Assuming sales of $ l,500,000 in the scenario of Question No. 7, the profit will be: A. $ 250,000 B. $ 375,000 C. $ 500,000 D. None of the above 9. The Contribution Margin Ratio is 10% and the Fixed cost is $ l,000,00() and the compai desires a profit of $ 500,000. Then the Sales will be: A. $ 6,000,000 B. $ i5,*000,000 C. $ Ziflflaflflfi D. None of the above15, The Budgetcd Purchases lbf [llc month Ul'Jamuiry 20l 7 was 5; 7(),()()U and the expected purchase ot'Dcccmbcr 20l 6 lvu's $ "Um" The CUIszmy expects that lU pcrccm or ii month's purchase will be paid In the month and 90 percent will be paid in the following month. Then the estimated cash disburscmcnt For the month ofJanuary 20l7 would be: A. $ 63,000 B. $ 52,000 C. $ 68,000 D. $ 50,000 16. Determine the order in which the following budgets are generally prepared. . a. Materials Purchase Budget; b. Sales Budget; c. Budgcted InCOmc statement; d. Production Budget. A.bdac 8.21de C.cdab D.dcba 17. The beginning inventory of materials for the month of November was 8 50,000 and the ending inventory of the month was $ 40,000. The inventory required for production during the month was $ 175,000. What would be the amount of material purchase during the month? A. $ 215,000 B. $ 185,000 C. $ 265,000 D. $ 165,000 18. What does an unfavorable overhead volume variance mean? A. Overhead costs are out of control B. Overhead costs are in control C. Production was greater than anticipated D. Production was less than anticipated. 19. The standard price for the EC9OO electric circuit (a component used in the production of Conditioner) is $ 25. Standards call for 2 electric circuits per unit of finished product. The company purchased 100 EC9OO for $ 2600. The company used 83 circuits in the production of 40 Air Conditioners (three were damaged in the installation process). fiten the Material Price Variance Will be: A. $ 83 favorable B. $ 83 Unfavorable C. $ 80 Favorable D. No Variance20 On the b ' ' aSIS oftl ;- x' t . Ic d ltd L'WL" m QUCSUOII No. 19 the Nlateri'il Quzmtity V'u'i'mce will be" A. $ 80 Favorable 8. $ 75 Unfavorable C. $ 80 Unfavorable D. $ 75 Favorable 21. Th - . uce units and ' $ 21,320.Then the Labor Rate Variance will be; xncurred 820 labor hours at a cost of A. $ 820 Favorable B. 3 720 Favorable C. $ 820 Unfavorable D. $ 720 Unfavorable 22. On the basis of the data given in Question No. 21, the Labor Efficiency Variance wi" be: A. $ 500 Favorable B. $ 500 Unfavorable C. 25 hours Favorable D. 25 hours Unfavorable $ 900,000 and its Invested capital is $ I0,000,000 23. Suppose the NOPAT of a company is sidual Income (RI) of the company will be: and the cost of capital is 8%. Then the Re A. $ 800,000 B. $ 900,000 C. $ 100,000 D. Some other amount. 800,000, Interest expense $ 200,000, Taxes '5 OO and Non interest bearing current liabilities I) will be: 24. Net Income afler Interest and Taxes $ IO0,000, Book value of total assets $ 8,000,0 I,OO0,000. Then the Return on Investment (RO A. 14.29% B. 10% C. 15.71 % D. 13.75% 25. Which of the following is not a cost center? A. An Accounting department B. A Production department C. A Maintenance department D. A Retail sales outlet.IO. Firm A and Firm B have got the Operating Leverage Ratio of2.5 and l.5 respectively. Then which ofthe following statement is true: A. The variable cost of Firm A is higher than that of Firm B B. The fixed cost of Firm A is higher than that of Firm B C. The fixed cost ofFirm B is higher than that of Firm A D. The variable cost ofFirm B is higher than that of Firm A 1 1. If you require a return of 8 percent, the present value of $ 1,000 received two years from now would be calculated as: A. $ 1,000 / (.08)2 B. $ 1,000 / (1 + .08)2 C. (1+ .08)2 /$ 1,000 D. None of the above. 12. If the Net Present Value (NPV) of a project is zero, the project is earning a return equal to: A. Zero B. The rate of inflation C. The Accounting Rate of Return D. The required rate of return. 13. A project With a usefiil life of 5 years requires an investment of $ 125,000 and yields after-tax income of $ 20,000 per year for 5 years. Assuming the investment has a salvage value of $25,000 at the end of 5 years, then the Accounting Rate of Return is: A. 13.33% B. 16% C. 26.67% D. 20% 14. The Budgeted credit sales of the month of January 2017 was $ 80,000 and the expected sales of December 2016 was $ lO0,000 The company expects to collect 80 percent of a month 's sale in the month of sale and 20 percent in the following month. Then estimated cash receipt for the month January 2017 would be: A. $ 64,000 B. $ 84,000 C. $ 80,000 D. $ 100,000