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This set of 20 questions covers topics in chapters 1, 2, 3, and 4. % understandin$ the main concepts in each chapter is critical to success on the testin$ events' remem!erin$ a sample question may!e of some help, but the format of a question on the same topic often differs renderin$ memory a distant second choice to understandin$.
This set of 20 questions covers topics in chapters 1, 2, 3, and 4. % understandin$ the main concepts in each chapter is critical to success on the testin$ events' remem!erin$ a sample question may!e of some help, but the format of a question on the same topic often differs renderin$ memory a distant second choice to understandin$.
This set of 20 questions covers topics in chapters 1, 2, 3, and 4. % understandin$ the main concepts in each chapter is critical to success on the testin$ events' remem!erin$ a sample question may!e of some help, but the format of a question on the same topic often differs renderin$ memory a distant second choice to understandin$.
This set of 20 questions, taken from prior examinations, covers topics in
Chapters 1, 2, 3, and 4. The purpose of sample multiple choice questions is to acquaint you ith the style and su!stance of typical exam questions over this material. "lease !e aare that# 1. multiple choice format questions are only one of many resources availa!le to prepare for testin$ events % readin$ text!ook chapters and orkin$ throu$h chapter examples, studyin$ the end&of&chapter revie pro!lem and accompanyin$ solution, and reviein$ assi$ned homeork items and the pu!lished solutions may !e more poerful methods to increase your understandin$ of the topics covered in the course. 2. the exam questions used this quarter ill !e similar !ut different from these example questions % understandin$ the main concepts in each chapter is critical to success on the testin$ events' remem!erin$ a sample question may !e of some help !ut the format of a question on the same topic often differs renderin$ memory a distant second choice to understandin$. The (uestions# ). Scheney Company uses the weighted-average method in its process costing system. The company's wor in process inventory on March !1 consisted o" 2#$### units. The units in the ending wor in process inventory were 1##% complete with respect to materials and &#% complete with respect to la'or and overhead. I" the cost per e(uivalent unit "or March was )2.*# "or materials and )+.&* "or la'or and overhead$ the total cost in the March !1 wor in process inventory was, *+ )1#1$*##. ,+ )11-$*##. C+ )&.$*##. -+ )1+*$###. /0am 11 2ractice 3uestions 2age 1 AMIS 212 Managerial Accounting .se the folloin$ to anser questions /&10# 4und Company applies manu"acturing overhead to 5o's using a predetermined overhead rate o" &*% o" direct la'or cost. Any under- or overapplied overhead cost is closed out to Cost o" 6oods Sold at the end o" the month. 7uring March$ the "ollowing transactions were recorded 'y the company, /. The 'alance on March 1 in the 8aw Materials inventory account was, *+ )-$*##. ,+ )&$*##. C+ )9$*##. -+ ).$*##. 0. The entry to dispose o" the under- or overapplied overhead cost "or the month would include, *+ a credit o" )2$### to the Manu"acturing :verhead account. ,+ a de'it o" )*$### to the Manu"acturing :verhead account. C+ a credit o" )2$### to Cost o" 6oods Sold. -+ a de'it o" )*$### to the Cost o" 6oods Sold. 10. The Cost o" 6oods Manu"actured "or March was, *+ )-!$###. ,+ )-1$*##. C+ )--$*##. -+ )*9$*##. /0am 11 2ractice 3uestions 2age 2 8aw materials ;all direct materials<, 2urchased during the month...................................... )2&$### =sed in production .................................................... )2.$###
4a'or, 7irect la'or hours wored during the month ............ 2$*## 7irect la'or cost incurred.......................................... )2#$### Indirect la'or cost incurred........................................ )*$*##
Inventories, 8aw materials ;all direct< March !1.......................... )&$*## >or in process$ March 1 ......................................... )1#$*## >or in process$ March !1 ....................................... ?)1+$###
?contains )*$### o" direct la'or cost
AMIS 212 Managerial Accounting .se the folloin$ to anser questions 11&14# @arer Corporation uses the weighted-average method in its process costing system. This month$ the 'eginning inventory in the "irst processing department consisted o" !## units. The costs and percentage completion o" these units in 'eginning inventory were, The ending inventory was .*% complete with respect to materials and 2#% complete with respect to conversion costs. 11. The cost per e(uivalent unit "or materials "or the month in the "irst processing department is closest to, *+ )2*.*- ,+ )2-.!* C+ )2*..* -+ )2-.-* 12. Aow many units are in ending wor in process inventory in the "irst processing department at the end o" the monthB *+ &## ,+ 9## C+ +## -+ .$.## 13. >hat are the e(uivalent units "or conversion costs "or the month in the "irst processing departmentB *+ .$.+# ,+ .$&## C+ 9$+## -+ 1+# 14. The total cost trans"erred "rom the "irst processing department to the ne0t processing department during the month is closest to, *+ )+&*$22& ,+ )+9*$### C+ )+.2$&## -+ )*1!$+-- /0am 11 2ractice 3uestions 2age !
A total o" 9$1## units were started and .$&## units were trans"erred to the second processing department during the month. The "ollowing costs were incurred in the "irst processing department during the month,
AMIS 212 Managerial Accounting 11. The property ta0es on the "actory 'uilding "or a manu"acturer would 'e an e0ample o", Prime Cost Conversion Cost *+ Ces Ces ,+ Do Do C+ Ces Do -+ Do Ces 1). 2arsons Co. uses a predetermined overhead rate 'ased on direct la'or hours to apply manu"acturing overhead to 5o's. 4ast year 2arsons incurred )2*#$### in actual manu"acturing overhead cost. The Manu"acturing :verhead account showed that overhead was overapplied in the amount o" )12$### "or the year. I" the predetermined overhead rate was )..## per direct la'or hour$ how many hours were wored during the yearB *+ 29$&*# hours ,+ !#$2*# hours C+ !1$2*# hours -+ !2$&*# hours 12. In a 5o'-order cost system$ the application o" manu"acturing overhead usually would 'e recorded as a de'it to, *+ Einished 6oods inventory. C+ >or in 2rocess inventory. ,+ Cost o" 6oods Sold. -+ Manu"acturing :verhead. .se the folloin$ to anser question 10# Cory Company produces re"rigerators. /ach re"rigerator contains a small thermostat that costs )*. 7uring Fune$ -## thermostats were drawn "rom the supply room and installed in re"rigerators that were in the production process. Seventy percent o" these units were completed and trans"erred into "inished goods warehouses. :" the units completed$ twenty percent were still unsold at the end o" the month. There were no 'eginning inventories. 10. The cost o" thermostats in wor in process at the end o" the month would 'e, *+ )9##. ,+ )2$+##. C+ )2$1##. -+ )!$###. 23. The process o" ensuring that the plan is 'eing "ollowed is called, *+ directing. ,+ decision maing. C+ controlling. -+ planning. 24. In a 5o' order cost system using predetermined manu"acturing overhead rates$ indirect materials issued into production usually are recorded as an increase in, *+ Einished 6oods inventory. C+ Manu"acturing :verhead. ,+ 8aw Materials inventory. -+ >or in 2rocess inventory. 21. 7uring the month o" Fuly$ Mc/lroy Company's direct la'or cost totaled )!-$### and direct la'or cost was -#% o" prime cost. I" total manu"acturing costs during Fuly were ).*$###$ the manu"acturing overhead was, /0am 11 2ractice 3uestions 2age + AMIS 212 Managerial Accounting *+ )2+$###. ,+ )-#$###. C+ )2*$###. -+ )+9$###. 2). /(uivalent units "or a process costing system using the weighted-average method would 'e e(ual to, *+ units started during the period plus e(uivalent units in the ending wor in process inventory. ,+ units completed during the period plus e(uivalent units in the ending wor in process inventory. C+ units completed during the period less e(uivalent units in the 'eginning inventory$ plus e(uivalent units in the ending wor in process inventory. -+ units completed during the period and trans"erred out. 30. The Collins Company uses predetermined overhead rates to apply manu"acturing overhead to 5o's. The predetermined overhead rate is 'ased on materials cost in 7ept. A and on machine hours in 7ept. @. At the 'eginning o" the year$ the company made the "ollowing estimates, >hat predetermined overhead rates would 'e used in 7ept A and 7ept @$ respectivelyB *+ 1+#% and )+..# ,+ &1% and )+..# C+ &1% and )+.## -+ 1+#% and )+.## 32. A company should use process costing$ rather than 5o' order costing$ i", *+ the product is composed o" mass-produced homogeneous units. ,+ the product goes through several steps o" production. C+ production is only partially completed during the accounting period. -+ the product is manu"actured in 'atches only as orders are received. 34. 4ast month a manu"acturing company had the "ollowing operating results, >hat was the cost o" goods manu"actured "or the monthB *+ )+92$### ,+ )+**$### C+ )+29$### -+ )++2$### 31. Stover Company uses the weighted-average method in its process costing system. In"ormation concerning 7epartment A "or the month o" Fune "ollows, /0am 11 2ractice 3uestions 2age * Dept A Dept B Materials cost ..................... )-*$### )+2$### Manu"acturing overhead ........ 91$### +.$### 7irect la'or hours................... .$### 1#$### Machine hours........................ !$### 12$###
AMIS 212 Managerial Accounting M a t e r i a l s U n i t s C o s t s > o r i n p r o c e s s $ ' e g i n n i n g . . . . . . . 1 & $ # # # ) 1 2 $ . # # S t a r t e d i n F u n e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 $ # # # - 9 $ & # # = n i t s c o m p l e t e d . . . . . . . . . . . . . . . . . . . . . . . . . . * $ # # # > o r i n p r o c e s s $ e n d i n g . . . . . . . . . . . . . 1 + $ # # #
/nding >I2 is 1##% complete as to materials and -#% complete as to conversion. The cost per e(uivalent unit "or materials costs is closest to, *+ )#..9. ,+ )#.9&. C+ )1.#1. -+ )#..!. /0am 11 2ractice 3uestions 2age - AMIS 212 Managerial Accounting The *nsers# -. @ .. 7 9. A 1#. 7 11. 7 12. A 1!. A 1+. A 1*. 7 1-. 7 1&. C 19. A 2!. C 2+. C 2*. C 2-. @ !#. 7 !2. A !+. C !*. 7 /0am 11 2ractice 3uestions 2age &