BA225 Managerial Accounting
University of Maryland, Baltimore County (UMBC)
Fundamental Managerial Accounting Concepts
Thomas Edmonds, Philip Olds, Bor-Yi Tsay
BA 225 FINAL EXAM
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1. Johansson Company developed the following static budget at the beginning of the company's accounting period:
If actual production totals 8,400 units, the flexible budget would show variable costs of:
2. Pace Company makes computer chips. Sam is manager of the company's maintenance department. Because his maintenance technicians are so well trained in maintaining expensive and sensitive circuit board stamping equipment,
3. Which of the following would NOT be represented in the financing activities section of the statement of cash flows?
4. A customary assumption in capital budgeting analysis is that:
5. Lighthouse Tours provide seven-day guided tours along the New England coast. The company pays its guides a total of $100,000 per year.
6. If a company misclassifies a general, selling and administrative cost as a product cost in a period when production exceeds sales
7. Moore Company allocates overhead on the basis of direct labor hours. It allocates overhead costs of $6,400 to two different jobs as follows:
8. The following standard cost card is provided for Product Dolce2.
9. Payment of cash for production workers' wages is:
10. Standard cost systems facilitate the management practice known as:
11. Newton Company currently produces and sells 4,000 units of a product that has a contribution margin of $6 per unit.
12. Kritzberg Company sells a product at $60 per unit that has unit variable costs of $40.
13. The Mannix Company manufactures and sells two lines of china.
14. A manager refuses to replace an existing asset even though an extensive analysis indicates that replacement is desirable. One possible explanation for the manager's action is that:
15. For the year ended December 31, 2007, The Fell Company paid cash dividends of $13,000, paid cash for interest of $5,200, paid cash to suppliers of $7,500 and paid $17,000 to purchase equipment.
16. A materials requisition in a job-order cost system is used as a:
17. The following income statement was drawn from the annual report of Hurricane Company:
18. All of the following factors should influence the decision to investigate a variance except:
19. Bruce Company's sales budget shows the following expected total sales:
20. An investment that costs $30,000 will produce annual cash flows of $10,000 for a period of 4 years.
21. Moore Company uses process costing. The following information was available for October:
22. Prater Company made a $100,000 investment in new machinery.
23. Robert is deciding whether to remain in the home he has lived in for the past ten years, which is located very near his work, or to move into a newer home that is located in the suburbs further from his job.
24. Responsibility reports are prepared:
25. Banks Industries has budgeted the following information for March:
26. Casters, Inc. normally produces between 150,000 and 175,000 units each year.
27. Conger Company recently implemented an activity-based-costing system.
28. During its first year of operations, Martin Company paid $4,000 for direct materials and $8,500 for production workers' wages.
29. Expressing plans for a business in financial terms is commonly called:
30. Kent Company had 800 units of product in its work in process inventory at the beginning of the period.
31. Production in 2007 for Stowe Snow Mobile was at its highest point in the month of June when 40 units were produced at a total cost of $600,000.
32. Select the correct statement from the following.
33. Select the correct statement regarding opportunity costs.
34. Select the incorrect statement regarding postaudits of capital investment decisions.
35. St. Augustine Company is trying to decide which one of two contracts it will accept. The costs and revenues associated with each are listed below:
36. The following information is provided by the Atlantic Company:
37. The preferred method for setting transfer prices generally is some form of:
38. The research and development department of Pepsi-Cola Company would likely be organized as:
39. The statement of cash flows would not disclose the effects of:
40. The Sukahara Company recorded the following costs of quality during the current period:
41. The use of raw materials in production is:
42. Wall Company incurred $30,000 of fixed cost and $40,000 of variable cost when 2,000 units of product were made and sold.
43. Weinger Company has developed the following budgeted income statement:
44. What amount of cash would result at the end of one year, if $17,000 is invested today and the rate of return is 10%?
45. Which of the following statements concerning product costs versus general, selling, and administrative costs is true?
46. Which of the following transactions would cause net income for the period to be lower?
47. Which of the following activity costs would not likely be included in a unit-level activity cost pool?
48. Which of the following budgets needs to be prepared prior to preparing a purchases budget?
49. Which of the following cash transactions would not be shown under operating activities on the statement of cash flows?
50. Zoro, Inc. produces a product that has a variable cost of $6.00 per unit. The company's fixed costs are $30,000.
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