ACCT 2302 Final Exam with |\ |\ |\ |\ |\
answers
Which of the following is FALSE about managerial
|\ |\ |\ |\ |\ |\ |\ |\
accounting versus financial accounting? |\ |\ |\
A. Managerial reports are prepared annually, whereas
|\ |\ |\ |\ |\ |\ |\
financial reports are prepared when required.
|\ |\ |\ |\ |\
B. Managerial accounting is primarily utilized by internal
|\ |\ |\ |\ |\ |\ |\ |\
users, whereas financial accounting is primarily utilized
|\ |\ |\ |\ |\ |\ |\
by external users.
|\ |\
C. The primary information characteristic for managerial
|\ |\ |\ |\ |\ |\ |\
accounting is relevance, whereas the primary information
|\ |\ |\ |\ |\ |\ |\
characteristics for financial accounting are reliability and |\ |\ |\ |\ |\ |\ |\
objectivity.
D. No authoritative body requires managerial accounting
|\ |\ |\ |\ |\ |\ |\
reports, whereas the SEC requires financial accounting
|\ |\ |\ |\ |\ |\ |\
reports for publicly traded companies.
|\ |\ |\ |\
Managerial reports are prepared annually, whereas|\ |\ |\ |\ |\ |\
financial reports are prepared when required.
|\ |\ |\ |\ |\
The individual responsible for managing all of the
|\ |\ |\ |\ |\ |\ |\ |\
financial aspects of the organization is the
|\ |\ |\ |\ |\ |\
,A. COO.
|\
B. CFO.
|\
C. CEO.
|\
D. CPA.
|\
CFO.
Which of the following is NOT a component of
|\ |\ |\ |\ |\ |\ |\ |\ |\
manufacturing overhead in the production of wine for a |\ |\ |\ |\ |\ |\ |\ |\ |\
winery?
A. Depreciation on the basket press used to crush grapes
|\ |\ |\ |\ |\ |\ |\ |\ |\
B. Salaries of supervisors
|\ |\ |\
C. Oil and lubricants for machines
|\ |\ |\ |\ |\
D. Wages of employees who crush grapes
|\ |\ |\ |\ |\ |\
Wages of employees who crush grapes
|\ |\ |\ |\ |\
Given the following July financial information for Classic
|\ |\ |\ |\ |\ |\ |\ |\
Toy Manufacturing Company, what amount of cost of
|\ |\ |\ |\ |\ |\ |\ |\
goods sold would be reported by Classic Toy for the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
month of July? |\ |\
,Cost of goods manufactured $25,000
|\ |\ |\ |\
Beginning finished goods inventory 4,000|\ |\ |\ |\
Ending finished goods inventory 6,000
|\ |\ |\ |\
General and administrative expenses 3,000
|\ |\ |\ |\
Selling expenses 2,000 |\ |\
A. $23,000
|\
B. $25,000
|\
C. $26,000
|\
D. $28,000
|\
$23,000
Smart Corporation is a manufacturer of smartphones.
|\ |\ |\ |\ |\ |\ |\
Assume Smart allocates manufacturing overhead based
|\ |\ |\ |\ |\ |\
on machine hours. They estimated 5 million machine
|\ |\ |\ |\ |\ |\ |\ |\
hours and $50 million of manufacturing overhead costs.
|\ |\ |\ |\ |\ |\ |\ |\
Actual machine hours were 6 million and actual total
|\ |\ |\ |\ |\ |\ |\ |\ |\
manufacturing overhead costs were $48 million. What is |\ |\ |\ |\ |\ |\ |\ |\
Smart's predetermined manufacturing overhead rate?
|\ |\ |\ |\
A. $8.00/machine hour
|\ |\
B. $8.33/machine hour
|\ |\
, C. $9.60/machine hour
|\ |\
D. $10.00/machine hour
|\ |\
$10.00/machine hour. |\
$50,000,,000,000 = $10 per MH |\ |\ |\ |\ |\ |\
A marketing consultant uses the job costing system and
|\ |\ |\ |\ |\ |\ |\ |\ |\
has a predetermined overhead rate of $15 per direct
|\ |\ |\ |\ |\ |\ |\ |\ |\
labor hour. This amount is based on an estimated
|\ |\ |\ |\ |\ |\ |\ |\ |\
overhead of $30,000 and an average time of 5.0 hours
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
per job. Job #521 incurred direct material costs of $50
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and 6 direct labor hours costing $75 per hour. The total
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
cost of job #521 is |\ |\ |\ |\
A. $155.
|\
B. $215.
|\
C. $565.
|\
D. $590.
|\
$590.
50 + (6 x $75) + (6 x $15) = $590
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
answers
Which of the following is FALSE about managerial
|\ |\ |\ |\ |\ |\ |\ |\
accounting versus financial accounting? |\ |\ |\
A. Managerial reports are prepared annually, whereas
|\ |\ |\ |\ |\ |\ |\
financial reports are prepared when required.
|\ |\ |\ |\ |\
B. Managerial accounting is primarily utilized by internal
|\ |\ |\ |\ |\ |\ |\ |\
users, whereas financial accounting is primarily utilized
|\ |\ |\ |\ |\ |\ |\
by external users.
|\ |\
C. The primary information characteristic for managerial
|\ |\ |\ |\ |\ |\ |\
accounting is relevance, whereas the primary information
|\ |\ |\ |\ |\ |\ |\
characteristics for financial accounting are reliability and |\ |\ |\ |\ |\ |\ |\
objectivity.
D. No authoritative body requires managerial accounting
|\ |\ |\ |\ |\ |\ |\
reports, whereas the SEC requires financial accounting
|\ |\ |\ |\ |\ |\ |\
reports for publicly traded companies.
|\ |\ |\ |\
Managerial reports are prepared annually, whereas|\ |\ |\ |\ |\ |\
financial reports are prepared when required.
|\ |\ |\ |\ |\
The individual responsible for managing all of the
|\ |\ |\ |\ |\ |\ |\ |\
financial aspects of the organization is the
|\ |\ |\ |\ |\ |\
,A. COO.
|\
B. CFO.
|\
C. CEO.
|\
D. CPA.
|\
CFO.
Which of the following is NOT a component of
|\ |\ |\ |\ |\ |\ |\ |\ |\
manufacturing overhead in the production of wine for a |\ |\ |\ |\ |\ |\ |\ |\ |\
winery?
A. Depreciation on the basket press used to crush grapes
|\ |\ |\ |\ |\ |\ |\ |\ |\
B. Salaries of supervisors
|\ |\ |\
C. Oil and lubricants for machines
|\ |\ |\ |\ |\
D. Wages of employees who crush grapes
|\ |\ |\ |\ |\ |\
Wages of employees who crush grapes
|\ |\ |\ |\ |\
Given the following July financial information for Classic
|\ |\ |\ |\ |\ |\ |\ |\
Toy Manufacturing Company, what amount of cost of
|\ |\ |\ |\ |\ |\ |\ |\
goods sold would be reported by Classic Toy for the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
month of July? |\ |\
,Cost of goods manufactured $25,000
|\ |\ |\ |\
Beginning finished goods inventory 4,000|\ |\ |\ |\
Ending finished goods inventory 6,000
|\ |\ |\ |\
General and administrative expenses 3,000
|\ |\ |\ |\
Selling expenses 2,000 |\ |\
A. $23,000
|\
B. $25,000
|\
C. $26,000
|\
D. $28,000
|\
$23,000
Smart Corporation is a manufacturer of smartphones.
|\ |\ |\ |\ |\ |\ |\
Assume Smart allocates manufacturing overhead based
|\ |\ |\ |\ |\ |\
on machine hours. They estimated 5 million machine
|\ |\ |\ |\ |\ |\ |\ |\
hours and $50 million of manufacturing overhead costs.
|\ |\ |\ |\ |\ |\ |\ |\
Actual machine hours were 6 million and actual total
|\ |\ |\ |\ |\ |\ |\ |\ |\
manufacturing overhead costs were $48 million. What is |\ |\ |\ |\ |\ |\ |\ |\
Smart's predetermined manufacturing overhead rate?
|\ |\ |\ |\
A. $8.00/machine hour
|\ |\
B. $8.33/machine hour
|\ |\
, C. $9.60/machine hour
|\ |\
D. $10.00/machine hour
|\ |\
$10.00/machine hour. |\
$50,000,,000,000 = $10 per MH |\ |\ |\ |\ |\ |\
A marketing consultant uses the job costing system and
|\ |\ |\ |\ |\ |\ |\ |\ |\
has a predetermined overhead rate of $15 per direct
|\ |\ |\ |\ |\ |\ |\ |\ |\
labor hour. This amount is based on an estimated
|\ |\ |\ |\ |\ |\ |\ |\ |\
overhead of $30,000 and an average time of 5.0 hours
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
per job. Job #521 incurred direct material costs of $50
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and 6 direct labor hours costing $75 per hour. The total
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
cost of job #521 is |\ |\ |\ |\
A. $155.
|\
B. $215.
|\
C. $565.
|\
D. $590.
|\
$590.
50 + (6 x $75) + (6 x $15) = $590
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
