ACCT 505 MIDTERM EXAM QUESTIONS AND ANSWERS
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ACCT 505 MIDTERM EXAM 
QUESTIONS AND ANSWERS 
(TCO A) Direct material cost is a part of 
Student Answer: 
Conversion Cost NO.... Prime Cost NO. 
Conversion Cost YES.... Prime Cost NO. 
Conversion Cost YES.... Prime Cost YES. 
Conversion Cost NO.... Prime Cost YES. 
Instructor 
Explanation: 
See Chapter 2. 
Question 2. Question : (TCO A) A cost incurred in the past that is not relevant to any current 
decision is classified as a(n) 
Student Answer: 
period cost. 
incremental cost. 
opportunity...
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ACCT 505 MIDTERM EXAM 
QUESTIONS AND ANSWERS 
(TCO A) Direct material cost is a part of 
Student Answer: 
Conversion Cost NO.... Prime Cost NO. 
Conversion Cost YES.... Prime Cost NO. 
Conversion Cost YES.... Prime Cost YES. 
Conversion Cost NO.... Prime Cost YES. 
Instructor 
Explanation: 
See Chapter 2. 
Question 2. Question : (TCO A) A cost incurred in the past that is not relevant to any current 
decision is classified as a(n) 
Student Answer: 
period cost. 
incremental cost. 
opportunity...