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4 SETS ACCT505 MIDTERM EXAM
ALL AC505 Week 4 Midterm
SET 1
QUESTION 1:
Wages paid to a timekeeper in a factory are a:
• Prime Cost YES.....Conversion Cost NO
• Prime Cost YES.....Conversion Cost YES
• Prime Cost NO....Conversion Cost NO
• Prime Cost NO.....Conversion Cost YES
QUESTION 2:
A cost incurred in the past that is not relevant to any current decision is classified as a(n):
• period cost.
• opportunity cost.
• sunk cost.
• differential cost.
QUESTION ...
4 SETS ACCT505 MIDTERM EXAM | ALL ANSWERS ARE CORRECT
Last document update:
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4 SETS ACCT505 MIDTERM EXAM
ALL AC505 Week 4 Midterm
SET 1
QUESTION 1:
Wages paid to a timekeeper in a factory are a:
• Prime Cost YES.....Conversion Cost NO
• Prime Cost YES.....Conversion Cost YES
• Prime Cost NO....Conversion Cost NO
• Prime Cost NO.....Conversion Cost YES
QUESTION 2:
A cost incurred in the past that is not relevant to any current decision is classified as a(n):
• period cost.
• opportunity cost.
• sunk cost.
• differential cost.
QUESTION ...
1. TCO F) Computing unit product costs involves averaging in:
Job-Order Costing Process Costing
A Yes No
B Yes Yes
C No Yes
D No No
(Points : 5)
Choice A.
Choice B.
Choice C.
Choice D.
2. (TCO F) Luft Company uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below:
Units Percent Complete with respect to Conversion
Beginning work in...
ACCT 505 WEEK 2 QUIZ 1 | GRADED A
Last document update:
ago
1. TCO F) Computing unit product costs involves averaging in:
Job-Order Costing Process Costing
A Yes No
B Yes Yes
C No Yes
D No No
(Points : 5)
Choice A.
Choice B.
Choice C.
Choice D.
2. (TCO F) Luft Company uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below:
Units Percent Complete with respect to Conversion
Beginning work in...
ACCT 505 WEEK 6 QUIZ-2
Grade Details - All Questions
1. Question : (TCO D) A company that has a profit can increase its return on investment by
Student Answer: increasing sales revenue and operating expenses by the same dollar amount.
increasing average operating assets and operating expenses by the same dollar amount.
increasing sales revenue and operating expenses by the same percentage.
decreasing average operating assets and sales by the same percentage.
...
ACCT 505 WEEK 6 QUIZ-2 | GRADED A
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ACCT 505 WEEK 6 QUIZ-2
Grade Details - All Questions
1. Question : (TCO D) A company that has a profit can increase its return on investment by
Student Answer: increasing sales revenue and operating expenses by the same dollar amount.
increasing average operating assets and operating expenses by the same dollar amount.
increasing sales revenue and operating expenses by the same percentage.
decreasing average operating assets and sales by the same percentage.
...
ACCT 505 FINAL EXAM.
Question 1.1. (TCO E) Installing a custom logo on a boat is a(n) (Points : 10)
batch-level activity.
product-level activity.
unit-level activity.
organization sustaining activity.
Question 2.2. (TCO G) Given the following data, what would ROI be?
Sales $70,000
Net operating income $10,000
Contribution margin $20,000
Average operating assets $50,000
Stockholder's equity $25,000
(Points : 10)
28.6%
20.0%
...
ACCT 505 FINAL EXAM. | UPDATED GUIDE
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ACCT 505 FINAL EXAM.
Question 1.1. (TCO E) Installing a custom logo on a boat is a(n) (Points : 10)
batch-level activity.
product-level activity.
unit-level activity.
organization sustaining activity.
Question 2.2. (TCO G) Given the following data, what would ROI be?
Sales $70,000
Net operating income $10,000
Contribution margin $20,000
Average operating assets $50,000
Stockholder's equity $25,000
(Points : 10)
28.6%
20.0%
...
ACCT 505 PRACTICE QUIZ 2
Student: ___________________________________________________________________________
1. Return on investment (ROI) can be decomposed into the asset turnover and the
A. gross margin ratio.
B. profit margin ratio.
C. operating margin ratio.
D. contribution margin ratio.
2. How will decreases in the following items affect return on investment (ROI)?
A. a
B. b
C. c
D. d
3. The CJP Company produces 10,000 units of item S10 annually at a total cost of...
ACCT 505 PRACTICE QUIZ 2 | VERIFIED ANSWERS
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ACCT 505 PRACTICE QUIZ 2
Student: ___________________________________________________________________________
1. Return on investment (ROI) can be decomposed into the asset turnover and the
A. gross margin ratio.
B. profit margin ratio.
C. operating margin ratio.
D. contribution margin ratio.
2. How will decreases in the following items affect return on investment (ROI)?
A. a
B. b
C. c
D. d
3. The CJP Company produces 10,000 units of item S10 annually at a total cost of...
1 CORRECT
Managerial accounting is concerned with:
A)
reporting financial information to stockholders.
B)
reporting financial information to regulators.
C)
providing information for use within the organization.
D)
the financial consequences of past activities.
2 CORRECT
Which of the following statements is not correct?
A)
A plan is always expressed in formal quantitative terms.
B)
Planning involves establishing goals and specifying ...
ACCT 505 CHAPTER 1 SELF-STUDY QUIZ | 100% CORRECT
Last document update:
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1 CORRECT
Managerial accounting is concerned with:
A)
reporting financial information to stockholders.
B)
reporting financial information to regulators.
C)
providing information for use within the organization.
D)
the financial consequences of past activities.
2 CORRECT
Which of the following statements is not correct?
A)
A plan is always expressed in formal quantitative terms.
B)
Planning involves establishing goals and specifying ...
DeVry University, Chicago - ACCT505/ACCT 505 Final Exam
Exam (elaborations) • 11
pages
• 2021
Week 8: Final Exam - Final Exam
1. (TCO E) Complying with regulations is a(n) (Points : 5)
batch-level activity.
product-level activity.
unit-level activity.
organization sustaining activity.
2. (TCO G) Given the following data, what would ROI be?
Sales $90,000
Net operating income $18,000
Contribution margin $40,000
Average operating assets $100,000
Stockholder's equity $250,000
(Points : 5)
7.2%
20.0%
18.0%
44.4%
Page 2
1. (TCO C) Madlem, Inc., produces and sells a...
DeVry University, Chicago - ACCT505/ACCT 505 Final Exam
Last document update:
ago
Week 8: Final Exam - Final Exam
1. (TCO E) Complying with regulations is a(n) (Points : 5)
batch-level activity.
product-level activity.
unit-level activity.
organization sustaining activity.
2. (TCO G) Given the following data, what would ROI be?
Sales $90,000
Net operating income $18,000
Contribution margin $40,000
Average operating assets $100,000
Stockholder's equity $250,000
(Points : 5)
7.2%
20.0%
18.0%
44.4%
Page 2
1. (TCO C) Madlem, Inc., produces and sells a...
Indirect labor is a part of
Prime cost and conversion cost share what common element of total cost?
On the Schedule of Cost of Goods Manufactured, the final Cost of Goods Manufactured figure represents
Which of the following would most likely be included as part of manufacturing overhead in the production of a wooden table?
Acct 505 Practice Midterm Problems,100%
Last document update:
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Indirect labor is a part of
Prime cost and conversion cost share what common element of total cost?
On the Schedule of Cost of Goods Manufactured, the final Cost of Goods Manufactured figure represents
Which of the following would most likely be included as part of manufacturing overhead in the production of a wooden table?
