#acct 346

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Question 1.1. (TCO 4) Assumptions underlying cost-volume-profit analysis include all of the following, except: (Points : 5)

Question 2.2. (TCO 6) Which of the following is true about activity-based costing? (Points : 5)

ACCT 346 Week 8 Final Exam

ACCT 346 Week 8 Final Exam

1.Question :

(TCO 1) The principle managers follow when they only investigate significant departures from the plan is commonly known as

Points Received:

4 of 4

2.Question :

(TCO 1) Which of the following is not likely to be a fixed cost?

Points Received:

4 of 4

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ACCT 346(Managerial Accounting) Final Exam  - LATEST 

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 Question 1.1. (TCO 1) How does managerial and financial accounting differ in terms of the amount of detail presented and nonmonetary and monetary information? (Points : 15)

 Question 2.2. (TCO 2) What is an indirect labor cost?  What is an example of an indirect labor cost?  (Points : 15)

 Question 3.3. (TCO 3) What is the difference between job order and process costing?  (Points : 15)

 Question 4.4. (TCO 4)  What is a fixed cost?  What is an example of a fixed cost? (Points : 15)

 Question 1.1. (TCO 5) What is full costing?  How does it differ from variable costing? (Points : 15)

 Question 2.2. (TCO 6)  What is the first step in the cost allocation process? What is done in this step? (Points : 15)

 Question 3.3. (TCO 7)  What is an incremental cost?  What is an example of one? (Points : 15)

 Question 4.4. (TCO 8) What is activity-based pricing?  How is the price determined? (Points : 15)

 Question 1.1. (TCO 6) Name the steps in the ABC approach.  Describe each of them.  Which do you think is the most important step? Why? (Points : 30)

 Question 2.2. (TCO 7) Products Kappa and Sigma are joint products. The joint production cost of the products is $800. Kappa has a market value of $450 at the split-off point. If Kappa is further processed at an additional cost of $600, its market value is $1,400. Product Sigma has a market value of $1,150 at the split-off point. If Product Sigma is further processed at an additional cost of $300, its market value is $1,400. Using the relative sales value method, calculate the joint product cost that would be allocated to Kappa and Sigma.  How do you know if one of the products should be further processed?  (Points : 30)

 Question 3.3. (TCO 8) A company must incur annual fixed costs of $4,000,000 and variable costs of $400 per unit and estimates that it can sell 40,000 pumps annually and marks up cost by 30 percent.  Using cost-plus pricing, what is the cost per unit and the price? What are advantages and disadvantages of cost-plus pricing?(Points : 30)

  Question 1.1. (TCO 9) A project will require an initial investment of $250,000 and will return $50,000 each year for seven years. If taxes are ignored and the required rate of return is 9%, what is the project's net present value? Based on this analysis, should the company proceed with the project? (Points : 30)

 Question 2.2. (TCO 10) Why does a company perform ratio analysis?  What are the debt-related ratios?  Describe the formula for one debt-related ratio and explain how to interpret the ratio. (Points : 30)

 Question 1.

Question :

(TCO 1) Who are the users of    managerial accounting information?  How does their use of accounting    information differ from the users of financial accounting information?

  (TCO 2) What is an indirect labor cost?  What is an example of an indirect labor cost? 

 TCO 3)  What is job-order costing?  What type of company would us job-order costing?

 (TCO 4)  What is a variable cost?  What is an example  of a variable cost?

 (TCO 5) What is full costing?  How does it differ from  variable costing?

 (TCO 6)  Explain why companies might choose to allocate the  costs of their service departments (ie. Human Resources, Maintenance,  Mailroom, etc...) to their production departments.  Also describe some  typical bases companies use to base their allocations on.  Last, what  should a company be mindful of when analyzing the profitability of segments  that have allocated costs. 

  (TCO 7)  What is an incremental cost?  What is an  example of one?

  (TCO 8)  What is cost plus pricing?  How does the  company determine the profit level?

 Gina's Boutique makes custom jewelry. One item, the guru  necklace, is a best seller and sales in units for the first quarter are as  follows: 

 Acme Fireworks uses a traditional overhead allocation based on  direct labor hours. For the current year overhead is estimated  at $1,000,000 and direct labor hours are budgeted at 200,000  hours. Actual hours worked were 195,000 and actual overhead was  $978,000. 

 Question :

(TCO 9) A project will require    an initial investment of $300,000 and will return $75,000 each year for    eight years. If taxes are ignored and the required rate of return is 9%,    what is the project's net present value? Based on this analysis, should the    company proceed with the project?