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Purdue University
Krannert School of Management
MGMT 201 – Managerial Accounting I
Spring 2015
Practice Midterm Exam
This practice exam consists of 30 multiple choice questions on 11 pages (including this cover page).
Answer all questions.
No partial credit is available for multiple choice questions. Be sure to put your answers to the multiple choice questions on your Scantron form.
The exam is closed book. A basic four function calculator is permitted.
GOOD LUCK.
Please circle the best answer and fill-in the corresponding circle on your Scantron sheet.
Only answers on the Scantron will be scored.
1.
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All of these figures include data that pertain to job no. J42.
What is the total cost assigned to J42?
a.
b.
c.
d.
11.
$17,100
$16,200
$15,900
$15,000
Many traditional costing systems:
a. trace manufacturing overhead to individual activities and require the development of numerous activity-costing rates.
b. write off manufacturing overhead as an expense of the current period.
c. combine widely varying elements of overhead into a single cost pool.
d. use a host of different cost drivers (e.g., number of production setups, inspection hours, orders processed) to improve the accuracy of product costing.
MGMT 201 Practice Midterm Exam—Page 4
12.
Consider the following statements regarding traditional costing systems:
I. Overhead costs are applied to products on the basis of volume-related measures.
II. All manufacturing costs are easily traceable to the goods produced.
III. Traditional costing systems tend to distort unit manufacturing costs when numerous goods are made that have widely varying production requirements.
Which of the above statements is (are) false?
a. I only.
b. II only.
c. III only.
d. I and II.
13.
Saylor manufactures products X and Y, applying overhead on the basis of labor hours. X, a low-volume product, requires a variety of complex manufacturing procedures. Y, on the other hand, is both a high-volume product and relatively simplistic in
Please answer all questions in this exam. Answers to the multiple choice questions need to be filled in on the scantron sheets (remember to use pencil to fill in the circles) and also circled on the exam itself. Answers to the short answer questions should go in the exam booklet provided. All three components (scantron sheets, exam booklets, paper copy of exam) should be turned in at the conclusion of the exam.
(TCO 4) Which of the following is not one of the guidelines for administering discipline?
Three examinations will be administered. The exams will consist of multiple choice questions and problems. Problems will be similar to those covered in class or those given as homework assignments.
and types of questions) will be presented at the start of the class prior to the exam. The
1. This is a closed book exam. You may only have pens, pencils , a calculator and one cheat sheet double sided on 8 ½ by 11 paper at your desk.
This practice exam covers a selection of the types of questions that may be asked in the
Explain the theme of the book (summary/overview) in your own words, and why this is important to our understanding of the information technology.
The following are study questions for the examination. The examination will be a closed-book examination.
3. Briefly describe how the current production cost assignment system works. What are the consumption ratios (activity percentages) for assigning manufacturing overhead to each product at present?
Type the letter that represents the best answer to each of the multiple choice questions. Answer all questions in this section. Each question is worth 1 point.
This quiz consist of 20 multiple choice questions and covers the material in chapters 1 through 4. There are five questions from each chapter. Be sure you are in the correct Chapter when you take the quiz.
1. Use the Overhead Cost Activity Analysis in Exhibit 5 and other data on manufacturing
By resolving these issues, we can come up with a recommendation that will justify the Sales Department’s need to adjust the current selling prices of their products.
My purpose in writing this book is to give you the knowledge to succeed. I have written it to be as close as I can to the actual test; however, I do not claim that this practice exam is the same as the real test. The questions I’ve included are only examples of the ones that are asked on the actual exam. They are not the actual questions. That would be impossible because the questions
the population and workforce will grow more rapidly than at any time since the 1930s