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ACCT 346 Midterm Exam Solution

ACCT 346 Midterm Exam Solution

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ACCT 346 Midterm Exam Solution

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ACCT 346 Midterm Exam Solution

1. Question: (TCO 1) Which of the following is not a difference between
financial accounting and managerial accounting?

2. Question : TCO 1) Which of the following statements regarding fixed costs
is true?

3. Question: (TCO 1) You own a car and are trying to decide whether or not to
trade it in and buy a new car. Which of the following costs is an opportunity
cost in this situation?

4. Question: (TCO 1) Shula’s 347 Grill has budgeted the following costs for a
month in which 1,600 steak dinners will be produced and sold: materials, $4,080;
hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and
other fixed costs, $600. Each steak dinner sells for $14.00 each. How much is
the budgeted variable cost per unit?

5. Question: (TCO 1) which of the following is an example of a manufacturing
overhead cost?

6. Question: (TCO 1) Product costs:

7. Question: (TCO 1) At December 31, 2010, WDT Inc. has a balance in the Work
in Process Inventory account of $62,000. At January 1, 2010, the balance was
$55,000. Current manufacturing costs for the year are $292,000, and cost of
goods sold is $284,000. How much is cost of goods manufactured?

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