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SOC 111
Margaret Buckby

-2-2 -2-2 -2-2 -2-2 -2-2 -2-2 -2-2 -2-2 -2-2 -2-2 -2-2 -2-2 -2-2 -2-2 -2-2 -2-2 -2-2 -2-2 -2-2 -2-2 -2-2 -2-2 -2-2 -2-2 ADMS 2510 -2-2 Fall 2013: Section B: Thursday, 4-7 pm; Professor Alison Beavis. There are 25, equally weighted questions. Answer all the questions by checking off the boxes on the question paper. Student name……………………………………………………………………….. Student #.................................................................................. 1.(1) Day-to-day decision making is most common to which of the following activities managers are expected to carry on in organizations? Strategy formulation. Directing and motivating. Planning. Controlling. 2.(1) Which of the following is NOT one of the five steps in the framework used to guide Six Sigma improvement efforts? Analyze. Control. Digitize. Measure. 3.(1) All three major professional accounting groups in Canada require their members to undertake professional development and/or continuing education. This practice is intended to directly satisfy which of these rules of ethical conduct? Integrity. Objectivity. Competence. Confidentiality. You may wish to also accept a integrity as an acceptable answer, but my preference is c competence. 4.(1) Both financial and managerial accounting rely on the same underlying financial data but there are major differences. ManagerialAccounting: Emphasizes financial consequences of past activities. Emphasizes precision. Emphasizes relevance. Must follow GAAP. 5.(1) Which of the following is the stakeholder group whose interests are to be directly and formally protected by effective corporate governance? Customers Creditors Shareholders Suppliers 6.(1) How should the cost of the fire insurance for a manufacturing plant be classified? Prime cost Product cost. Period cost. Variable cost. 7.(1) Which of the following should NOT be included as part of manufacturing overhead at a company that makes office furniture? Sheet steel in a file cabinet made by the company. Manufacturing equipment depreciation. Idle time for direct labour. Taxes on a factory building. 8.(1) What is the outcome if the cost of goods sold is greater than the cost of goods manufactured? Work-in-process inventory has decreased during the period. Finished goods inventory has increased during the period. Total manufacturing costs must be greater than cost of goods manufactured. Finished goods inventory has decreased during the period. 9.(1) The Zellers store in your home town is one of many Zeller's department stores across the province. Some of the costs associated with the store in your home town last month appear below: The Shoe Department is one of many departments in the home town store. The direct costs of the Shoe Department total: $80,000 $88,000 $97,000: $80,000 + $8,000 + $9,000 $108,000 10. (1) To what does the term differential cost refer? Adifference in cost that results from selecting one alternative instead of another. The benefit forgone by selecting one alternative instead of another. Acost that does not entail any dollar outlay, but which is relevant to the decision- making process. Acost that continues to be incurred even though there is no activity. Amanufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $2,700 and is paid at the beginning of the first year. Eighty percent of the premium applies to manufacturing operations and 20% applies to selling and administrative activities. What amounts should be considered product costs and period costs respectively for the first year of coverage? 11.(1) OptionA Option B Option C Option D 12. (1) Williams Company's direct labour cost is 25% of its conversion cost. If the manufacturing overhead cost for the last period is $45,000 and the direct materials cost is $25,000, what is the direct labour cost? $15,000. $60,000. $33,333. $20,000. CC = DL + MOH CC = .25CC + $45,000 .75CC = $45,000 CC = $60,000 DL = $15,000 13. (1) The most common accounting treatment of underapplied manufacturing overhead is to transfer it to the Manufacturing Overhead control account. True False 14. (1) During the month of May, Bennett Manufacturing Company purchases $43,000 of raw materials. The manufacturing overhead totals $27,000 and the total manufacturing costs
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