Acct 346 Week 8 Final Exam Essay

704 Words Jun 20th, 2015 3 Pages
ACCT 346 Week 8 Final Exam

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Page 1
1. (TCO 1) A difference between actual costs and planned costs (Points : 4)
2. (TCO 1) Which of the following is not likely to be a fixed cost? (Points : 4)
3. (TCO 2) Which of the following is not a manufacturing cost? (Points : 4)
4. (TCO 2) A job-order costing system is likely used by a (Points : 4)
5. (TCO 3) Equivalent units are calculated by (Points : 4)
6. (TCO 3) The Freedom Corporation’s painting department had a beginning inventory of 580 units, which had direct material costs of $22,715. During June, 9,290 units were started and costs of $1,268,085 were incurred for direct material. Ending
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(TCO 10) Which budget is prepared first? (Points : 4)
8. (TCO 10) The difference between standard costs and budgeted costs is that standard costs (Points : 4)
9. (TCO 10) The overhead volume variance indicates that (Points : 4)
10. (TCO 10) A subunit that has responsibility for controlling cost but not revenues is a(n) (Points : 4)
11. (TCO 10) Which of the following is not an advantage of decentralization for a company? (Points : 4)
12. (TCO 10) The ratio that measures the return earned independently of how the firm is financed is the (Points : 4)
Page 3
1. (TCO 1) Distinguish between product costs and period costs. Define both types of costs and provide examples. (Points : 20)
2. (TCO 6) Pacific Airlines has three service departments; ticketing, baggage handling, and aircraft maintenance. Costs of these departments are allocated to two revenue producing departments, domestic and international flights. Costs for the service departments are not separated into fixed and variable and the totals are as follows:
3. (TCO 10) 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:
4. (TCO 2) Singleton Company is trying to determine a predetermined manufacturing overhead. Estimated overhead for the upcoming year is

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