ACCT 434 Week 3 Quiz

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ACCT 434 Week 3 Quiz

1.Question :(TCO 3) Dougherty Company employs 20 individuals.  Eight employees are paid $12 per hour and the rest are salaried employees paid $3,000 a month.  How would total costs of personnel be classified?
Student Answer: Fixed cost within relevant range
 Variable
 Mixed
 Variable cost within relevant range

 

Question 2.Question :(TCO 3) For January, the cost components of a picture frame include $0.35 for the glass, $0.65 for the wooden frame, and $0.80 for assembly.  The assembly desk and tools cost $400.  A total of 1,000 frames is expected to be produced in the coming year.  What cost function best represents these costs?
Student Answer: y = 1.80 + 400X
 y = 400 + 1.80X
 y = 2.20 + 1,000X
 y = 1.00 + 400X

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Question 3.Question :(TCO 3) Which cost estimation method uses a formal mathematical method to develop cost functions based on past data?
Student Answer: Quantitative analysis
 Industrial engineering
 Account analysis
 Conference

 

Question 4.Question :(TCO 3) Penny’s TV and Appliance Store is a small company that has hired you to perform some management advisory services.  The following information pertains to 20X2 operations.  Sales (2,000 televisions) $900,000; Cost of goods sold $400,000; Store manager’s salary per year $70,000; Operating costs per year $157,000; Advertising and promotion per year $15,000; Commissions (4% of sales) $36,000.  What was the variable cost per unit sold for 20X2?
Student Answer: $200
 $339
 $218
 $18

 

Question 5.Question :(TCO 4) Feedback regarding previous actions may affect
Student Answer: implementation of the decision.
 future predictions.
 the decision model.
 All of the above

 

Question 6.Question :(TCO 4) For decision making, a listing of the relevant costs
Student Answer: will help the decision maker concentrate on the pertinent data.
 will only include future costs.
 will only include costs that differ among alternatives.
 All of the above

 

Question 7.Question :(TCO 4) A computer system installed last year is an example of a(n)
Student Answer: avoidable cost.
 differential cost.
 relevant cost.
 sunk cost.

 

Question 8.Question :(TCO 4) Northwoods Incorporated manufactures rustic furniture.  The cost accounting system estimates manufacturing costs to be $90 per table, consisting of 80% variable costs and 20% fixed costs.  The company has surplus capacity available.  It is Northwoods’ policy to add a 50% markup to full costs.  A large hotel chain is currently expanding and has decided to decorate all new hotels using the rustic style.  Northwoods is invited to submit a bid to the hotel chain.  What is the lowest price per unit Northwoods should bid on this long-term order?
Student Answer: $63
 $135
 $90
 $72

 

Question 9.Question :(TCO 5) The theory of constraints is used for cost analysis when
Student Answer: a manufacturing company produces multiple products and uses multiple manufacturing facilities and/or machines.
 using a long-term time horizon.
 operating costs are assumed fixed.
 All of the above

 

Question 10.Question :(TCO 5) A machine has been identified as a bottleneck and the source of the constraint for a manufacturing company that has multiple products and multiple machines.  One way the company can overcome the bottleneck is
Student Answer: eliminating idle time at the bottleneck operation.  Extra staffing at the bottleneck would be a possibility, particularly if numerous manual type tasks were involved.
 concentrate on processing those parts or products that increase throughput contribution, not parts or products that remain in finished goods or spare parts inventories.
 solicit the opinions of the factory workers for ideas as to how the design of the manufacturing process can be simplified.
 All of the above

 

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