ACCT 434 Advanced Cost Management Entire Course
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ACCT 434 Advanced Cost Management Entire Course
ACCT 434 Week 1 DQ 1 ABC Journey
ACCT 434 Week 1 DQ 2 Workout Room
ACCT 434
Week 1 Quiz
1- (TCO 1) The average cost data are for
In-Sync Fixtures Company’s (a retailer) only two product lines, Marblette and
Italian Marble.
2- (TCO 1) The allocation of indirect
costs in an activity-based costing system
3- (TCO 1) Evaluating customer reaction
of the trade-off of giving up some features of a product for a lower price
would best fit which category of management decisions under activity-based
management?
4- (TCO 1) A company produces three
products; if one product is overcosted then
5- (TCO 1) To set realistic selling
prices
6- (TCO 1) Different products consume
different proportions of manufacturing overhead costs because of differences in
all of the following EXCEPT
7- (TCO 1) A well-designed,
activity-based cost system helps managers make better decisions because
information derived from an ABC analysis
8- (TCO 1) Companies use ABC system
information to
9- (TCO 1) For service organizations
that bill customers at a predetermined average rate, activity-based cost
systems can help to
10- (TCO 1) Danielle Company produces a special spray
nozzle. The budgeted indirect total cost of inserting the spray nozzle is
$180,000. The budgeted number of nozzles to be inserted is 60,000.
What is the budgeted indirect cost allocation rate for this activity?
ACCT
434 Week 2
ACCT 434 Week 2 DQ 1 (Flexible vs Static)
ACCT 434 Week 2 DQ 2 (Workout Room)
ACCT
434Week 2 Quiz
1- (TCO 2) Operating budgets and financial
budgets
2- (TCO 2) To gain the benefits of budgeting,
________ must understand and support the budget.
3- (TCO 2) Which budget is not necessary to
prepare the budgeted balance sheet?
4- (TCO 2) A feature of a standard-costing
system is that the costs of every product or service planned to be worked on
during the period can be computed at the start of that period. This
feature of standard costing makes it possible to
5- (TCO 2) An unfavorable variance indicates
that
6- (TCO 2) Which of the following statements
is true about overhead cost variance analysis using activity-based costing?
7- (TCO 2) Overhead costs have been increasing
due to all of the following except
8- (TCO 2) Katie Enterprises reports the
year-end information from 20X8 as follows: Sales (70,000 units) $560,000; Cost
of goods sold 210,000; Gross margin 350,000; Operating expenses 200,000; Operating
income $150,000. Katie is developing the 20X9 budget. In 20X9, the
company would like to increase selling prices by 4%, and as a result expects a
decrease in sales volume of 10%. All other operating expenses are
expected to remain constant. Assume that COGS is a variable cost and that
operating expenses are a fixed cost. What is budgeted sales for 20X9?
9- (TCO 2) Hester Company budgets
on an annual basis for its fiscal year. The following beginning and
ending inventory levels (in units) are planned for the fiscal year of July 1,
2008, through June 30, 2009.
10- (TCO 2) Information pertaining to Brenton Corporation’s
sales revenue is presented in the following table:
ACCT
434 Week 3
ACCT 434 Week 3 DQ 1 (Relevant Costs)
ACCT 434 Week 3 DQ 2 (Workout Room)
ACCT
434 Week 3 Quiz
1- (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?
2- (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?
3- (TCO 3) Which cost estimation method uses a
formal mathematical method to develop cost functions based on past data?
4- (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 20X8 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 are
the estimated total costs if Penny’s expects to sell 3,000 units next year?
5- (TCO 4) The formal process of choosing
among alternatives is known as a(n)
6- (TCO 4) When using the five-step decision
process, which one of the following steps should be done last?
7- (TCO 4) Sunk costs
8- (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?
9- (TCO 5) Throughput contribution equals
revenues minus
10- (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
ACCT
434 Week 4
ACCT 434 Week 4 DQ 1 (Accounting for Primary Products)
ACCT 434 Week 4 DQ 2 (Workout Room)
ACCT 434 Midterm Exam
ACCT
434 Week 5
ACCT 434 Week 5 DQ 1 (Pricing Decision)
ACCT 434 Week 5 DQ 2 (Workout Room)
ACCT
434 Week 5 Quiz
1- (TCO 7) Major influences of competitors,
costs, and customers on pricing decisions are factors of
2- (TCO 7) The first step in implementing
target pricing and target costing is
3- (TCO 7) The markup percentage is usually
higher if the cost base used is
4- (TCO 7) An understanding of life-cycle
costs can lead to
5- (TCO 7) Pritchard Company manufactures a
product that has a variable cost of $30 per unit. Fixed costs total
$1,500,000, allocated on the basis of the number of units produced.
Selling price is computed by adding a 20% markup to full cost. How much
should the selling price be per unit for 300,000 units?
6- (TCO 8) A product may be passed from one
subunit to another subunit in the same organization. The product is known
as
7- (TCO 8) Transfer prices should be judged by
whether they promote
8- (TCO 8) When an industry has excess
capacity, market prices may drop well below their historical average. If
this drop is temporary, it is called
9- (TCO 8) An advantage of using budgeted
costs for transfer pricing among divisions is that
10- (TCO 8) The seller of Product A has no idle capacity and can
sell all it can produce at $20 per unit. Outlay cost is $4. What is
the opportunity cost, assuming the seller sells internally?
ACCT
434 Week 6
ACCT 434 Week 6 DQ 1 (Evaluating Managers)
ACCT 434 Week 6 DQ 2 (Workout Room)
ACCT
434 Week 6 Quiz
1- (TCO 9) To guide cost allocation
decisions, the benefits-received criterion
2- (TCO 9) A challenge to using
cost-benefit criteria for allocating costs is that
3- (TCO 9) The MOST likely reason for
NOT allocating corporate costs to divisions include that
4- (TCO 9) Identifying homogeneous cost
pools
5- (TCO 9) The Hassan Corporation has an
electric mixer division and an electric lamp division. Of a $20,000,000
bond issuance, the electric mixer division used $14,000,000 and the electric
lamp division used $6,000,000 for expansion. Interest costs on the bond
totaled $1,500,000 for the year. What amount of interest costs should be
allocated to the electric lamp division?
6- (TCO 10) All of the following are
methods that aid management in analyzing the expected results of capital
budgeting decisions EXCEPT the
7- (TCO 10) Assume your goal in life is
to retire with $1.5 million. How much would you need to save at the end
of each year if interest rates average 5% and you have a 25-year work life?
8- (TCO 10) The definition of an annuity
is
9- (TCO 10) A “what-if” technique that
examines how a result will change if the original predicted data are not
achieved or if an underlying assumption changes is called
10- (TCO 10) Shirt Company wants to purchase a new cutting
machine for its sewing plant. The investment is expected to generate
annual cash inflows of $300,000. The required rate of return is 12% and
the current machine is expected to last for four years. What is the
maximum dollar amount Shirt Company would be willing to spend for the machine,
assuming its life is also four years? Income taxes are not considered.
ACCT
434 Week 7
ACCT 434 Week 7 DQ 1 (Quality and Performance)
ACCT 434 Week 7 DQ 2 (Workout Room)
ACCT
434 Week 7 Quiz
1- (TCO 11) The four cost categories in
a cost of quality program are
2- (TCO 11) ________ is a formal means
of distinguishing between random and nonrandom variation in an operating
process
3- (TCO 11) Which of the following is
NOT one of the steps in managing bottlenecks under the theory of constraints?
4- TCO 11) Scrap is an example of
5- (TCO 11) Regal Products has a budget
of $900,000 in 20X6 for prevention costs. If it decides to automate a
portion of its prevention activities, it will save $60,000 in variable
costs. The new method will require $18,000 in training costs and $120,000
in annual equipment costs. Management is willing to adjust the budget for
an amount up to the cost of the new equipment. The budgeted production
level is 150,000 units. Appraisal costs for the year are budgeted at
$600,000. The new prevention procedures will save appraisal costs of
$30,000. Internal failure costs average $15 per failed unit of finished
goods. The internal failure rate is expected to be 3% of all completed
items. The proposed changes will cut the internal failure rate by
one-third. Internal failure units are destroyed. External failure
costs average $54 per failed unit. The company’s average external
failures average 3% of units sold. The new proposal will reduce this rate
by 50%. Assume all units produced are sold and there are no ending
inventories. How much will appraisal costs change assuming the new prevention
methods reduce material failures by 40% in the appraisal phase?
6- (TCO 12) Which of the following is
NOT a major feature of a just-in-time production system?
7- (TCO 12) Quality costs include
8- (TCO 12) Which of the following statements
about the economic-order-quantity decision model is FALSE?
9- (TCO 12) When using a vendor-managed
inventory system to enhance the features of supply-chain management, a
challenging issue is
10- (TCO 12)
Liberty Celebrations, Inc., manufactures a line of flags. The annual
demand for its flag display is estimated to be 100,000 units. The annual
cost of carrying one unit in inventory is $1.60, and the cost to initiate a
production run is $40. There are no flag displays on hand but Liberty had
scheduled 60 equal production runs of the display sets for the coming year, the
first of which is to be run immediately. Liberty Celebrations has 250
business days per year. Assume that sales occur uniformly throughout the
year and that production is instantaneous.
If Liberty Celebrations does not maintain a safety stock, the estimated total carrying cost for the flag displays for the coming year is
If Liberty Celebrations does not maintain a safety stock, the estimated total carrying cost for the flag displays for the coming year is
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