Mizzou ACCTCY 2037 - fall 06 final (16 pages)

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fall 06 final



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fall 06 final

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Pages:
16
School:
University of Missouri
Course:
Acctcy 2037 - Accounting II

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Acct 2037 Exam 3 Fall 2006 150 points 120 minutes Name Lab Time Student ID Lab Instructor Instructions 1 This exam consists of 8 problems Problem 1 consists of 20 multiple choice questions You should use the template on the back of this page to show your answers to the multiple choice There should not be any blank pages If you are missing a problem or page notify your TA before beginning this exam Do not tear any pages out of this exam 1 This is a long test Allocate your time wisely do troublesome items last Show and label all your work on the exam in the space provided We cannot give ANY credit on the openended problems without seeing your work 1 When you are finished turn the exam in to your TA At this time have your Student ID ready so it can be checked Multiple Choice Answer Sheet 1 1 1 2 1 3 1 4 1 5 1 6 1 7 1 8 1 9 1 10 1 11 1 12 1 13 1 14 1 15 1 16 1 17 1 18 1 19 1 20 Problem 1 Multiple Choice 40 points 2 points each Choose the best answer for each question 1 The increase in total cost that would result from initiating a new product line is called a A sunk cost b An out of pocket cost c An opportunity cost d An incremental cost 2 Under conditions of scarce resources the product that should be manufactured is the one that provides the highest a Sales price per unit of the product b Contribution margin per unit of the product c Contribution margin per unit of the resource d Gross profit per unit of the resource 3 If the actual quantity of materials used is less than the standard quantity the entry to record the use of direct materials would include a decrease in a Raw Materials Inventory b Accounts Payable c Direct Materials Quantity Variance d Direct Materials Price Variance 4 Which of the following methods must be used for financial purposes if it is used for tax purposes a FIFO b LIFO c Average cost d Specific identification 5 When a company evaluates long term investment proposals which of the following should not be considered a The time value of money b



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