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Exam Review Acc 610

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1) Both managerial and financial accounting are governed by GAAP a) True b) False

2) Management accounting information is only used by manufacturing organizations. a) True b) False

3) The managerial activity of monitoring a plan’s implementation and taking corrective action as needed is referred to as decision-making. a) True b) False

4) Expired costs are called assets. a) True b) False

5) A cost object is any item such as products, customers, departments, regions, and so on, for which costs are measured and assigned. a) True b) False

6) Period costs are those costs associated with the manufacture of goods or the providing of services. a) True b) False

7) …show more content…

If Melody wants to earn an operating profit of $880, how many units must it sell? A) 1,480 B) 1,260 C) 1,040 D) 62 E) 247

Figure 1. Xeller Company makes electronic keyboards. The practice model price is $220 and variable expenses are $190. The deluxe model price is $340 and variable expenses are $250. The professional model price is $1,200 and variable expense per unit is $800. Total fixed expenses are $187,000. Generally, Xeller sells 6 practice models and 3 deluxe models for every professional model sold.

27) Refer to Figure 1. Using the sales mix stated in the facts from Figure 1 to form a package, what is the total package contribution margin? A) $850 B) $450 C) $520 D) $1,890 E) $587

28) Refer to Figure 1. What is the number of practice models sold at breakeven? A) 850 B) 220 C) 180 D) 1,320 E) 440

29) Refer to Figure 1. What is the number of deluxe models sold at breakeven A) 220 B) 660 C) 1,320 D) 850 E) 440

30) Refer to Figure 1. What is the number of professional models sold at breakeven? A) 220 B) 850 C) 400 D) 4,675 E) 440

31) Refer to Figure 1. What is the overall sales revenue at breakeven? A) $778,800 B) $387,200 C) $1,288,700 D) $2,067,800 E) $968,000

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