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6A:002 Managerial Accounting
Midterm 1 Exam
1. This exam contains 40 questions. Each question is worth 5 points. There are 200 total points on the exam.
2. Show your work. We may look for carry-through errors or check to see how you arrived at your answer.
Show your work clearly so that you, and we, can understand the logic of what you are doing.
Failing to show your work could result in no credit for your answer even if you have the correct answer written on the answer sheet.
3. Round your answer. Round numbers bigger than 1,000 to the nearest whole number. Round numbers less than or equal to 1,000 to four decimal places. For example,
$1,500.64 should be rounded to $1,501
$933.16784778 should be rounded to $933.1678
4. Write your answers on the answer sheet. The answer sheet is the last page of the exam. Detach the answer sheet from your exam. You can also separate the pages of your exam if you find that helpful. We will restaple your exam when you hand it in.
5. Plan your time. You will not be given extra time at the end of the exam to write your answers on the answer sheet. 5. This is a "closed book, closed notes" exam. You may NOT use your book, notes, cell phones, programmable calculators, other students’ exams, or any other references during the exam.
6. You have two hours to complete the exam.
7. This exam has 18 pages including this cover sheet. Most of this is blank space for you to use in analyzing the problems. Check your exam and notify the proctor if pages are missing.
8. The proctor can answer only simple questions clarifying the English language. Other types of questions will not be answered.
9. Using any resource that gives you an unfair advantage over other students is cheating. You need only a pencil, eraser, and simple calculator for this exam. Using or viewing any other material, including cell phones or other students’ exams, will be considered cheating regardless of the circumstances. In such cases, you will receive 0 points for the exam and not be allowed to replace the grade.
After completing your exam, sign and date the Honor Pledge below. If you cannot truthfully sign the pledge, you must contact your professor or a proctor before turning in your exam.
On my honor, I pledge that during this examination I neither gave nor received any assistance.
Spring 2013 – Midterm 1 Exam
When necessary, round your answers. Round numbers greater than or equal to 1,000 to the nearest whole number. Round numbers less 1,000 to four decimal places.
Write your answers on the answer sheet on the last page of the exam. You will not be given extra time at the end of the exam to write your answers on the answer sheet.
Show your work. Failing to show your work may result in no credit even if your answer is correct.
1. Which of the following statements are true? Write the letters associated with true statements on the line provided on the answer sheet. If none of the statements are true, write NONE as your answer.
A. Customer value propositions consist of business functions that add value to a company’s products, such as research and development, product design, and distribution.
B. Firms like Amazon are permitted to inventory shipping-out costs because those costs are key components of earning sales revenue.
C. The following three costs all include direct labor as a component: product costs, manufacturing costs, conversion costs.
D. The cost object determines which costs are direct and which are indirect.
E. The firm’s mandatory managerial accounting reports are prepared according to Generally Accepted