Cost Accounting
Midterm Exam
Course Introduction
Cost Accounting is a foundational course that explores the principles, methods, and techniques used to collect, analyze, and report cost data for internal decision-making within organizations. The course covers topics such as cost concepts and classification, cost behavior, job order and process costing systems, activity-based costing, budgeting, standard costing, and variance analysis. Students will learn how cost information is used to plan, control, and evaluate business operations, as well as to support strategic decisions such as pricing, product mix, and make-or-buy choices. Throughout the course, practical examples and case studies illustrate the application of cost accounting in diverse business settings.
Recommended Textbook
Horngren's Accounting Volume 2 10th Canadian Edition by Tracie L. Miller Nobles
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7 Chapters
1392 Verified Questions
1392 Flashcards
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Page 2
Chapter 1: Partnerships
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202 Verified Questions
202 Flashcards
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Sample Questions
Q1) If there is no bonus on the admission of a new partner,this means that there is no cash changing hands.
A)True
B)False
Answer: False
Q2) When a partner contributes an asset with an outstanding obligation into a partnership,such as a building with a mortgage,the obligation is transferred to the partnership.
A)True
B)False Answer: True
Q3) A partnership has a continuous life.
A)True
B)False Answer: False
Q4) One of the disadvantages of a partnership is relationships among partners may be fragile.
A)True
B)False Answer: True
Page 3
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Chapter 2: Corporations: Share Capital and the Balance Sheet
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180 Verified Questions
180 Flashcards
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Sample Questions
Q1) Overton Company had the following transactions in 2013,its first year of operations. -Issued 5,000 common shares at \( \$ 30.00 \) per share
- Earned net income of \( \$ 200,000 \).
- Paid dividends of \( \$ 5.00 \) per share. At the end of 2013,how much is the total contributed capital?
A) $150,000
B) $325,000
C) $175,000
D) $200,000
Answer: A
Q2) Refer to Table 13-3.What is the dividend per share to preferred and common shareholders?
A) $12.00 to preferred, $1.33 to common
B) $4.00 to preferred, $4.00 to common
C) $12.00 to preferred, $4.00 to common
D) $8.00 to preferred, $2.67 to common
Answer: A
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4
Chapter 3: Corporations: Retained Earnings and the
Income Statement
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205 Verified Questions
205 Flashcards
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Sample Questions
Q1) Cardinal Corporation reports net income for 2017 of $100,000.Cardinal Corporation had outstanding for all of 2017 10,000 shares of cumulative $5 preferred shares.On January 1,2017,Cardinal had outstanding 50,000 common shares.On October 1,2017,Cardinal Corporation issued 20,000 common shares for cash.Earnings per share is:
A) $1.43
B) $0.71
C) $1.82
D) $0.91
Answer: D
Q2) The statement of Retained Earnings will always show an increase for dividends declared in the year.
A)True
B)False
Answer: False
Q3) Refer to Table 14-5.The balance in the common shares account after the declaration of a 10% common stock dividend is: __________.
Answer: same balance of $400,000
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Page 5
Chapter 4: Long-Term Liabilities
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186 Verified Questions
186 Flashcards
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Sample Questions
Q1) Refer to Table 15-1.The entry to record the issuance of the bonds on June 1,2017,at 96.5 includes a:
A) credit to Cash for $37,500
B) debit to Discount on Bonds Payable for $35,000
C) credit to Bonds Payable for $965,000
D) credit to Interest Payable for $75,000
Q2) Jones Corporation issues $400,000,10%,five-year bonds at face value.The total interest expense over the life of the bonds is:
A) $40,000
B) $400,000
C) $200,000
D) $8,000
Q3) Refer to Table 15-1. Assuming the bonds were issued on June 1,2017,at 97.5,and the company uses the straight-line method of amortization,the adjusting entry on December 31,2017,to accrue the interest and record applicable amortization would include a:
A) credit to Cash for $6,250
B) debit to Interest Expense for $6,354
C) credit to Discount on Bonds Payable for $625
D) credit to Discount on Bonds Payable for $208
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Chapter 5: Investments and International Operations
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191 Verified Questions
191 Flashcards
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Sample Questions
Q1) Under the equity method of accounting for share investments,dividends paid by the investee are recorded by the investor as a:
A) debit to the Investment in Common Shares account
B) credit to the Investment in Common Shares account
C) credit to Dividend Revenue
D) No entry is made to record dividends.
Q2) After the receipt of the stock dividend,a corporation's cost per share in the shares of the investee will:
A) increase
B) decrease
C) remain the same
D) be reduced by 50%
Q3) Short-term investments are reported on the balance sheet at:
A) their original cost
B) their market value
C) the lower of their original cost or year-end market value
D) original cost less cumulative dividends received from the investment plus cumulative equity in income of the investee
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Chapter 6: The Cash Flow Statement
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207 Verified Questions
207 Flashcards
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Sample Questions
Q1) The distribution of a stock dividend would appear in the:
A) operating activities section
B) financing activities section
C) investing activities section
D) It would not appear on the cash flow statement.
Q2) The cash flow statement is divided into operating,investing,and financing activities.
A)True
B)False
Q3) If accounts receivable increased $15,000 during the period,and sales totalled $135,000 for the same period,cash collections from customers were $120,000.
A)True
B)False
Q4) The acquisition of land through the issuance of common shares would be a noncash investing and financing activity not reported on the cash flow statement but would be reported in the notes.
A)True
B)False
Q5) The most important long-run source of cash inflow
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Chapter 7: Financial Statement Analysis
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214 Verified Questions
214 Flashcards
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Sample Questions
Q1) When calculating trend percentages,all percentages shown are relative to:
A) the immediately preceding year
B) the current year
C) the base year
D) an average index calculated for all the years shown
Q2) Refer to Table 18-2.If net sales increased 15%,and cost of goods sold increased 20%,gross margin would:
A) increase 10%
B) decrease 15%
C) increase 20%
D) decrease 10%
Q3) Current assets divided by current liabilities
Q4) The acid-test ratio is calculated as:
A) (total current liabilities)/(total current assets)
B) (cash + short-term investments + net current receivables)/(total current liabilities)
C) (cash + short-term investments + net current receivables)/(total current assets)
D) (total current assets)/(total current liabilities)
Q5) A financial statement that reports only percentages
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