Acct505 Study guides, Class notes & Summaries
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Exam (elaborations) AC C311 (acct505)
- Exam (elaborations) • 8 pages • 2022
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Exam questions and answers
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4 SETS ACCT505 MIDTERM EXAM
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4 SETS ACCT505 MIDTERM EXAM ALL AC505 Week 4 Midterm SET 1 QUESTION 1: Wages paid to a timekeeper in a factory are a: • Prime Cost YES.....Conversion Cost NO • Prime Cost YES.....Conversion Cost YES • Prime Cost NO....Conversion Cost NO • Prime Cost NO.....Conversion Cost YES QUESTION 2: A cost incurred in the past that is not relevant to any current decision is classified as a(n): • period cost. • opportunity cost. • sunk cost. • differential cost. QUESTION 3: Inventoriable cost...
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ALL 4 SETS ACCT505 MIDTERM EXAM
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ALL 4 SETS ACCT505 MIDTERM EXAM
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ACCT505 Midterm Exam 4 Sets
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ACCT505 Midterm Exam 4 Sets 
ALL AC505 Week 4 Midterm 
SET 1 
QUESTION 1: 
Wages paid to a timekeeper in a factory are a: 
 Prime Cost YES.....Conversion Cost NO 
 Prime Cost YES.....Conversion Cost YES 
 Prime Cost NO....Conversion Cost NO 
 Prime Cost NO.....Conversion Cost YES 
QUESTION 2: 
A cost incurred in the past that is not relevant to any current decision is classified as a(n): 
 period cost. 
 opportunity cost. 
 sunk cost. 
 differential cost. 
QUESTION 3: 
I...
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ALL 4 SETS ACCT505 MIDTERM EXAM.
- Exam (elaborations) • 24 pages • 2021
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ALL 4 SETS ACCT505 MIDTERM EXAM.
And that's how you make extra money
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ACCT 505 Final with Answers (ACCT505)
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Exam (elaborations) ACCT 505 Final with Answers (ACCT505) 
1. (TCO F) Sandler Corporation bases its predetermined overhead rate on the estimated machine hours 
for the upcoming year. Data for the upcoming year appear below. 
Estimated machine hours 73,000 
Estimated variable manufacturing overhead $3.49 per machine hour 
Estimated total fixed manufacturing overhead $838,770 
Required: 
Compute the company's predetermined overhead rate. (Points : 25) 
Answer 
Computer Overhead Rate 
Fixed Manuf...
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Exam (elaborations) Acct 505 Federal Tax Final Exam (ACCT505)
- Exam (elaborations) • 10 pages • 2021
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Exam (elaborations) Acct 505 Federal Tax Final Exam (ACCT505) 
Keller Graduate School of Management 
AC551 Federal Taxes and Decisions 
Final Exam – Professor Abner 
TRUE-FALSE QUESTIONS—CHAPTER 10 
1. Terry Trumbull purchased a tract of land. In order to have city water, he had to pay the water 
company $5,000 to extend the water line to his property. The $5,000 cost is an addition to the 
basis of the land. TRUE 
2. When property that is subject to an existing debt is purchased, the basis...
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Exam (elaborations) Acct 505 Federal Tax Final Exam (ACCT505)
- Exam (elaborations) • 10 pages • 2021
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Exam (elaborations) Acct 505 Federal Tax Final Exam (ACCT505) 
1. Terry Trumbull purchased a tract of land. In order to have city water, he had to pay the water 
company $5,000 to extend the water line to his property. The $5,000 cost is an addition to the 
basis of the land. TRUE 
2. When property that is subject to an existing debt is purchased, the basis of the property is the 
amount of cash paid initially plus the unpaid debt to which the property is subject. TRUE 
3. The basis for nonbusi...
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Exam (elaborations) 4_Sets_ACCT505_Midterm_Exam
- Exam (elaborations) • 23 pages • 2021
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Wages paid to a timekeeper in a factory are a: 
 Prime Cost YES.....Conversion Cost NO 
 Prime Cost YES.....Conversion Cost YES 
 Prime Cost NO....Conversion Cost NO 
 Prime Cost NO.....Conversion Cost YES 
QUESTION 2: 
A cost incurred in the past that is not relevant to any current decision is classified as a(n): 
 period cost. 
 opportunity cost. 
 sunk cost. 
 differential cost. 
QUESTION 3: 
Inventoriable costs are also known as: 
 variable costs 
 conversion co...
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Exam (elaborations) ACCT 505 Final with Answers (ACCT505)
- Exam (elaborations) • 7 pages • 2021
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- $10.49
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Exam (elaborations) ACCT 505 Final with Answers (ACCT505) 
1. (TCO F) Sandler Corporation bases its predetermined overhead rate on the estimated machine hours 
for the upcoming year. Data for the upcoming year appear below. 
Estimated machine hours 73,000 
Estimated variable manufacturing overhead $3.49 per machine hour 
Estimated total fixed manufacturing overhead $838,770 
Required: 
Compute the company's predetermined overhead rate. (Points : 25) 
Answer 
Computer Overhead Rate 
Fixed Man...
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