ACCT505
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4 SETS ACCT505 MIDTERM EXAM
- Exam (elaborations) • 24 pages • 2022
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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: 
In...
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