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This paperwork ACC 561 Final Exam B. DONE.doc includes
answers to these exercises: 1) According to the Financial
Executives Institute, one function of the treasurer is . 2)
Budgets . 3) Department performance reports can be used to
help department heads determine . 4) Ethical accountants
are important to society because . 5) Below is a statement
from the Institute of Management Accountants' Statement of
Ethical Professional Practice. "Refrain from disclosing
confidential information acquired in the course of their work
except when authorized, unless legally obligated to do so." It
is an example of . 6) Which of the following is not a major
factor causing changes in management accounting today? 7)
refers to accounting information developed for managers
within an organization. A. Financial accounting 8) is the field
of accounting that develops information for external decision
makers such as stockholders, suppliers, banks, and
government regulatory agencies. 9) Launching a new product
line is an example of . 10) would not appear on the financial
statements for a sole 11) The is also called the statement of
financial 12) The accrual basis of accounting recognizes the
impact of transactions on the financial statements in the
period when . 13) The accounting convention of guides the
relative sophistication of the accounting system. 14) The
accounting convention of permits a company to immediately
expense assets (such as a garbage can) with small values and
long useful lives. 15) Mr. Bryant invested $50,000 cash in a
new corporation. The new corporation will record this
2. transaction with a debit to . 16) The difference between a
single and multiple step income statement is that a single
step income statement . 17) The Rebecca Company acquired
merchandise inventory costing $10,000 on September 1. The
company will not pay for the inventory until October 1. This
transaction will affect the Rebecca Company by increasing
the Merchandise Inventory account by $10,000 and 18)
Limited liability means that . 19) Which value chain function
would include depreciation on transportation 20) Number of
engineering hours is a likely cost driver for which value chain
function? 21) Which value chain function would include the
cost of computer-aided design equipment and cost to
develop the prototype of a product? 22) If the sales price per
unit is $100, the unit variable cost is $75, and total fixed costs
are $150,000, then the break even volume in dollar sales
rounded to the nearest whole dollar is 23) Knothole
Company sells desks at $480 per desk. The costs associated
with each desk are as follows: 24) Hug Me Company
produces dolls. Each doll sells for $20.00. Variable costs per
unit total $14.00, of which $6.25 is for direct materials and
$5.25 is for direct labor. If total fixed costs are $435,000, then
the break even volume in dollars is . 25) The method of
measuring cost functions is the least reliable. 26) Managers
should apply two principles to obtain accurate and useful
cost functions. These principles are . 27) of approximating
cost functions does not involve the analysis of past costs. 28)
is a name for a system that first accumulates overhead costs
for each of the activities of an organization, and then assigns
the costs of activities to the products, services, or other cost
objects that caused that activity. 29) is an example of the
external financial reporting purpose of the cost management
3. systems. 30) need cost accounting systems. 31) budgeting is
when budgets are formulated with the active participation of
all affected employees 32) models are mathematical models
of the master budget that can react to any set of assumption
about sales, costs, and product mix. 33) A sales forecast is .
34) Unit sales of Product A are currently 10,000, while unit
sales of Product B are double those of Product A. The com
General Questions - General Academic Questions
ACC 561 Latest Final Exam
Pack only the essentials if you're staying in a dorm. They're
not big and don't offer a great deal of organizational space.
Write down the essentials on a list, and do not buy
extraneous items when doing your shopping. Find some
things that can help you with organizing your things....
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