(New) final exam for acc 561 all correct answers 100%
ACC/561 Final Exam ANSWERS ARE HERE Quality and inexpensive:P.S. Your questions will be chosen randomly from a large setof questions. Nobody can guarantee that these questions willcover completely your exam. If I helped you please leave “A”feedback (I need it very much). Thank you and good luck...1) Performance reports _____.A. ignore areas that are presumed to be running smoothlyB. provide feedback by comparing results with plans and by highlighting deviations from plansC. are deviations from a planD. are quantitative expressions of action plans2) Budgets _____.A. ignore areas that are presumed to be running smoothlyB. are deviations from a planC. are quantitative expressions of action plansD. provide feedback by comparing results with plans and by highlighting deviations from plans3) According to the Financial Executives Institute, one function of the treasurer is _____.A. government reportingB. reporting and interpreting financial informationC. Short term financingD. tax administration4) Which of the following is not a major factor causing changes in management accountingtoday?A. E-commerce is not a major factor.B. Declining work ethic is not a major factor.C. Increased global competition is not a major factor.D. Increasing importance of the service sector of the economy is not a major factor.5) Below is a statement from theInstitute ofManagement Accountants’ Statement of EthicalProfessional Practice. “Refrain from disclosing confidential information acquired in the course oftheir work except when authorized, unless legally obligated to do so.” It is an example of _____.A. integrityB. competence
C. confidentialityD. objectivity6) Ethical accountants are important to society because _____.A. none of these answers is correctB. they pay their taxesC. the information produced is reliableD. they will not go to prison and waste taxpayers money7) _____ refers to accounting information developed for managers within an organization.A. Tax accountingB. Financial accountingC. Managerial accountingD. Internal auditing8) The primary users of management accounting information are _____.A. suppliersB. internal decision makersC. governmental regulatory authoritiesD. bankers9) _____ is the field of accounting that develops information for external decision makers suchas stockholders, suppliers, banks, and government regulatory agencies.A. Financial accountingB. Management accountingC. Tax accountingD. Auditing10) The _____ is also called the statement of financial position.A. balance sheetB. income statementC. statement of retained earningsD. statement of cash flows11) Any event that affects the financial position of an organization and requires recording iscalled a(n)_____.A. accountB. transactionC. postingD. accounting change12) _____ would not appear on the financial statements for a sole proprietorship.A. Cost of Goods SoldB. Paid-in CapitalC. Accumulated DepreciationD. Unearned Sales Revenues13) The accounting convention of _____ guides the relative sophistication of the accounting
system.A. cost benefitB. objectivityC. ConservatismD. materiality14) Mr. Bryant invested $50,000 cash in a new corporation. The new corporation will record thistransaction with a debit to_____.A. Cash and a credit to Retained Income for $50,000B. Cash and a credit to Paid-in Capital for $50,000C. Retained Earnings and a credit to Cash for $50,000D. Paid-in Capital and a credit to Retained Earnings for $50,00015) The accounting convention of _____ means selecting the method of measurement thatyields the gloomiest immediate results.A. objectivityB. conservatismC. cost benefitD. materiality16) The statement of cash flows is used for all of the following except_____.A. determining a companys ability to pay its debts when they are dueB. evaluating the creditworthiness of the organizationC. showing the relationship of net income to changes in cashD. revealing commitments that may restrict future courses of action17) 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 theRebecca Company by increasing the Merchandise Inventory account by $10,000 and _____.A. decreasing the Accounts Payable account by $10,000B. decreasing the Capital account by $10,000C. increasing the Accounts Payable account by $10,000D. increasing the Capital account by $10,00018) Nonoperating items on the income statement_____.A. reflect the effects of financial management decisionsB. appear on the income statement immediately after gross profitC. are revenues and expenses arising from adjusting entriesD. appear only on corporate income statements19) Which value chain function would include depreciation on transportation cost?A. The customer service function would include depreciation on transportation cost.B. The marketing function would include depreciation on transportation costC. The distribution function would include depreciation on transportation cost.D. The production function would include depreciation on transportation cost.20) Which value chain function would include advertising costs?A. The customer service function would include advertising costs.B. The production function would include advertising costs.C. The distribution function would include advertising costs.
D. The marketing function would include advertising costs.21) Which of the following is not a cost driver of customer services costs?A. Travel costs are not a cost driver of customer services costs.B. Number of service calls is not a cost driver of customer services costs.C. Hours spent servicing products are not a cost driver of customer services costs.D. All of these answers are correct22) 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 _____.A. $1,023,529B. $621,429C. $1,450,000D. $435,00023) 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_____.A. $600,000B. $150,000C. $200,000D. $1,50024) Knothole Company sells desks at $480 per desk. The costs associated with each desk areas follows:Direct materials $195Direct labor 126Variable factory overhead 51Total fixed costs for the period are $456,840. The break-even volume in dollars is _____.A. $1,573,560B. $2,030,400C. $456,840D. none of these answers is correct25) _____ of approximating cost functions does not involve the analysis of past costs.A. Visual fit analysisB. Engineering analysisC. High low analysisD. least-squares regression26) Managers should apply two principles to obtain accurate and useful cost functions. Theseprinciples are ____.A. plausibility and reliabilityB. reliability and validityC. plausibility and believabilityD. believability and validity27) In relation to a cost function, the term reliability means_____.
A. whether the cost function conforms to a given mathematical modelB. how well the cost function predicts future costsC. whether the costs and activities can be easily observedD. how well the cost function explains past cost behavior28) _____ is a name for a system that first accumulates overhead costs for each of the activitiesof an organization, and then assigns the costs of activities to the products, services, or othercost objects that caused that activity.A. Cost driver accountingB. Activity based costingC. Transaction costingD. Transaction based accounting29) _____ need cost accounting systems.A. Service organizations and nonprofit organizationsB. Manufacturing firms and service organizationsC. Manufacturing firms, service organizations, and nonprofit organizationsD. Manufacturing firms and nonprofit organizations30) _____ is an example of the external financial reporting purpose of the cost managementsystems.A. The product mix to optimize profitabilityB. The cost of a manufacturing processC. Budget reportingD. The amount of inventory that should appear on the balance sheet