Acc 561 acc/561 final exam 100% correct answersGliven
This document provides the answers to a final exam for ACC 561. It contains multiple choice questions related to performance reports, budgets, the role of the treasurer, factors affecting management accounting, principles of ethical professional practice, the importance of ethical accountants, types of accounting such as managerial accounting and financial accounting, basic accounting concepts and conventions, and management control systems.
This document provides a summary of 54 questions and answers from the ACC 561 Final Exam. It tests concepts related to performance reports, budgets, management accounting, financial accounting, cost accounting, and budgeting. Sample questions assess understanding of key terms like break-even analysis, activity-based costing, forecasting, and components of master budgets. The document aims to help students prepare for the ACC 561 exam by reviewing important accounting concepts and principles.
Acc 561 final exam 54#questions with answers correct 100%versyty
This document provides a summary of a 54 question multiple choice exam for ACC 561 Final Exam. It includes questions related to accounting concepts like performance reports, budgets, managerial accounting, financial accounting, and cost accounting. It also includes questions related to accounting principles, financial statements, transactions, and costing methods. The document provides the questions but not the answers, and includes a link to purchase the full tutorial with answers.
This document contains the answers to a final exam for an accounting course. It lists multiple choice questions and answers related to performance reports, budgets, the roles of accountants, financial statements, accounting principles, and other accounting topics. The questions assess understanding of key concepts in management, financial, tax, and cost accounting.
This document contains a 54 question multiple choice exam on accounting topics including performance reports, budgets, managerial accounting, financial accounting, cost accounting, and budgeting. The questions cover concepts like the four financial statements, accounting principles, break-even analysis, cost behavior, activity based costing, and master budgets.
This document provides 30 multiple choice questions from an ACC 561 Final Exam. The questions cover topics such as performance reports, budgets, management accounting, financial accounting, cost accounting, break-even analysis, and activity based costing.
This document provides a sample exam for ACC 561 with 50 multiple choice questions covering various accounting concepts. The questions assess understanding of controllership functions, budgeting, costing methods, performance evaluation, and management control systems.
This document provides 30 multiple choice questions from an ACC/561 Final Exam. The questions cover topics such as performance reports, budgets, the role of the treasurer, factors affecting management accounting, accounting ethics, financial accounting vs managerial accounting, the four basic financial statements, accounting transactions, accounting conventions like materiality and conservatism, nonoperating items on an income statement, value chain functions, cost drivers, break-even analysis, cost estimation techniques, activity based costing, and the purposes of cost management systems.
Acc 561 acc/561 final exam 100% correct answersGliven
This document provides the answers to a final exam for ACC 561. It contains multiple choice questions related to performance reports, budgets, the role of the treasurer, factors affecting management accounting, principles of ethical professional practice, the importance of ethical accountants, types of accounting such as managerial accounting and financial accounting, basic accounting concepts and conventions, and management control systems.
This document provides a summary of 54 questions and answers from the ACC 561 Final Exam. It tests concepts related to performance reports, budgets, management accounting, financial accounting, cost accounting, and budgeting. Sample questions assess understanding of key terms like break-even analysis, activity-based costing, forecasting, and components of master budgets. The document aims to help students prepare for the ACC 561 exam by reviewing important accounting concepts and principles.
Acc 561 final exam 54#questions with answers correct 100%versyty
This document provides a summary of a 54 question multiple choice exam for ACC 561 Final Exam. It includes questions related to accounting concepts like performance reports, budgets, managerial accounting, financial accounting, and cost accounting. It also includes questions related to accounting principles, financial statements, transactions, and costing methods. The document provides the questions but not the answers, and includes a link to purchase the full tutorial with answers.
This document contains the answers to a final exam for an accounting course. It lists multiple choice questions and answers related to performance reports, budgets, the roles of accountants, financial statements, accounting principles, and other accounting topics. The questions assess understanding of key concepts in management, financial, tax, and cost accounting.
This document contains a 54 question multiple choice exam on accounting topics including performance reports, budgets, managerial accounting, financial accounting, cost accounting, and budgeting. The questions cover concepts like the four financial statements, accounting principles, break-even analysis, cost behavior, activity based costing, and master budgets.
This document provides 30 multiple choice questions from an ACC 561 Final Exam. The questions cover topics such as performance reports, budgets, management accounting, financial accounting, cost accounting, break-even analysis, and activity based costing.
This document provides a sample exam for ACC 561 with 50 multiple choice questions covering various accounting concepts. The questions assess understanding of controllership functions, budgeting, costing methods, performance evaluation, and management control systems.
This document provides 30 multiple choice questions from an ACC/561 Final Exam. The questions cover topics such as performance reports, budgets, the role of the treasurer, factors affecting management accounting, accounting ethics, financial accounting vs managerial accounting, the four basic financial statements, accounting transactions, accounting conventions like materiality and conservatism, nonoperating items on an income statement, value chain functions, cost drivers, break-even analysis, cost estimation techniques, activity based costing, and the purposes of cost management systems.
This document provides a 25 question multiple choice midterm exam for an accounting module. The questions cover various topics in financial accounting, management accounting, and cost behavior analysis. Specifically, they assess understanding of topics like the differences between financial and management accounting, cost drivers, cost behavior patterns, break-even analysis, preparation of financial statements, and accounting for assets, liabilities, and equity.
The document provides answers to multiple choice questions from the BUS 475 Final Exam across 4 sets with 100 questions each. It begins by stating it contains the correct answers to the BUS 475 Final Exam for Sets 1 through 4 or all sets. It then lists the questions and multiple choice answers for Set 1.
Bus 475 final Exam best solution http://take-exams.com/tutorials/view/41-bus-...takeExams
This document contains a 50 question multiple choice exam covering topics in business, accounting, statistics, and management. The exam tests knowledge in areas such as accounting principles, financial statements, budgeting, cost-volume-profit analysis, regression, quality control, linear programming, and project management. Students must demonstrate understanding of key concepts, formulas, and analytical methods across various business disciplines.
Bus 475 final exam 100 questions with answers 2nd set answers are hererenat88
This document provides the questions and answers to the BUS 475 Final Exam. It begins by stating "BUS 475 Final Exam 100 Questions with Answers 2nd Set Answers are HERE!" and lists 31 multiple choice questions related to accounting, economics, management, and entrepreneurship, along with their corresponding answers.
This document provides a sample management advisory services exam with questions and answers on various topics such as:
- Cost of capital and the tax shield effect
- Components of the cash conversion cycle
- Timing of cash flows in capital budgeting projects
- Relationship between breakeven and shutdown points
- Measures of productivity, leverage, and demand elasticity
- Cost behavior and cost drivers in activity-based costing
- Capital budgeting techniques like payback period, net present value, and internal rate of return
- Relevant versus irrelevant costs in decision making
- Steps in strategic planning and master budget preparation
Bus 475 final exam 100 questions with answers 4th set answers are hererenat88
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Customer support is very important to us. Please use our online chat system in case you have any questions. Also, you can email them to us at homeworkmye@gmail.com. We will do our best to answer you!
This document provides a compilation of multiple choice questions and solutions related to accounting concepts. It includes questions about tangible and intangible assets, depreciation methods, inventory cost flows, accounting for errors, and cash accounting. The questions cover topics such as identifying assets, timing differences, calculating cost of goods sold, and ensuring the cash account balance is accurate.
This document provides the answers to ACC 545 Final Exam questions. It includes 35 multiple choice questions related to accounting topics like accounting changes, deferred taxes, inventory, bonds, leases, and long-term debt. It also provides a link to purchase the full exam answers or order original plagiarism-free work from the website homeworkeducator.com.
This document provides the questions and answers to an ACC 545 final exam. It includes 25 multiple choice questions covering topics like accounting changes, deferred taxes, financial statements, inventory, and long-term investments. The questions test understanding of accounting principles for events such as changes in depreciation methods and accounting methods, classification of assets and liabilities, and preparation of financial statements.
This document provides a practice exam for ACC 561 with 31 multiple choice questions covering topics like the statement of cash flows, income statements, inventory, return on investment, costing methods, budgeting, and activity-based costing. The questions test understanding of key accounting concepts and calculations.
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This document provides the questions and answers for the ACC 421 Final Exam. It contains 36 multiple choice questions testing accounting concepts related to accruals, revenues, expenses, financial statements, accounting standards, and financial statement analysis. The questions cover topics such as deferred revenues, prepaid expenses, accounting principles, income statements, balance sheets, and calculating financial ratios.
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The document is a 54 question multiple choice exam for a BIS 219 Final Exam. It covers a wide range of topics including characteristics of the modern business environment, definitions of key information systems concepts, benefits and challenges of different IS/IT systems, and ethical issues related to information security. The questions test understanding of concepts like data management, ERP systems, supply chain management, and social engineering.
Skyscraper Solutions is a leading IT and financial services provider based in Jamshedpur, India that has operated for 10 years. They provide a wide range of IT services such as web design, software development, and multimedia, as well as financial services including insurance, investments, and pension management. The company aims to be a trusted and reliable partner for clients by consistently delivering high-quality, customized solutions and ensuring customer satisfaction.
Un científico colombiano descubrió que la saliva en ayunas puede funcionar como un cicatrizante natural, desmanchador y antiarrugas. La investigación encontró que la saliva contiene un factor de crecimiento epidérmico que facilita la cicatrización y reduce manchas en la piel y líneas de expresión, además de favorecer la mineralización del esmalte dental.
Este documento promociona pantallas interactivas para entornos educativos y de formación, que vienen en diferentes tamaños, son compatibles con múltiples sistemas operativos, cuentan con altavoces integrados y tecnología Plug & Play, y permiten comunicación remota e interactiva a través de múltiples puntos de contacto en pantallas táctiles de alta definición.
Sibling aggression is common but can sometimes constitute bullying. A study found that almost a third of 3600 children reported being victims of sibling aggression in the past year, ranging from theft and psychological abuse to physical assault. While society often dismisses sibling rivalry as normal, researchers argue it can meet the definition of bullying as intentional, repeated acts of aggression where one sibling has power over the other. The article profiles one woman who believes her older brother bullied her and her siblings through wrestling matches where he would pin them to the floor, giving him a momentary sense of control during a chaotic time when their mother left due to depression.
Paul Biya - Cameroon President - Speech - Leadership forum - UNESCO - Paris 2015Paul Biya
1) H.E. Paul Biya, President of Cameroon, addressed the 38th UNESCO General Conference in Paris on November 16, 2015.
2) He congratulated the President of the General Conference and noted the significance of an African, Stanley MUTUMBA SIMATAA, chairing the conference.
3) President Biya highlighted UNESCO and the UN's role in supporting Africa's independence and culture, and Africa's contribution of humanism, fraternity, and solidarity to the international community.
Samen met Jana Roothoofd heb ik in het eerste jaar voor het vak Nederlands een rapport geschreven over het controversiële thema: ‘Genetisch Gemanipuleerd Voedsel’. We zijn dieper ingegaan op de vraag: ‘Is de genetische manipulatie van voedsel een ware nachtmerrie of een wondermiddel?’
Ons besluit kan u lezen in onderstaand document.
This document provides a 25 question multiple choice midterm exam for an accounting module. The questions cover various topics in financial accounting, management accounting, and cost behavior analysis. Specifically, they assess understanding of topics like the differences between financial and management accounting, cost drivers, cost behavior patterns, break-even analysis, preparation of financial statements, and accounting for assets, liabilities, and equity.
The document provides answers to multiple choice questions from the BUS 475 Final Exam across 4 sets with 100 questions each. It begins by stating it contains the correct answers to the BUS 475 Final Exam for Sets 1 through 4 or all sets. It then lists the questions and multiple choice answers for Set 1.
Bus 475 final Exam best solution http://take-exams.com/tutorials/view/41-bus-...takeExams
This document contains a 50 question multiple choice exam covering topics in business, accounting, statistics, and management. The exam tests knowledge in areas such as accounting principles, financial statements, budgeting, cost-volume-profit analysis, regression, quality control, linear programming, and project management. Students must demonstrate understanding of key concepts, formulas, and analytical methods across various business disciplines.
Bus 475 final exam 100 questions with answers 2nd set answers are hererenat88
This document provides the questions and answers to the BUS 475 Final Exam. It begins by stating "BUS 475 Final Exam 100 Questions with Answers 2nd Set Answers are HERE!" and lists 31 multiple choice questions related to accounting, economics, management, and entrepreneurship, along with their corresponding answers.
This document provides a sample management advisory services exam with questions and answers on various topics such as:
- Cost of capital and the tax shield effect
- Components of the cash conversion cycle
- Timing of cash flows in capital budgeting projects
- Relationship between breakeven and shutdown points
- Measures of productivity, leverage, and demand elasticity
- Cost behavior and cost drivers in activity-based costing
- Capital budgeting techniques like payback period, net present value, and internal rate of return
- Relevant versus irrelevant costs in decision making
- Steps in strategic planning and master budget preparation
Bus 475 final exam 100 questions with answers 4th set answers are hererenat88
click on the link, you will find what you were looking for:homeworkmye.com
Customer support is very important to us. Please use our online chat system in case you have any questions. Also, you can email them to us at homeworkmye@gmail.com. We will do our best to answer you!
This document provides a compilation of multiple choice questions and solutions related to accounting concepts. It includes questions about tangible and intangible assets, depreciation methods, inventory cost flows, accounting for errors, and cash accounting. The questions cover topics such as identifying assets, timing differences, calculating cost of goods sold, and ensuring the cash account balance is accurate.
This document provides the answers to ACC 545 Final Exam questions. It includes 35 multiple choice questions related to accounting topics like accounting changes, deferred taxes, inventory, bonds, leases, and long-term debt. It also provides a link to purchase the full exam answers or order original plagiarism-free work from the website homeworkeducator.com.
This document provides the questions and answers to an ACC 545 final exam. It includes 25 multiple choice questions covering topics like accounting changes, deferred taxes, financial statements, inventory, and long-term investments. The questions test understanding of accounting principles for events such as changes in depreciation methods and accounting methods, classification of assets and liabilities, and preparation of financial statements.
This document provides a practice exam for ACC 561 with 31 multiple choice questions covering topics like the statement of cash flows, income statements, inventory, return on investment, costing methods, budgeting, and activity-based costing. The questions test understanding of key accounting concepts and calculations.
Acc 421 final exam 36 36 correct answers 100%eriks23
This document provides the questions and answers for the ACC 421 Final Exam. It contains 36 multiple choice questions testing accounting concepts related to accruals, revenues, expenses, financial statements, accounting standards, and financial statement analysis. The questions cover topics such as deferred revenues, prepaid expenses, accounting principles, income statements, balance sheets, and calculating financial ratios.
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Skyscraper Solutions is a leading IT and financial services provider based in Jamshedpur, India that has operated for 10 years. They provide a wide range of IT services such as web design, software development, and multimedia, as well as financial services including insurance, investments, and pension management. The company aims to be a trusted and reliable partner for clients by consistently delivering high-quality, customized solutions and ensuring customer satisfaction.
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Sibling aggression is common but can sometimes constitute bullying. A study found that almost a third of 3600 children reported being victims of sibling aggression in the past year, ranging from theft and psychological abuse to physical assault. While society often dismisses sibling rivalry as normal, researchers argue it can meet the definition of bullying as intentional, repeated acts of aggression where one sibling has power over the other. The article profiles one woman who believes her older brother bullied her and her siblings through wrestling matches where he would pin them to the floor, giving him a momentary sense of control during a chaotic time when their mother left due to depression.
Paul Biya - Cameroon President - Speech - Leadership forum - UNESCO - Paris 2015Paul Biya
1) H.E. Paul Biya, President of Cameroon, addressed the 38th UNESCO General Conference in Paris on November 16, 2015.
2) He congratulated the President of the General Conference and noted the significance of an African, Stanley MUTUMBA SIMATAA, chairing the conference.
3) President Biya highlighted UNESCO and the UN's role in supporting Africa's independence and culture, and Africa's contribution of humanism, fraternity, and solidarity to the international community.
Samen met Jana Roothoofd heb ik in het eerste jaar voor het vak Nederlands een rapport geschreven over het controversiële thema: ‘Genetisch Gemanipuleerd Voedsel’. We zijn dieper ingegaan op de vraag: ‘Is de genetische manipulatie van voedsel een ware nachtmerrie of een wondermiddel?’
Ons besluit kan u lezen in onderstaand document.
Paul Biya - Cameroon President - Speech - mini summit - cop21 - Paris 2015Paul Biya
1) The President thanks the French President and UN Secretary-General for organizing the climate change conference in Paris and congratulates the organizers for their work.
2) He acknowledges that climate change has had severe effects in Africa by altering habitats and livelihoods, and contributing to increased violence near Lake Chad.
3) However, solutions already exist such as the Great Green Wall and energy plans, but financing remains a major challenge in implementing them. He calls for increased financing support for Africa's climate efforts.
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This document contains a 30 question multiple choice exam on management topics. The questions cover concepts related to the functions of management including planning, organizing, leading, and controlling. Sample questions address topics like the steps in the decision making process, types of organizational structures, leadership approaches, and control systems. The document provides the questions and possible multiple choice answers but no answers are included.
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This document provides the questions and answers for an ACC 422 Final Exam with 60 multiple choice questions. It covers topics like cash, accounts receivable, inventory valuation methods, long-term assets, intangible assets, and goodwill impairment. The exam tests understanding of accounting concepts related to the recognition, measurement, and reporting of these items in the financial statements.
This document contains the answers to a final exam for an accounting course. It lists multiple choice questions and answers related to performance reports, budgets, the roles of treasurers, factors affecting management accounting, principles of ethical accounting, types of accounting like managerial and financial accounting, elements of financial statements, accounting principles, and concepts like transactions and cost allocation.
This document provides 30 multiple choice questions from an ACC 561 Final Exam. The questions cover topics such as performance reports, budgets, managerial accounting, financial accounting, accounting principles like materiality and conservatism, financial statements, inventory accounting, cost behavior analysis, break-even analysis, cost allocation using activity-based costing, and the purposes of cost management systems.
This document provides 30 multiple choice questions from an ACC 561 Final Exam. The questions cover topics such as performance reports, budgets, managerial accounting, financial accounting, accounting principles like materiality and conservatism, financial statements, inventory accounting, cost behavior analysis, break-even analysis, cost allocation using activity-based costing, and the purposes of cost management systems.
This document provides a sample exam for ACC 561 with 50 multiple choice questions covering various accounting concepts. The questions assess understanding of controllership functions, budgeting, costing methods, performance evaluation, and management control systems.
This document provides a sample exam for ACC 561 with 50 multiple choice questions covering various accounting concepts. The questions assess understanding of controllership functions, budgeting, costing methods, performance evaluation, and management control systems.
This document provides a sample exam for ACC 561 with 50 multiple choice questions covering various accounting concepts. The questions assess understanding of controllership functions, budgeting, costing methods, performance evaluation, and management control systems.
This document provides 30 multiple choice questions from an ACC/561 Final Exam. The questions cover topics such as performance reports, budgets, the role of the treasurer, factors affecting management accounting, accounting ethics, financial accounting vs managerial accounting, the four basic financial statements, accounting transactions, accounting conventions like materiality and conservatism, nonoperating items on an income statement, value chain functions, cost drivers, break-even analysis, cost estimation techniques, activity based costing, and the purposes of cost management systems.
This document provides 30 multiple choice questions from an ACC/561 Final Exam. The questions cover topics such as performance reports, budgets, the role of the treasurer, factors affecting management accounting, accounting ethics, financial accounting vs managerial accounting, the four basic financial statements, accounting transactions, accounting conventions like materiality and conservatism, nonoperating items on an income statement, value chain functions, cost drivers, break-even analysis, cost estimation techniques, activity based costing, and the purposes of cost management systems.
This document provides 30 multiple choice questions from an ACC/561 Final Exam. The questions cover topics such as performance reports, budgets, the role of the treasurer, factors affecting management accounting, accounting ethics, financial accounting vs managerial accounting, the four basic financial statements, accounting transactions, accounting conventions like materiality and conservatism, nonoperating items on an income statement, value chain functions, cost drivers, break-even analysis, cost estimation techniques, activity based costing, and the purposes of cost management systems.
(New) final exam for acc 561 acc 561 all correct answers 100%ri0908O0o
This document provides the questions and multiple choice answers to the ACC/561 Final Exam. It contains 30 multiple choice questions related to accounting topics like managerial accounting, financial accounting, cost accounting, and ethics. The document requests that if the provided information is helpful, to leave an "A" feedback rating.
(New) final exam for acc 561 all correct answers 100%liamSali
This document provides the questions and multiple choice answers to the ACC/561 Final Exam. It contains 30 questions related to accounting topics like performance reports, budgets, management accounting, financial accounting, cost accounting, and activity based costing. The document requests an "A" feedback rating and wishes the reader good luck on the exam.
Acc 561 final exam mcq`s correct answers 100%liamSali
This document provides the questions and multiple choice answers to the ACC/561 Final Exam. It contains 30 questions related to accounting topics like performance reports, budgets, management accounting, financial accounting, cost accounting, and activity based costing. The document requests an "A" feedback rating and wishes the reader good luck on the exam.
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This document provides the questions and multiple choice answers to the ACC/561 Final Exam. It contains 30 multiple choice questions covering topics like performance reports, budgets, management accounting, financial accounting, accounting principles, inventory valuation, cost-volume-profit analysis, break-even analysis, cost behavior analysis, cost allocation, and activity based costing. The document requests an "A" feedback rating and wishes the reader good luck on the exam.
Acc 561 final exam mcq`s correct answers 100%Austing_3
This document provides the questions and multiple choice answers to the ACC/561 Final Exam. It contains 30 questions related to accounting topics like performance reports, budgets, management accounting, financial accounting, cost accounting, and activity based costing. The document requests an "A" feedback rating and wishes the reader good luck on the exam.
Accounting1) As Plant Controller, you are trying to determine .docxannetnash8266
Accounting
1) As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day basis. Your goal is to achieve better profitability. The Plant Operations Manager suggests that overhead is the easiest area to directly reduce costs. Which of the following items would be classified as manufacturing overhead?
A. Cost of landscaping the corporate office
B. The western division’s vice president’s salary
C. General corporate liability insurance
D. Factory janitor
2) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals:
Income Statement
Balance Sheet
Dr.
Cr.
Dr.
Cr.
Totals
$58,000
$48,000
$34,000
$44,000
Closing entries are necessary for __________.
A. both permanent and temporary accounts
B. permanent or real accounts only
C. permanent accounts only
D. temporary accounts only
3) Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of $100,000. How much is Hess’s break even point?
A. 6,200 units
B. 2,133 units
C. 4,600 units
D. $25,600
4) Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net income increase?
A. $12,000
B. $6,000
C. $18,000
D. $28,000
5) "Generally accepted" in the phrase generally accepted accounting principles means that the principles __________.
A. have been approved by the Internal Revenue Service
B. have been approved for use by the managements of business firms
C. are proven theories of accounting
D. have substantial authoritative support
6) What is value chain management best defined as?
A. The incremental value of costs associated with hiring a new production floor leader
B. All activities associated with providing a product or service
C. A large chain that keeps the machines from falling on the production floor
D. Management decisions that affect how quickly the production run occurs
7) The major reporting standard for management accounts is __________.
A. relevance to decisions
B. generally accepted accounting principles
C. the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management
D. the Sarbanes-Oxley Act of 2002
8) These are selected account balances on December 31, 2008.
Land (location of the corporation's office building)
$100,000
Land (held for future use)
150,000
Corporate Office Building
600,000
Inventory
200,000
Equipment
450,000
Office Furniture
100,000
Accumulated Depreciation
300,000
What is the net amount of property, plant, and equipment that will appear on the balance sheet?
A. $1,600,000
B. $950,000
C. $1,300,000
D. $1,100,000
9) The cost principle is the basis for preparing financial statements because it is __________.
A. an intern.
Bus 475 final exam 5th set 100 questions with answers answers are hererenat88
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Customer support is very important to us. Please use our online chat system in case you have any questions. Also, you can email them to us at homeworkmye@gmail.com. We will do our best to answer you!
BUS 475 Final Exam Version 4
1) Which one of the following is a product cost?
A. Indirect labor B. Sales person’s salaries C. Office salaries D. Advertising costs
2) Lucy starts her own psychiatric practice, but her expenditures to open the practice exceed her income. Lucy is a __________.
A. borrower who demands money from the financial system B. borrower who supplies money to the financial system C. saver who supplies money to the financial system D. saver who demands money from the financial system
3) Of the following companies, which one would not likely employ the specific identification method for inventory costing?
A. Music store specializing in organ sales B. Antique shop C. Farm implement dealership D. Hardware store
4) Which one of the following items is not generally used in preparing a statement of cash flows?
A. Adjusted trial balance
B. Comparative balance sheets C. Additional information D. Current income statement
This document contains a 100-question multiple choice exam on accounting concepts. The exam covers topics like the basic definition of accounting, the accounting equation, the four main financial statements, debits and credits, accrual accounting, ratio analysis, and internal controls. It provides the questions along with four possible answer choices for each question.
This document contains a 100-question multiple choice exam on accounting concepts. The questions cover topics such as the definition of accounting, uses of accounting information, the accounting equation, financial statements, accrual accounting, ratio analysis, and internal controls.
This document contains a 100-question multiple choice exam on accounting concepts. The exam covers topics like the basic definition of accounting, the accounting equation, the four main financial statements, debits and credits, accrual accounting, ratio analysis, and internal controls. It provides the questions along with four possible answer choices for each question.
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1. ACC 561 Final Exam
54/54 Questions with Answers
1) Performance reports _____.
A. ignore areas that are presumed to be running smoothly
B. provide feedback by comparing results with plans and by highlighting deviations from plans
C. are deviations from a plan
D. are quantitative expressions of action plans
2) Budgets _____.
A. ignore areas that are presumed to be running smoothly
B. are deviations from a plan
C. are quantitative expressions of action plans
D. provide feedback by comparing results with plans and by highlighting deviations from plans
3) According to the Financial Executives Institute, one function of the treasurer is _____.
A. government reporting
B. reporting and interpreting financial information
C. Short term financing
D. tax administration
4) Which of the following is not a major factor causing changes in management accounting today?
A. E-commerce is not a major factor.
2. 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 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 _____.
A. integrity
B. competence
C. confidentiality
D. objectivity
6) Ethical accountants are important to society because _____.
A. none of these answers is correct
B. they pay their taxes
C. the information produced is reliable
D. they will not go to prison and waste taxpayers' money
7) _____ refers to accounting information developed for managers within an organization.
A. Tax accounting
B. Financial accounting
C. Managerial accounting
D. Internal auditing
8) The primary users of management accounting information are _____.
A. suppliers
B. internal decision makers
C. governmental regulatory authorities
D. bankers
9) _____ is the field of accounting that develops information for external decision makers such as
stockholders, suppliers, banks, and government regulatory agencies.
3. A. Financial accounting
B. Management accounting
C. Tax accounting
D. Auditing
10) The _____ is also called the statement of financial position.
A. balance sheet
B. income statement
C. statement of retained earnings
D. statement of cash flows
11) Any event that affects the financial position of an organization and requires recording is called
a(n)_____.
A. account
B. transaction
C. posting
D. accounting change
12) _____ would not appear on the financial statements for a sole proprietorship.
A. Cost of Goods Sold
B. Paid-in Capital
C. Accumulated Depreciation
D. Unearned Sales Revenues
13) The accounting convention of _____ guides the relative sophistication of the accounting system.
A. cost benefit
B. objectivity
C. Conservatism
D. materiality
14) Mr. Bryant invested $50,000 cash in a new corporation. The new corporation will record this
transaction with a debit to_____.
A. Cash and a credit to Retained Income for $50,000
B. Cash and a credit to Paid-in Capital for $50,000
C. Retained Earnings and a credit to Cash for $50,000
D. Paid-in Capital and a credit to Retained Earnings for $50,000
15) The accounting convention of _____ means selecting the method of measurement that yields the
gloomiest immediate results.
A. objectivity
B. conservatism
4. C. cost benefit
D. materiality
16) The statement of cash flows is used for all of the following except_____.
A. determining a company's ability to pay its debts when they are due
B. evaluating the creditworthiness of the organization
C. showing the relationship of net income to changes in cash
D. revealing commitments that may restrict future courses of action
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 _____.
A. decreasing the Accounts Payable account by $10,000
B. decreasing the Capital account by $10,000
C. increasing the Accounts Payable account by $10,000
D. increasing the Capital account by $10,000
18) Nonoperating items on the income statement_____.
A. reflect the effects of financial management decisions
B. appear on the income statement immediately after gross profit
C. are revenues and expenses arising from adjusting entries
D. appear only on corporate income statements
19) 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 cost
C. 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 correct
5. 22) 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. $1,023,529
B. $621,429
C. $1,450,000
D. $435,000
23) 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. $600,000
B. $150,000
C. $200,000
D. $1,500
24) Knothole Company sells desks at $480 per desk. The costs associated with each desk are as follows:
Direct materials $195
Direct labor 126
Variable factory overhead 51
Total fixed costs for the period are $456,840. The break-even volume in dollars is _____.
A. $1,573,560
B. $2,030,400
C. $456,840
D. none of these answers is correct
25) _____ of approximating cost functions does not involve the analysis of past costs.
A. Visual fit analysis
B. Engineering analysis
C. High low analysis
D. least-squares regression
26) Managers should apply two principles to obtain accurate and useful cost functions. These principles
are ____.
A. plausibility and reliability
B. reliability and validity
C. plausibility and believability
D. believability and validity
6. 27) In relation to a cost function, the term reliability means_____.
A. whether the cost function conforms to a given mathematical model
B. how well the cost function predicts future costs
C. whether the costs and activities can be easily observed
D. how well the cost function explains past cost behavior
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.
A. Cost driver accounting
B. Activity based costing
C. Transaction costing
D. Transaction based accounting
29) _____ need cost accounting systems.
A. Service organizations and nonprofit organizations
B. Manufacturing firms and service organizations
C. Manufacturing firms, service organizations, and nonprofit organizations
D. Manufacturing firms and nonprofit organizations
30) _____ is an example of the external financial reporting purpose of the cost management systems.
A. The product mix to optimize profitability
B. The cost of a manufacturing process
C. Budget reporting
D. The amount of inventory that should appear on the balance sheet
31) A sales forecast is _____.
A. the result of decisions to create conditions
B. a prediction of sales under a given set of conditions
C. all of these answers are correct
D. the same as a sales budget that will generate a desired level of sales
32) _____ budgeting is when budgets are formulated with the active participation of all affected
employees
A. Team
B. Financial
C. Shared
D. Participative
33) A _____ gives the expected sales under a given set of conditions.
A. sales budget
7. B. sales prediction
C. sales forecast
D. budget forecast
34) Unit sales of Product A are currently 10,000, while unit sales of Product B are double those of
Product A. The com¬pany's sales forecast will be _____, assuming sales of Product A increase by 10%
and those of Product B increase by 4,000 units.
A. 11,000 and 22,000 units, respectively
B. none of these answers is correct
C. 11,000 and 24,000 units, respectively
D. 10,000 and 20,000 units, respectively
35) The master budget includes forecasts for all of the following except _____.
A. number of employees
B. cash disbursements
C. balance sheets
D. sales
36) A sales forecast is _____.
A. the result of decisions to create conditions
B. all of these answers are correct
C. the same as a sales budget that will generate a desired level of sales
D. a prediction of sales under a given set of conditions
37) _____ are components of a master budget.
A. An operating budget and a financial budget
B. A cash budget and an activity budget
C. A continuous budget and a static budget
D. A strategic plan and an operating budget
38) Which of the following statements is false?
A. Flexible budgets are not based on the same revenue and cost behavior assumptions as the static
budget.
B. Flexible budgets are automatically matched to changes in activity levels
C. Flexible budgets are prepared for a range of activity.
D. Flexible budgets help provide a basis for management by exception.
39) The master budget quantifies targets for all of the following except _____.
A. production
B. cost driver activity
C. markets
8. D. sales
40) Cost allocation base refers to the _____.
A. total costs to be allocated
B. total allocated costs
C. cost objectives
D. cost driver
41) The preferred guidelines for allocating service department costs include _____.
A. evaluating performance using allocated costs for each service department
B. establishing part or all of the details regarding cost allocation in advance of rendering the service
C. allocating variable- and fixed-cost pools simultaneously
D. identifying the direct and indirect costs
42) _____ is not a type of cost allocation.
A. Reallocation of costs from service departments to production departments
B. Allocation of costs of a particular organizational unit to products or services
C. Reallocation of costs from production departments to service departments
D. Allocation of costs to the appropriate organizational unit
43) Kevin Company has two service departments, Maintenance and Personnel, as well as two
production departments, Mixing and Finishing. Maintenance costs are allocated based on square
footage while personnel costs are allocated based on number of employees. The following information
has been gathered for the current year:
Maintenance Personnel Mixing Finishing
Direct dept. costs $126,000 $84,000 $105,000 $175,000
Square footage 800 400 1,600 1,200
Number of employees 8 12 24 32
If the step-down method of allocating costs is used and the Personnel Department is allocated first, then
the amount of overhead that would be allocated from Personnel to Finishing is _____.
A. $72,000
B. $31,500
C. $105,000
D. $42,000
44) Murphy Company has two service departments, Maintenance and Personnel, as well as two
production departments, Mixing and Finishing. Maintenance costs are allocated based on square
footage while personnel costs are allocated based on number of employees. The following information
has been gathered for the current year:
Maintenance Personnel Mixing Finishing
Direct dept. costs $126,000 $84,000 $105,000 $175,000
Square footage 800 400 1,600 1,200
9. Number of employees 8 12 24 32
If the step-down method of allocating costs is used and the Personnel Department is allocated first, then
the amount of overhead that would be allocated from Personnel to Mixing is _____.
A. $58,500
B. $63,000
C. $78,000
D. $31,500
45) Serena Company has two service departments, Maintenance and Personnel, as well as two
production departments, Mixing and Finishing. Maintenance costs are allocated based on square
footage while personnel costs are allocated based on number of employees. The following information
has been gathered for the current year:
Maintenance Personnel Mixing Finishing
Direct dept. costs $126,000 $84,000 $105,000 $175,000
Square footage 800 400 1,600 1,200
Number of employees 8 12 24 32
If the step-down method is used to allocate costs and the Maintenance Department is allocated first,
then the amount of overhead that would be allocated from Maintenance to Finishing is _____.
A. $31,500
B. $57,000
C. $47,250
D. $42,750
46) When the variable costing method is used, fixed factory overhead appears on the income statement
as a_____.
A. fixed expense
B. production-volume variance
C. component of cost of goods sold and as a production-volume variance
D. component of cost of goods sold
47) _____ is (are) used for external reporting.
A. Absorption costing
B. Variable costing
C. Absorption costing and variable costing
D. Direct costing
48) In absorption costing, costs are separated into the major categories of_____.
A. manufacturing and nonmanufacturing
B. manufacturing and fixed
C. variable and nonmanufacturing
D. fixed and variable
49) _____ is the first step in designing a management control system.
10. A. Evaluating management's performance
B. Establishing organizational goals
C. Distinguishing between profit centers and cost centers
D. Preparing financial statements
50) _____ is (are) the most basic component of a management control system.
A.The organization's long-range budget
B.The organization's goals
C.Top management's preferences
D.The stockholder's preferences
51) Identify which of the following is not a characteristic of a management control system.
A.A management control system aids and coordinates the process of making decisions.
B.A management control system encourages short term profitability.
C.A management control system coordinates forecasting sales and cost driver activities, budgeting,
and measuring and evaluating performance.
D.A management control system motivates individuals throughout the organization to act in concert.
52) Jewel Company's revenues are $300 and invested capital is $240. Expenses are currently 60% of
sales. Jewel Company's current return on investment is _____.
A. 50%
B. 100%
C. none of these answers are correct
D. 80%
53) The following information is available for the Peter Company:
Sales $500,000
Invested Capital 312,500
ROI 10%
The return on sales is _____.
A. 10.000%
B. none of these answers is correct
C. 6.250%
D. 1.000%
54) The following information is available for the Peter Company:
Sales $150,000
Invested Capital 156,250
ROI 10%
11. The return on sales is _____.
A. 10.00%
B. none of these answers is correct
C. 10.42%
D. 62.50%