This document provides a study guide for an ACC 561 final exam, including 30 multiple choice questions covering topics like the statement of cash flows, income statements, return on investment, budgeting, costing methods, and activity-based costing. It encourages students to call a phone number for help getting student loans and concludes by listing the answer key for the 30 questions.
Part 1 - Sample costing flow for a product (10 marks)More re.docxPOLY33
Part 1 - Sample costing flow for a product (10 marks)
More readings:
Accounting academic help
Box D
Finished Goods:
Opening Balance
+ Transfers in
- Transfers out
Ending Balance
Box B
Sales
- Cost of Goods Sold
Gross Margin
- Corporate Overhead
Earnings before Taxes (operating profit)
- Taxes
Net Income
Box A
Materials:
Opening Balance
+ New work
- Transfers out
Ending Balance
Box C
Work In Process:
Opening Balance
+ Transfers in
+ Labour
+ Mfg Overhead
- Transfers out
Ending Balance
Questions:
1. What type of costing system is illustrated above on this page?
__________________________________________________________________________________
2. What is the correct ordering of the flow of boxes above (example: B to D to C to A)
Also read:
Calculation and classification of cost
___________________________________________________________________________________
3. True and False questions – Mark with X.
Question
True
False
A. Inventory in “finished goods” is the end of the production process.
B. Units transferred out from a department will have material, labour and factory overhead in its cost and is considered material in the next department.
C. Equivalent units of production are the portion of whole units that are complete with respect to either materials or conversion (direct labour and factory overhead) costs.
D. Process costing is used for custom production.
E. Process costing and job costing assign the same costs.
F. FIFO costing includes beginning inventory costs in the equivalent per unit cost.
G. If material for 1000 products was added to Work in Process but conversion costs are 75% complete at month end, the equivalent units for allocating conversion costs incurred in the month are A = 1,000 or B = 750 units. Which is correct?
A
B
H. The Finished Goods in Box D received $25,000 of costs (Transferred in). Opening inventory was $10,000 and ending inventory was $5,000. Transferred out must be A = $25,000 or B = $30,000. Which is correct?
A
B
Part 2 - Sample costing flows and pricing for three customers (10 marks)
Box A
Customer 1
+ Material
+ Labour
+ Mfg. Overhead
+ Corp Overhead
+ Mark up
= Floating Price
Box D
Customer 4
+ Material
+ Labour
+ Mfg. Overhead
+ Corp Overhead
+ Mark up
= Fixed Price
Box C Actual
Customer 2
+ Material to-date
+ Labour to date
+ Mfg. Overhead
+ Corp Overhead
Costs to date
Box C Forecast
Customer 2
+ Material
+ Labour
+ Mfg. Overhead
+ Corp Overhead
+ Mark up
= Fixed Price
Questions:
1. What type of costing system is illustrated above on this page?
__________________________________________________________________________________
2. What is a potential issue with Customer 2 if the overhead allocation is based on a budget and actual results mean the allocat.
1. A _____________ economy has characteristics of both planned and m.docxadolphoyonker
1. A _____________ economy has characteristics of both planned and market economies.
a. capitalist
b. hybrid
c. privatized
d. mixed market
2. A(n) ____________ occurs when the quantity supplied exceeds the quantity demanded.
a. shortage
b. surplus
c. overage
d. demand deficit
3. _____________ exists when an industry has only a handful of sellers, most of which are large.
a. An oligopoly
b. A monopoly
c. Monopolistic competition
d. Perfect competition
4. The _____________ is the pattern of short-term ups and downs in an economy.
a. standard of living
b. business cycle
c. aggregate output
d. balance of payments
5. The _____________ is the amount of money that the government owes to its creditors.
a. aggregate output
b. national debt
c. standard of living
d. business cycle
6. The _____________ is a measure of the prices of typical products purchased by consumers living in urban areas.
a. national debt
b. gross domestic product
c. consumer price index
d. gross national product
7. The law of demand maintains that buyers will purchase more of a product as its price _____________.
a. stays the same
b. fits a person’s personal budget
c. drops
d. rises
8. A _____________ is a period during which aggregate output declines.
a. recession
b. depression
c. favorable balance of trade
d. decade
9. A(n) _____________ is a prolonged and deep recession.
a. depression
b. negative trade balance
c. contraction
d. expansion
10. _____________ are beliefs about what is right and wrong or good or bad.
a. Cultures
b. Motivators
c. Mores
d. Ethics
11. Behavior that conforms to individual beliefs and social norms about what is right and good is referred to as _____________.
a. collusion
b. ethical behavior
c. GAAP
d. social reaction
12. Which statement is false?
a. Fewer and fewer companies are adopting codes of ethics.
b. Some ethical responses can be learned through experience.
c. Social responsibility involves providing quality products and pricing products fairly.
d. More and more companies are adopting codes of ethics.
13. Product advertising that some consumers consider morally objectionable would include such products as ____________.
a. alcohol
b. condoms
c. underwear
d. All of the above.
14. _____________ is using advertising to project a green image without adopting substantive, environmentally friendly changes.
a. Quality control
b. Environmentalism
c. Consumerism
d. Greenwashing
15. When two or more firms agree to collaborate on wrongful acts, it is referred to as ______________.
a. monopolizing
b. brokering
c. collusion
d. consumerism
16. Responding to increased demand with overly steep, and often unwarranted, price increases is called _____________.
a. price matching
b. unit pricing
c. price gouging
d. price fixing
17. The owners of a corporation are the _____________.
a. top managers
b. officers
c. board of directors
d. stockholders
18. Company A purchased Company B. This is an e.
Assignment #10 Market Structures 1 Perfect Competition and .docxfredharris32
Assignment #10
Market Structures 1: Perfect Competition and Monopoly
(10 Points)
Define the following terms:
Barriers to Entry: ______________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Long-run Competitive Equilibrium: ________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Marginal Cost: ________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Marginal Revenue: _____________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Market Power: ________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Market Share: ________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Market Structure: _____________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Monopoly: ___________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Normal Profit: ________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Short Answer Questions:
1. What are the six defining characteristics of a perfectly competitive market?
I. ______________________________
II. _____________________________
III. ____________________________
IV. ____________________________
V. ____________________________
VI. ____________________________
2. Explain the shutdown decision? (When do firms decide not to produce?)
______________________________________________________________________________
_ ...
Part 1 - Sample costing flow for a product (10 marks)More re.docxPOLY33
Part 1 - Sample costing flow for a product (10 marks)
More readings:
Accounting academic help
Box D
Finished Goods:
Opening Balance
+ Transfers in
- Transfers out
Ending Balance
Box B
Sales
- Cost of Goods Sold
Gross Margin
- Corporate Overhead
Earnings before Taxes (operating profit)
- Taxes
Net Income
Box A
Materials:
Opening Balance
+ New work
- Transfers out
Ending Balance
Box C
Work In Process:
Opening Balance
+ Transfers in
+ Labour
+ Mfg Overhead
- Transfers out
Ending Balance
Questions:
1. What type of costing system is illustrated above on this page?
__________________________________________________________________________________
2. What is the correct ordering of the flow of boxes above (example: B to D to C to A)
Also read:
Calculation and classification of cost
___________________________________________________________________________________
3. True and False questions – Mark with X.
Question
True
False
A. Inventory in “finished goods” is the end of the production process.
B. Units transferred out from a department will have material, labour and factory overhead in its cost and is considered material in the next department.
C. Equivalent units of production are the portion of whole units that are complete with respect to either materials or conversion (direct labour and factory overhead) costs.
D. Process costing is used for custom production.
E. Process costing and job costing assign the same costs.
F. FIFO costing includes beginning inventory costs in the equivalent per unit cost.
G. If material for 1000 products was added to Work in Process but conversion costs are 75% complete at month end, the equivalent units for allocating conversion costs incurred in the month are A = 1,000 or B = 750 units. Which is correct?
A
B
H. The Finished Goods in Box D received $25,000 of costs (Transferred in). Opening inventory was $10,000 and ending inventory was $5,000. Transferred out must be A = $25,000 or B = $30,000. Which is correct?
A
B
Part 2 - Sample costing flows and pricing for three customers (10 marks)
Box A
Customer 1
+ Material
+ Labour
+ Mfg. Overhead
+ Corp Overhead
+ Mark up
= Floating Price
Box D
Customer 4
+ Material
+ Labour
+ Mfg. Overhead
+ Corp Overhead
+ Mark up
= Fixed Price
Box C Actual
Customer 2
+ Material to-date
+ Labour to date
+ Mfg. Overhead
+ Corp Overhead
Costs to date
Box C Forecast
Customer 2
+ Material
+ Labour
+ Mfg. Overhead
+ Corp Overhead
+ Mark up
= Fixed Price
Questions:
1. What type of costing system is illustrated above on this page?
__________________________________________________________________________________
2. What is a potential issue with Customer 2 if the overhead allocation is based on a budget and actual results mean the allocat.
1. A _____________ economy has characteristics of both planned and m.docxadolphoyonker
1. A _____________ economy has characteristics of both planned and market economies.
a. capitalist
b. hybrid
c. privatized
d. mixed market
2. A(n) ____________ occurs when the quantity supplied exceeds the quantity demanded.
a. shortage
b. surplus
c. overage
d. demand deficit
3. _____________ exists when an industry has only a handful of sellers, most of which are large.
a. An oligopoly
b. A monopoly
c. Monopolistic competition
d. Perfect competition
4. The _____________ is the pattern of short-term ups and downs in an economy.
a. standard of living
b. business cycle
c. aggregate output
d. balance of payments
5. The _____________ is the amount of money that the government owes to its creditors.
a. aggregate output
b. national debt
c. standard of living
d. business cycle
6. The _____________ is a measure of the prices of typical products purchased by consumers living in urban areas.
a. national debt
b. gross domestic product
c. consumer price index
d. gross national product
7. The law of demand maintains that buyers will purchase more of a product as its price _____________.
a. stays the same
b. fits a person’s personal budget
c. drops
d. rises
8. A _____________ is a period during which aggregate output declines.
a. recession
b. depression
c. favorable balance of trade
d. decade
9. A(n) _____________ is a prolonged and deep recession.
a. depression
b. negative trade balance
c. contraction
d. expansion
10. _____________ are beliefs about what is right and wrong or good or bad.
a. Cultures
b. Motivators
c. Mores
d. Ethics
11. Behavior that conforms to individual beliefs and social norms about what is right and good is referred to as _____________.
a. collusion
b. ethical behavior
c. GAAP
d. social reaction
12. Which statement is false?
a. Fewer and fewer companies are adopting codes of ethics.
b. Some ethical responses can be learned through experience.
c. Social responsibility involves providing quality products and pricing products fairly.
d. More and more companies are adopting codes of ethics.
13. Product advertising that some consumers consider morally objectionable would include such products as ____________.
a. alcohol
b. condoms
c. underwear
d. All of the above.
14. _____________ is using advertising to project a green image without adopting substantive, environmentally friendly changes.
a. Quality control
b. Environmentalism
c. Consumerism
d. Greenwashing
15. When two or more firms agree to collaborate on wrongful acts, it is referred to as ______________.
a. monopolizing
b. brokering
c. collusion
d. consumerism
16. Responding to increased demand with overly steep, and often unwarranted, price increases is called _____________.
a. price matching
b. unit pricing
c. price gouging
d. price fixing
17. The owners of a corporation are the _____________.
a. top managers
b. officers
c. board of directors
d. stockholders
18. Company A purchased Company B. This is an e.
Assignment #10 Market Structures 1 Perfect Competition and .docxfredharris32
Assignment #10
Market Structures 1: Perfect Competition and Monopoly
(10 Points)
Define the following terms:
Barriers to Entry: ______________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Long-run Competitive Equilibrium: ________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Marginal Cost: ________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Marginal Revenue: _____________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Market Power: ________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Market Share: ________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Market Structure: _____________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Monopoly: ___________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Normal Profit: ________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
Short Answer Questions:
1. What are the six defining characteristics of a perfectly competitive market?
I. ______________________________
II. _____________________________
III. ____________________________
IV. ____________________________
V. ____________________________
VI. ____________________________
2. Explain the shutdown decision? (When do firms decide not to produce?)
______________________________________________________________________________
_ ...
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Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
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1. ACC 561Final Exam
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1. The statement of cash flows is used for _____.
A. showing the relationship of net income to changes in current assets
B. determining a company’s acceptable level of debt financing
C. revealing commitments that may restrict future courses of action
D. evaluating the creditworthiness of the organization
____________________________________________________________________________________
2. Nonoperating items on the income statement _____.
A. appearonlyoncorporate income statements
B. appearon the income statementimmediatelyaftergrossprofit
C. are revenuesandexpensesarisingfromadjustingentries
D. reflectthe effectsoffinancial management decisions
____________________________________________________________________________________
3. The difference between a single-step and multiple-step income statement is that a
single-step income statement _____.
A. groupsall revenues together and all expenses together, whereas a multiple-
step income statement separatescertain revenues andexpenses from each
other and presents subtotals
B. calculatesnetincome usingone method,whereasamultiple-stepincome
statementcalculatesnetincome usingtwoormore methods
C. calculatesgrossprofitandoperatingincome,whereasamultiple-stepincome
statementdoesnot
D. showsonly1 year's netincome,whereasamultiple-stepincome statement
showsmultiple years'netincome
____________________________________________________________________________________
2. 4. Which one of the following statements is true?
A. The statement of cash flows reports the cash receipts but not cash payments of
an entity over a period of time.
B. Both the statement of cash flows and the income statement determine the net
5. income for a company.
C. Transactions affecting the sale and the purchase or production of goods and
services are reported in the financing activities section of the statement of cash
flows.
D. Investing activities in the statement of cash flows include acquiring and
selling long-term assets.
____________________________________________________________________________________
6. The _____ accounting convention uses the acquisition cost minus depreciation in
valuing an asset on the balance sheet.
A. continuity
B. conservatism
C. cost-benefit
D. materiality
____________________________________________________________________________________
7. A new corporation issuing a common, no-par value stock for cash would include a
journal entry a debit to _____.
A. paid-in capital and a credit to retained earnings.
B. cash and a credit to common stock.
C. retained earnings and a credit to cash.
D. cash and a credit to retained income.
____________________________________________________________________________________
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8. Which type of organization would most likely have work-in-process inventory?
A. A retail store
B. A manufacturing company
C. A service organization
D. A real-estate investment trust
____________________________________________________________________________________
3. 9. _____ isa measure of income orprofitdividedbythe investmentrequiredtoobtain
that income orprofit.
A. Returnon sales
B. Return oninvestment
C. Residual income
D. Capital turnover
____________________________________________________________________________________
10. The followinginformationisavailable forthe PeterCompany:Sales$150,000 Invested
Capital 156,250 ROI 10% The returnon salesis_____.
A. 10.00%
B. 62.50%
C. 10.42%
D. none of these answersiscorrect
____________________________________________________________________________________
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11. The following information is available for the Peter Company:
Sales: $500,000
Invested capital: $312,500
ROI: 10%
The return on sales is _____.
A. 10.00%
B. 6.250%
C. 1.000%
D. 62.50%
____________________________________________________________________________________
12. SpeedoCompany'srevenuesare $300 on investedcapital of $240. Expensesare
currently70% of sales.If AngeloCompanycanreduce itsinvestedcapital by20%,return
on investmentwillbe _____.
A. 75%
4. B. 18.75%
C. 93.75%
D. 46.88%
____________________________________________________________________________________
13. When the variable costing method is used, fixed factory overhead appears on the
income statement as a _____.
A. component of cost of goods sold
B. fixed expense
C. production-volume variance
D. component of gross profit
____________________________________________________________________________________
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14. In absorptioncosting,costsare separatedintothe majorcategoriesof_____.
A. fixedandvariable
B. manufacturingandfixed
C. manufacturing and nonmanufacturing
D. variable andnonmanufacturing
______________________________________________________________________________
15. _____ is another term for variable costing.
A. Full costing
B. Direct costing
C. Traditional costing
D. Absorption costing
________________________________________________________________________
16. The use of budgeted service department cost rates protects using departments from
_____.
A. all of these answers are correct
B. service outages
C. price fluctuations
D. service department efficiencies
5. ________________________________________________________________________
17. _____ is an example of the external financial-reporting purpose of the cost
management systems.
A. The cost of a manufacturing process
B. The product mix to optimize profitability
C. The amount of inventory that should appear on the balance sheet
D. Budget reporting
________________________________________________________________________
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18. The level of sales at which revenues equal expenses and net income is zero is
called the _____.
A. margin of safety
B. contribution margin
C. break-even point
D. marginal income point
________________________________________________________________________
19. Outputmeasuresof bothresourcesandactivitiesare _____.
A. cost drivers
B. stagesof production
C. fixedactivities
D. variable activities
________________________________________________________________________
20. The break-evenpointiswhere_____.
A. total salesrevenue equalstotal costplusdesiredprofit.
B. the contributionmarginequalsnetincome plusfixedcosts.
6. C. total sales revenue equalstotal cost.
D. the variable costequalstotal cost.
________________________________________________________________________
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21. _____ budgetingiswhenbudgetsare formulatedwiththe active participationof all
affectedemployees.
A. Financial
B. Team
C. Participative
D. Shared
________________________________________________________________________
22. _____ isthe logical integrationof managementaccountingtoolstogatherandreport
data and to evaluate performance.
A. Aninternal control system
B. A qualitycontrol system
C. A financial-reportingsystem
D. A managementcontrol system
________________________________________________________________________
________________________________________________________________________
23. _____ are componentsof amasterbudget.
A. A strategicplanand an operatingbudget
B. An operating budgetand a capital budget
C. A continuousbudgetandastatic budget
D. A cash budgetandan activitybudget
________________________________________________________________________
24. Importantfactorsconsideredbysalesforecastersincludeall of the followingexcept
_____.
A. past patternsof sales
7. B. competitors' activities
C. the desiredlevel of sales
D. marketingresearchstudies
________________________________________________________________________
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25. _____ models are mathematical models of the master budget that can react to any set
of assumption about sales, costs, and product mix.
A. Futuring
B. Accounting
C. Budgeting analysis
D. Financial planning
________________________________________________________________________
26. Whichof the followingisanobjective of budgeting?
A. Budgetingprovidesbenchmarks againstwhichperformancecan be measured.
B. Budgetingprovidesafixedfiscal planthatshouldnotbe changedduringthe year.
C. Budgetinghelpsmanagersbuildfavorable variancesintothe performance-evaluation
process.
D. Budgetingisdone exclusivelybythe chief fiscal officerforcontrol purposes
________________________________________________________________________
27. An organization'sbudgetprogramshould be used
A. tohave poweroveremployees.
B. to assignblame tomanagersthat do notmeetbudgetarygoals.
C. to help managersplanand control the organization’sperformance.
D. to helpthe chief fiscal officertoallocate resourcestothe favoredprojects of the
executives.
________________________________________________________________________
28. The activity-basedcostingmayreveal _________, whereastraditional costingcannot.
A. high-volumeproductsare overcosted
B. low-volume productsare overcosted
8. C. bothhigh- and low-volumeproductsare overcosted
D. bothhigh- and low-volume productsare undercosted
________________________________________________________________________
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29. _____ isa methodof approximatingcostfunctions.
A. Cost-driveranalysis
B. Transactionanalysis
C. Productanalysis
D. Account analysis
________________________________________________________________________
30. In relationtoa cost function,the termreliability refersto_____.
A. whetherthe costsandactivitiescanbe easilyobserved
B. whetherthe costfunctionconformstoa givenmathematical model
C. howwell the costfunctionpredictsfuture costs
D. how well the cost functionexplainspastcost behavior
________________________________________________________________________
31. One of the simplestmethodstomeasure alinearcostfunctionfrompastdata isthe
_____.
A. regressionanalysismethod
B. high–lowmethod
C. leastsquaresregressionmethod
D. visual-fitmethod
________________________________________________________________________
ANSWER KEY
1. D
2. B
3. A
4. D
5. A
9. 6. B
7. B
8. C
9. B
10. B
11. D
12. B
13. A
14. B
15. B
16. C
17. C
18. A
19. C
20. C
21. D
22. B
23. C
24. B
25. A
26. C
27. A
28. D
29. D
30. B