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ACC 561 Final Exam Guide (New, 2018, Score
100%)
Check this A+ tutorial guideline at
http://www.acc561assignment.com/acc-561-
new/acc-561-final-guide-latest
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ACC 561 Final Exam Guide (New, 2018, Score
100%)
The investigation of materials price variance
usually begins in the:
controller's office.
accounts payable department.
first production department.
www.a, rCC10frifTnmQnt.compurchasing department
Hollis Industries produces flash drives for
computers, which it sells for $20 each. Each flash
drive costs $13 of variable costs to make. During
April, 1,000 drives were sold. Fixed costs for
March were $2 per unit for a total of $1,000 for the
month. How much is the contribution margin
ratio?
35%
www.acc561;25%
75%
65%
Which of the following statements is not true?
When a company's sales revenue is decreasing,
high operating leverage is good because it means
that profits will decrease at a slower pace than
revenues decrease.
www.acc561assignment.com
When a company's sales revenue is increasing,
high operating leverage is good because it means
that profits will increase rapidly.
Companies that have higher fixed costs relative
to variable costs have higher operating leverage.
Operating leverage refers to the extent to which
a company's net income reacts to a given change
in
sales.
Which of the following will not result in an
unfavorable controllable margin difference?
www.accbbiassignment.com
Sales under budget; costs under budget Sales
exceeding budget; costs under budget Sales under
budget; costs over budget
Sales exceeding budget; costs over budget
5 Based on the following data, what is the amount
of working capital?
www.acc561assignment.com
payable.........
Accounts
.........................................................
$64,0
00
receivable.....
Accounts
.........................................................
114,0
00
Cash....................
70,000
assets.................
Intangible
.................................................100,
00
0
Inventory...........
.... 138,000
www.acc56,1
3c5ianment.com
Long-terminvestments... ....................................................160,0
00
Long-term liabilities.....................
...........................200,000
investments..
Short-term
......................................................80,
0
00
term)
Notes payable (short-
56,000
Property, plant, and
equipment...............................................1,340,000
Prepaid
insurance......................................................................2,
$370,000
$332,000
$326,000
$284,000
6 Miller Manufacturing's degree of operating
leverage is 1.5. Warren Corporation's degree of
operating leverage is 3. Warren's earnings would
go up (or down) by_as much as Miller's with
an equal increase (or decrease) in sales.
WWw.diiDOi bbignn ini.iOITl
2 times
4.5 times
1.5 times
1/2 times
7 What is the primary difference between a
static budget and a flexible budget?
The static budget contains only fixed costs,
while /!the flexible budget contains only variable
costs.
The static budget is prepared only for units
produced, while a flexible budget reflects the
number of units sold.
The static budget is constructed using input
from only upper level management, while a
flexible budget obtains input from all levels of
management.
The static budget is prepared for a single level of
activity, while a flexible budget is adjusted for
different activity levels.
W 8 Ben Gordon, Inc. manufactures 2 products,
wheels and seats. The company has estimated its
overhead in the assembling department to be
$660,000. The company produces 300,000
wheels and 600,000 seats each year. Each wheel
uses 2 parts, and each seat uses 3 parts. How
much of the assembly overhead should be
allocated to wheels?
$165,000
$220,000
$264,000
$282,856
w/ww/arrSfil awipnmpnt.mrri
9 Financial and managerial accounting are similar
in that both:
produce general-purpose reports.
deal with the economic events of an enterprise.
have reports that are prepared quarterly and
annually.
have the same primary users.
10 It costs Garner Company $12 of variable and $5
of fixed costs to produce one bathroom scale which
normally sells for $35. A foreign wholesaler offers
to purchase 3,000 scales at $15 each. Garner would
incur special shipping costs of $1 per scale if the
order were accepted. Garner has sufficient unused
capacity to produce the 3,000 scales. If the special
order is accepted, what will be the effect on
net income?
$6,000 decrease
$9,000 decrease
$6,000 increase
$45,000 increase
www.arr'ifil awipnmpnt.mrri
11 Which one of the following is an example of a
period cost?
A manager's salary for work that is done in the
corporate head office.
A box cost associated with computers.
A change in benefits for the union workers who
work in the New York plant of a Fortune 1000
manufacturer.
Workers' compensation insurance on factory
workers' wages allocated to the factory.
www.acc561assignment.com
12 The Mac Company has four plants nationwide
that cost $350 million. The current fair value of the
plants is $300 million. The plants will be reported
as assets at:
$300 million.
$350 million.
$600 million.
$700 million.
www.arr'ifil awipnmpnt.mrri
13 Are advanced receipts from customers treated
as revenue at the time of receipt? Why or why not?
Yes, the intent of the company is to perform the
work and the customer is confident that the
services will be completed.
No, the amount of revenue cannot be adequately
determined until the company completes the
work.
Yes, they are treated as revenue at the time of
receipt because the company has access to the
cash.
No, revenue cannot be recognized until the work
is
performed.
www.acc561assignment.com
14 Which statement is correct?
The cash basis of accounting is objective
because no one can be certain of the amount of
revenue until the cash is received.
As long as management is ethical, there are no
problems with using the cash basis of
accounting.
As long as a company consistently uses the cash
basis of accounting, generally accepted accounting
principles allow its use.
The use of the cash basis of accounting
violates both the revenue recognition and
expense
15 If a plant is operating at full capacity and
receives a one-time opportunity to accept an order
at a special price below its usual price, then:
the order will likely be accepted.
only variable costs are relevant.
the order will likely be rejected.
fixed costs are not relevant.
www.acc561assignment.com
16 Kimble Company applies overhead on the basis
of machine hours. Given the following data,
compute overhead applied and the under- or
overapplication of overhead for the period:
Estimated annual overhead cost $1,600,000
Actual annual overhead cost $1,575,000
Estimated machine hours 400,000 Actual machine
hours 390,000 $1,560,000 applied and $15,000
underapplied
Www.arrSfil a<;<;ignmpnt.mm
$1,560,000 applied and $15,000 overapplied
$1,600,000 applied and $15,000 overapplied
$1,575,000 applied and neither under- nor
overapplied
17 Scorpion Production Company planned to use 1
yard of plastic per unit budgeted at $81 a yard.
However, the plastic actually cost $80 per yard.
The company actually made 3,900 units, although
it had planned to make only 3,300 units. Total
yards used for production were 3,960. How much
is the total materials variance?
www.acc56>3,96<> F
$48,600 U $900 U
$4,860 U
18 Which of the following statements
concerning users of accounting information is
incorrect?
Present creditors are considered external users.
Taxing authorities are considered external users.
www.accbbiassignment.com
Regulatory authorities are considered internal
users.
Management is considered an internal user.
19 Top management notices a variation from
budget and an investigation of the difference
reveals that the department manager could not be
expected to have controlled the variation. Which
of the following statements is applicable?
Department managers should be credited for
favorable variances even if they are beyond their
control.
www.acc561assignment.com
Department managers should be held accountable
for all variances from budgets for their
departments.
Department managers' performances should not
be evaluated based on actual results to budgeted
results.
Department managers should only be held
accountable for controllable variances for their
departments.
20 Danner Corporation reported net sales of
$650,000, $720,000, and $780,000■■ms ■■ mm mm mm m m m m mmmw mm 'm'mw m m m m m
2016, 2017, and 2018,
respectively.base year, what percentage do 2018
sales represent of the base?
in the years If
2016 is the
120%
83%
20%
108%
21 La More Company had the following
transactions during 2016:
www.accbbiassignment.com
Sales of $9,000 on account
Collected $4,000 for services to be performed
in
2017
Paid $3,750 cash in salaries for 2016
Purchased airline tickets for $500 in December for
a trip to take place in 2017
What is La More's 2016 net income using accrual
accounting?
$9,250
www.acc561assignment.com
$9,750
$5,250
$5,750
22 If there are no units in process at the beginning
of the period, then:
the units started into production will equal the
number of units transferred out.
the company must be using a job order cost
system.
the units to be accounted for will equal the units
transferred out and the units in process at the end
of the period.
only one computation of equivalent units of
production will be necessary.
23 Which of the following is not an
underlying assumption of CVP
analysis?
Sales mix is constant.
Beginning inventory is larger than ending
inventory.
Cost classifications are reasonably accurate.
www.acc561assignment.com
Changes in activity are the only factors that
affect
costs.
24. In performing a vertical analysis, the base for
sales revenues on the income statement is:
net sales.
cost of goods available for sale.
sales revenue.
www.acc5i net income
'
25 Differences between a job order cost
system and a process cost system include all of
the following except the:
unit cost computations.
flow of costs.
documents used to track costs.
point at which costs are totaled.
26 Henson Company began the year with
retained earnings of $380,000. During the year,
the company recorded revenues of $500,000,
expenses of $380,000, and paid dividends of
$40,000. What was Henson's retained earnings at
the end of the year?
$460,000
$540,000
$840,000
$500,000
27 At September 1, 2017, Baxter Inc. reported
Retained Earnings of $423,000. During the month,
Baxter generated revenues of $60,000, incurred
expenses of $36,000, purchased equipment for
$15,000 and paid dividends of $6,000. What is the
balance in Retained Earnings at September 30,
2017?
$24,000 credit
$423,000 debit
$426,000 credit
$441,000 credit
28 An activity-based overhead rate is computed as
follows:
www.acc561assignment.com
estimated overhead divided by actual use of cost
drivers.
actual overhead divided by estimated use of cost
drivers.
estimated overhead divided by estimated use of
cost drivers.
actual overhead divided by actual use of cost
drivers.
www.acc561assignment.com
29. Which is the last step in developing the master
budget?
Preparing the cash budget
Preparing the cost of goods manufactured
budget
Preparing the budgeted balance sheet
Preparing the budgeted income statement
WIAIIAI '’iccirrnmont rnm
30 The entry to record the acquisition of raw
materials on account is:
Manufacturing Overhead Raw Materials
Inventory Accounts Payable
Work in Process Inventory Accounts Payable
Raw Materials Inventory Accounts Payable
Accounts Payable Raw Materials Inventory
www.acc561assignment.com

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Acc 561-final-exam-guide-new-2018-score-100

  • 1. ACC 561 Final Exam Guide (New, 2018, Score 100%) Check this A+ tutorial guideline at http://www.acc561assignment.com/acc-561- new/acc-561-final-guide-latest www.acc561assignment.com For more classes visit http://www.acc561assignment.com ACC 561 Final Exam Guide (New, 2018, Score 100%)
  • 2. The investigation of materials price variance usually begins in the: controller's office. accounts payable department. first production department. www.a, rCC10frifTnmQnt.compurchasing department
  • 3. Hollis Industries produces flash drives for computers, which it sells for $20 each. Each flash drive costs $13 of variable costs to make. During April, 1,000 drives were sold. Fixed costs for March were $2 per unit for a total of $1,000 for the month. How much is the contribution margin ratio? 35% www.acc561;25% 75% 65%
  • 4. Which of the following statements is not true? When a company's sales revenue is decreasing, high operating leverage is good because it means that profits will decrease at a slower pace than revenues decrease. www.acc561assignment.com When a company's sales revenue is increasing, high operating leverage is good because it means that profits will increase rapidly. Companies that have higher fixed costs relative to variable costs have higher operating leverage. Operating leverage refers to the extent to which a company's net income reacts to a given change in sales.
  • 5. Which of the following will not result in an unfavorable controllable margin difference? www.accbbiassignment.com Sales under budget; costs under budget Sales exceeding budget; costs under budget Sales under budget; costs over budget Sales exceeding budget; costs over budget
  • 6. 5 Based on the following data, what is the amount of working capital? www.acc561assignment.com payable......... Accounts ......................................................... $64,0 00 receivable..... Accounts ......................................................... 114,0 00
  • 8. term) Notes payable (short- 56,000 Property, plant, and equipment...............................................1,340,000 Prepaid insurance......................................................................2, $370,000 $332,000 $326,000 $284,000
  • 9. 6 Miller Manufacturing's degree of operating leverage is 1.5. Warren Corporation's degree of operating leverage is 3. Warren's earnings would go up (or down) by_as much as Miller's with an equal increase (or decrease) in sales. WWw.diiDOi bbignn ini.iOITl 2 times 4.5 times 1.5 times 1/2 times
  • 10. 7 What is the primary difference between a static budget and a flexible budget? The static budget contains only fixed costs, while /!the flexible budget contains only variable costs. The static budget is prepared only for units produced, while a flexible budget reflects the number of units sold. The static budget is constructed using input from only upper level management, while a flexible budget obtains input from all levels of management.
  • 11. The static budget is prepared for a single level of activity, while a flexible budget is adjusted for different activity levels. W 8 Ben Gordon, Inc. manufactures 2 products, wheels and seats. The company has estimated its overhead in the assembling department to be $660,000. The company produces 300,000 wheels and 600,000 seats each year. Each wheel uses 2 parts, and each seat uses 3 parts. How much of the assembly overhead should be allocated to wheels? $165,000 $220,000
  • 12. $264,000 $282,856 w/ww/arrSfil awipnmpnt.mrri 9 Financial and managerial accounting are similar in that both: produce general-purpose reports. deal with the economic events of an enterprise. have reports that are prepared quarterly and annually.
  • 13. have the same primary users. 10 It costs Garner Company $12 of variable and $5 of fixed costs to produce one bathroom scale which normally sells for $35. A foreign wholesaler offers to purchase 3,000 scales at $15 each. Garner would incur special shipping costs of $1 per scale if the order were accepted. Garner has sufficient unused capacity to produce the 3,000 scales. If the special order is accepted, what will be the effect on net income? $6,000 decrease $9,000 decrease
  • 14. $6,000 increase $45,000 increase www.arr'ifil awipnmpnt.mrri 11 Which one of the following is an example of a period cost? A manager's salary for work that is done in the corporate head office. A box cost associated with computers.
  • 15. A change in benefits for the union workers who work in the New York plant of a Fortune 1000 manufacturer. Workers' compensation insurance on factory workers' wages allocated to the factory. www.acc561assignment.com 12 The Mac Company has four plants nationwide that cost $350 million. The current fair value of the plants is $300 million. The plants will be reported as assets at: $300 million. $350 million.
  • 16. $600 million. $700 million. www.arr'ifil awipnmpnt.mrri 13 Are advanced receipts from customers treated as revenue at the time of receipt? Why or why not? Yes, the intent of the company is to perform the work and the customer is confident that the services will be completed. No, the amount of revenue cannot be adequately determined until the company completes the work.
  • 17. Yes, they are treated as revenue at the time of receipt because the company has access to the cash. No, revenue cannot be recognized until the work is performed. www.acc561assignment.com 14 Which statement is correct? The cash basis of accounting is objective because no one can be certain of the amount of revenue until the cash is received.
  • 18. As long as management is ethical, there are no problems with using the cash basis of accounting. As long as a company consistently uses the cash basis of accounting, generally accepted accounting principles allow its use. The use of the cash basis of accounting violates both the revenue recognition and expense 15 If a plant is operating at full capacity and receives a one-time opportunity to accept an order at a special price below its usual price, then:
  • 19. the order will likely be accepted. only variable costs are relevant. the order will likely be rejected. fixed costs are not relevant. www.acc561assignment.com 16 Kimble Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period: Estimated annual overhead cost $1,600,000
  • 20. Actual annual overhead cost $1,575,000 Estimated machine hours 400,000 Actual machine hours 390,000 $1,560,000 applied and $15,000 underapplied Www.arrSfil a<;<;ignmpnt.mm $1,560,000 applied and $15,000 overapplied $1,600,000 applied and $15,000 overapplied $1,575,000 applied and neither under- nor overapplied
  • 21. 17 Scorpion Production Company planned to use 1 yard of plastic per unit budgeted at $81 a yard. However, the plastic actually cost $80 per yard. The company actually made 3,900 units, although it had planned to make only 3,300 units. Total yards used for production were 3,960. How much is the total materials variance? www.acc56>3,96<> F $48,600 U $900 U $4,860 U
  • 22. 18 Which of the following statements concerning users of accounting information is incorrect? Present creditors are considered external users. Taxing authorities are considered external users. www.accbbiassignment.com Regulatory authorities are considered internal users. Management is considered an internal user.
  • 23. 19 Top management notices a variation from budget and an investigation of the difference reveals that the department manager could not be expected to have controlled the variation. Which of the following statements is applicable? Department managers should be credited for favorable variances even if they are beyond their control. www.acc561assignment.com Department managers should be held accountable for all variances from budgets for their departments. Department managers' performances should not be evaluated based on actual results to budgeted results.
  • 24. Department managers should only be held accountable for controllable variances for their departments. 20 Danner Corporation reported net sales of $650,000, $720,000, and $780,000■■ms ■■ mm mm mm m m m m mmmw mm 'm'mw m m m m m 2016, 2017, and 2018, respectively.base year, what percentage do 2018 sales represent of the base? in the years If 2016 is the 120% 83% 20%
  • 25. 108% 21 La More Company had the following transactions during 2016: www.accbbiassignment.com Sales of $9,000 on account Collected $4,000 for services to be performed in 2017 Paid $3,750 cash in salaries for 2016
  • 26. Purchased airline tickets for $500 in December for a trip to take place in 2017 What is La More's 2016 net income using accrual accounting? $9,250 www.acc561assignment.com $9,750 $5,250 $5,750
  • 27. 22 If there are no units in process at the beginning of the period, then: the units started into production will equal the number of units transferred out. the company must be using a job order cost system. the units to be accounted for will equal the units transferred out and the units in process at the end of the period. only one computation of equivalent units of production will be necessary.
  • 28. 23 Which of the following is not an underlying assumption of CVP analysis? Sales mix is constant. Beginning inventory is larger than ending inventory. Cost classifications are reasonably accurate. www.acc561assignment.com Changes in activity are the only factors that affect costs. 24. In performing a vertical analysis, the base for sales revenues on the income statement is:
  • 29. net sales. cost of goods available for sale. sales revenue. www.acc5i net income ' 25 Differences between a job order cost system and a process cost system include all of the following except the: unit cost computations.
  • 30. flow of costs. documents used to track costs. point at which costs are totaled. 26 Henson Company began the year with retained earnings of $380,000. During the year, the company recorded revenues of $500,000, expenses of $380,000, and paid dividends of $40,000. What was Henson's retained earnings at the end of the year? $460,000 $540,000
  • 31. $840,000 $500,000 27 At September 1, 2017, Baxter Inc. reported Retained Earnings of $423,000. During the month, Baxter generated revenues of $60,000, incurred expenses of $36,000, purchased equipment for $15,000 and paid dividends of $6,000. What is the balance in Retained Earnings at September 30, 2017? $24,000 credit $423,000 debit
  • 32. $426,000 credit $441,000 credit 28 An activity-based overhead rate is computed as follows: www.acc561assignment.com estimated overhead divided by actual use of cost drivers. actual overhead divided by estimated use of cost drivers.
  • 33. estimated overhead divided by estimated use of cost drivers. actual overhead divided by actual use of cost drivers. www.acc561assignment.com 29. Which is the last step in developing the master budget? Preparing the cash budget
  • 34. Preparing the cost of goods manufactured budget Preparing the budgeted balance sheet Preparing the budgeted income statement WIAIIAI '’iccirrnmont rnm 30 The entry to record the acquisition of raw materials on account is: Manufacturing Overhead Raw Materials Inventory Accounts Payable Work in Process Inventory Accounts Payable
  • 35. Raw Materials Inventory Accounts Payable Accounts Payable Raw Materials Inventory www.acc561assignment.com