ACC 561 Final Exams 1 Complete A++ Work - 17212

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1) 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

 

2) 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

3) Department performance reports can be used to help department heads determine _____.
A. who is primarily responsible for any deviations from plans
B. how efficiently the department is operating
C. how effectively and efficiently the department is operating
D. how effectively the department is operating

4) 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. objectivity
B. confidentiality
C. integrity
D. competence

5) 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

6) According to the Institute of Management Accountants' Statement of Ethical Professional Practice, the standard of competence includes:
A. All of these answers are correct
B. the ongoing development of the accountant's knowledge and skills
C. avoiding actual or apparent conflicts of interest
D. disclosing all relevant information

7) _____ is the field of accounting that develops information for external decision makers such as stockholders, suppliers, banks, and government regulatory agencies.
A. Financial accounting
B. Auditing
C. Tax accounting
D. Management accounting

8) _____ refers to accounting information developed for managers within an organization.
A. Tax accounting
B. Internal auditing
C. Managerial accounting
D. Financial accounting

9) The primary users of management accounting information are _____.
A. suppliers
B. bankers
C. governmental regulatory authorities
D. internal decision makers

10) _____ would not appear on the financial statements for a sole proprietorship.
A. Unearned Sales Revenues
B. Paid-in Capital
C. Cost of Goods Sold
D. Accumulated Depreciation

11) The _____ is also called the statement of financial position.
A. statement of cash flows
B. income statement
C. balance sheet
D. statement of retained earnings

12) Etiwanda Company's accountant recorded a debit to Accounts Payable and a credit to Cash. This transaction will_____.
A. decrease Cash and decrease Accounts Payable
B. increase Cash and increase Accounts Payable
C. increase Cash and decrease Accounts Payable
D. decrease Cash and increase Accounts Payable

13) Valuing assets at replacement cost to facilitate the measurement of “economic income” violates the _____ accounting convention.
A. cost benefit
B. conservatism
C. materiality
D. objectivity

14) The use of acquisition cost less depreciation in valuing an asset on the balance sheet is the logical result of the _____ accounting convention.
A. materiality
B. cost-benefit
C. continuity
D. conservatism

15) 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 Paid-in Capital for $50,000
B. Paid-in Capital and a credit to Retained Earnings for $50,000
C. Retained Earnings and a credit to Cash for $50,000
D. Cash and a credit to Retained Income for $50,000

16) The statement of cash flows is used for all of the following except_____.
A. evaluating the creditworthiness of the organization
B. revealing commitments that may restrict future courses of action
C. showing the relationship of net income to changes in cash
D. determining a company's ability to pay its debts when they are due

17) Nonoperating items on the income statement_____.
A. appear on the income statement immediately after gross profit
B. appear only on corporate income statements
C. are revenues and expenses arising from adjusting entries
D. reflect the effects of financial management decisions

18) 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 Capital account by $10,000
B. increasing the Capital account by $10,000
C. increasing the Accounts Payable account by $10,000
D. decreasing the Accounts Payable account by $10,000

19) Which of the following is not a cost driver of customer services costs?
A. All of these answers are correct
B. Travel costs are not a cost driver of customer services costs.
C. Number of service calls is not a cost driver of customer services costs.
D. Hours spent servicing products are not a cost driver of customer services costs.

20) Which value chain function would include the cost of computer-aided design equipment and cost to develop the prototype of a product?
A. The marketing function would include these costs
B. The design of product, services, and processes function would include these costs.
C. The production function would include these costs.
D. The distribution function would include these costs.

21) Output measures of both resources and activities are _____.
A. variable activities
B. stages of production
C. fixed activities
D. cost drivers

22) If the sales price per unit is $100, the total fixed costs are $75,000, and the break even volume in dollar sales is $250,000, then the variable cost per unit is _____.
A. $30
B. $100
C. $75,000
D. $70

23) 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. $435,000
B. $1,023,529
C. $621,429
D. $1,450,000

24) Walnut Corporation 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 contribution margin per desk is _____.
A. $126
B. $108
C. $51
D. $195

25) _____ is a method of approximating cost functions.
A. Account analysis
B. Transaction analysis
C. Product analysis
D. Cost driver analysis


Solution Description

 

 

1) 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

 

2) 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

3) Department performance reports can be used to help department heads determine _____.
A. who is primarily responsible for any deviations from plans
B. how efficiently the department is operating
C. how effectively and efficiently the department is operating
D. ho