ACC 561 Final Exams 3 Complete A++ Work Part 1 - 17215

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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.

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.
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
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

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

Solution Description

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.

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