NEW BUS 475 BUS/475 Final Exam Complete Sets 100% Correct Questions with Answers - 70812

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Bus 475 Final Exam 100 Questions with Answers 1st Set

 

 

  1) 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 

2) One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?

A.   $150,000 B.   $60,000 C.   $90,000 D.   $75,000 

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 is a product cost?

A.   Indirect labor B.   Sales person’s salaries C.   Office salaries D.   Advertising costs 

5) The conceptual framework developed by the Financial Accounting Standards Board __________.

A.   was approved by a vote of all accountants B.   is viewed as providing a constitution for setting accounting standards for financial reporting

C.   are rules that all accountants must follow D.   is legally binding on all accountants 

6) What is the preparation of reports for each level of responsibility in the company’s organization chart called?

A.   Static reporting B.   Exception reporting C.   Responsibility reporting D.   Master budgeting analysis 

7) The cost principle requires that when assets are acquired, they be recorded at __________.

A.   appraisal value B.   selling price C.   exchange price paid D.   list price 

8) If a company reports a net loss, it __________.

A.   will not be able to make capital expenditures B.   will not be able to get a loan C.   may still have a net increase in cash D.   will not be able to pay cash dividends 

9) The major reporting standard for management accounts is __________.

A.   generally accepted accounting principles B.   relevance to decisions C.   the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management

D.   the Sarbanes-Oxley Act of 2002 

 

10) The primary purpose of the statement of cash flows is to __________.

Bus 475 Final Exam 100 Questions with Answers 2st Set

 

 

  1) The cost principle requires that when assets are acquired, they be recorded at __________.

A.   list price B.   selling price C.   exchange price paid D.   appraisal value 

2) "Generally accepted" in the phrase generally accepted accounting principles means that the principles __________.

A.   have been approved for use by the managements of business firms

B.   have been approved by the Internal Revenue Service C.   have substantial authoritative support  D.   are proven theories of accounting 

3) The standards and rules that are recognized as a general guide for financial reporting are called __________.

A.   standards of financial reporting B.   operating guidelines C.   generally accepted accounting principles D.   generally accepted accounting standards 

4) Sam's Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March?

A.   $8,250

B.   $750 C.   $4,500

D.   $5,250

 

5) 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.   2,133 units

B.   6,200 units

C.   $25,600 D.   4,600 units

 

6) 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.   The western division’s vice president’s salary

B.   Cost of landscaping the corporate office C.   General corporate liability insurance D.   Factory janitor 

7) What is the preparation of reports for each level of responsibility in the company’s organization chart called?

A.   Master budgeting analysis

B.   Exception reporting C.   Responsibility reporting

D.   Static reporting 

8) 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.   $6,000 B.   $12,000

C.   $28,000

D.   $18,000

 

9) The cost of an asset and its fair market value are __________.

A.   never the same B.   irrelevant when the asset is used by the business in its operations

C.   the same on the date of acquisition D.   the same when the asset is sold 

10) Which one of the following is a product cost?

A.   Indirect labor B.   Sales person’s salaries

C.   Advertising costs D.   Office salaries 

 

BUS 475 Final Exam Questions with Answers 3st Set

 

 1) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals: 

Income StatementBalance Sheet

Dr.Cr.Dr.Cr.

Totals$58,000$48,000$34,000$44,000

To enter the net income (or loss) for the period into the above worksheet requires an entry to the __________.

A.   income statement debit column and the income statement credit column

B.   income statement credit column and the balance sheet debit column C.   income statement debit column and the balance sheet credit column D.   balance sheet debit column and the balance sheet credit column  

 

2) Multinational corporations __________.

A.   are firms that conduct their operations in more than one country through subsidiaries, divisions, or branches in foreign countries

B.   are U.S. companies that sell goods and services in other countries C.   are required to use international accounting standards D.   are U.S. companies that trade their securities on the exchanges in other countries

 

3) Balance sheet accounts are considered to be __________.

A.   capital accounts B.   nominal accounts C.   temporary stockholders’ accounts D.   permanent accounts 

4) 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 

5) The primary purpose of the statement of cash flows is to __________.

A.   provide information about the cash receipts and cash payments during a period

B.   facilitate banking relationships C.   provide information about the investing and financing activities during a period

D.   prove that revenues exceed expenses if there is a net income 

6) In what situations will a static budget be most effective in evaluating a manager's effectiveness?

A.   The planned activity levels match actual activity levels.

B.   The company has no fixed costs. C.   The company has substantial fixed costs. D.   The company has substantial variable costs. 

7) Which one of the following is a product cost?

A.   Sales person’s salaries

B.   Advertising costs C.   Indirect labor D.   Office salaries 

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 Building600,000

Inventory200,000

Equipment450,000

Office Furniture100,000

Accumulated Depreciation300,000

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) Of the following companies, which one would not likely employ the specific identification method for inventory costing?

A.   Antique shop B.   Music store specializing in organ sales

C.   Hardware store D.   Farm implement dealership 

10) If a company reports a net loss, it __________.

A.   will not be able to get a loan B.   may still have a net increase in cash C.   will not be able to make capital expenditures

D.   will not be able to pay cash dividends 

 

BUS 475 Final Exam 100 Questions with Answers 4st Set

  

1) A well-designed activity-based costing system starts with __________.

A.   analyzing the activities performed to manufacture a product B.   assigning manufacturing overhead costs for each activity cost pool to products

C.   computing the activity-based overhead rate D.   identifying the activity-cost pools 

2) "Generally accepted" in the phrase generally accepted accounting principles means that the principles __________.

A.   have been approved for use by the managements of business firms

B.   have been approved by the Internal Revenue Service C.   have substantial authoritative support   D.   are proven theories of accounting 

3) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals: 

Income StatementBalance Sheet

Dr.Cr.Dr.Cr.

Totals$58,000$48,000$34,000$44,000

The net income (or loss) for the period is __________.

A.   not determinable B.   $10,000 loss C.   $10,000 income D.   $48,000 income 

4) These are selected account balances on December 31, 2008. 

Land (location of the corporation's office building)$150,000

Land (held for future use)225,000

Corporate Office Building900,000

Inventory300,000

Equipment675,000

Office Furniture150,000

Accumulated Depreciation450,000

What is the net amount of property, plant, and equipment that will appear on the balance sheet?

A.   $1,425,000 B.   $1,950,000 C.   $2,400,000 D.   $1,650,000 

5) The first step in activity-based costing is to __________.

A.   identify the cost driver that has a strong correlation to the activity cost pool B.   assign manufacturing overhead costs for each activity cost pool to products C.   identify and classify the major activities involved in the manufacture of specific products

D.   compute the activity-based overhead rate per cost driver 

6) 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.   2,133 units B.   4,600 units C.   6,200 units D.   $25,600 

7) Sam's Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March?

A.   $8,250 B.   $5,250 C.   $750 D.   $4,500 

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 Building600,000

Inventory200,000

Equipment450,000

Office Furniture100,000

Accumulated Depreciation300,000

What is the net amount of property, plant, and equipment that will appear on the balance sheet?

A.   $950,000 B.   $1,300,000 C.   $1,600,000 D.   $1,100,000 

9) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals: 

Income StatementBalance Sheet

Dr.Cr.Dr.Cr.

Totals$58,000$48,000$34,000$44,000

 

 

Closing entries are necessary for __________.

A.   permanent or real accounts only B.   permanent accounts only C.   both permanent and temporary accounts D.   temporary accounts only 

10) 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.   The western division’s vice president’s salary B.   Factory janitor C.   Cost of landscaping the corporate office D.   General corporate liability insurance 

 

 

BUS 475 FINAL EXAM 100 Questions with Answers 5st Set

   1) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals: 

 

Income StatementBalance Sheet

Dr.Cr.Dr.Cr.

Totals$58,000$48,000$34,000$44,000

Closing entries are necessary for __________. 

A. temporary accounts only

B. permanent accounts only

C. permanent or real accounts only  

D. both permanent and temporary accounts

 

 

2) 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. General corporate liability insurance

B. Factory janitor

C. The western division’s vice president’s salary

D. Cost of landscaping the corporate office

 

3) Which list below best describes the major services performed by public accountants? 

A. Employee training, auditing, bookkeeping

B. Bookkeeping, mergers, budgets

C. Cost accounting, production scheduling, recruiting

D. Auditing, taxation, management consulting

 

4) The conceptual framework developed by the Financial Accounting Standards Board __________. 

A. are rules that all accountants must follow

B. was approved by a vote of all accountants

C. is legally binding on all accountants

D. is viewed as providing a constitution for setting accounting standards for financial reporting

Read more: 

 

 

 

5) In what situations will a static budget be most effective in evaluating a manager's effectiveness? 

A. The company has substantial variable costs.

B. The company has substantial fixed costs.

C. The company has no fixed costs.

D. The planned activity levels match actual activity levels.

 

6) Which one of the following items is not generally used in preparing a statement of cash flows? 

A. Comparative balance sheets

B. Adjusted trial balance

C. Additional information

D. Current income statement 

 

7) These are selected account balances on December 31, 2008. 

Land (location of the corporation’s office building)$150,000

Land (held for future use)225,000

Corporate Office Building900,000

Inventory300,000

Equipment675,000

Office Furniture150,000

Accumulated Depreciation450,000

What is the net amount of property, plant, and equipment that will appear on the balance sheet? 

A .$1,425,000

B. $1,650,000

C. $2,400,000

D. $1,950,000

 

8) A well-designed activity-based costing system starts with __________. 

A. analyzing the activities performed to manufacture a product

B. computing the activity-based overhead rate

C. assigning manufacturing overhead costs for each activity cost pool to products

D. identifying the activity-cost pools

 

 

 

 

9) The cost principle is the basis for preparing financial statements because it is __________. 

A. the most accurate measure of purchasing power

B. relevant and objectively measured, and verifiable

C. an international accounting standard

D. a conservative value

 

10) Which one of the following is a product cost? 

A. Advertising costs

B. Office salaries

C. Sales person’s salaries

D. Indirect labor

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