ACC 561 Final Exam

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ACC 561 FINAL EXAM
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1. Which of the following is an advantage of
corporations relative to partnerships and sole
proprietorships?   Lower taxes. Harder to
transfer ownership. Most common form of
organization. Reduced legal liability for
investors. 2. The group of users of accounting
information charged with achieving the goals of
the business is its   Auditors. Creditors. M
anagers. Investors. 3. Which of the following
financial statements is concerned with the
company at a point in time?   Income
statement. Balance sheet. Retained Earnings
statement. Statement of cash flows.
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4. An income statement   presents the revenues
and expenses for a specific period of
time. summarizes the changes in retained
earnings for a specific period of time. reports
the assets, liabilities, and stockholders equity
at a specific date. reports the changes in
assets, liabilities, and stockholders equity
over a period of time. 5. the most important
information needed to determine if companies can
pay their current obligations is the   Net
income for this year. Relationship between
current assets and current liabilities. projecte
d net income for next year. Relationship
between short-term and long-term liabilities.
6. A liquidity ratio measures the   Short-term
ability of a company to pay its maturing
obligations and to meet unexpected needs for
cash. Percentage of total financing provided by
creditors. Income or operating success of a
company over a period of time. Ability of a
company to survive over a long period of time.
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7. The convention of consistency refers to
consistent use of accounting principles   throug
hout the accounting periods. among
firms. within industries. among accounting
periods. 8.Horizontal analysis is also known
as   common size analysis. linear
analysis. vertical analysis. trend analysis.
9. Horizontal analysis is a technique for
evaluating a series of financial statement data
over a period of time   to determine which
items are in error. that has been arranged from
the highest number to the lowest number. to
determine the amount and/or percentage increase
or decrease that has taken place. that has been
arranged from the lowest number to the highest
number.
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10. Vertical analysis is a technique that
expresses each item in a financial
statement   as a percent of a base amount. in
dollars and cents. starting with the highest
value down to the lowest value. as a percent of
the item in the previous year. 11. Process
costing is used when   the production process
is continuous. costs are to be assigned to
specific jobs. production is aimed at filling a
specific customer order. dissimilar products
are involved. 12. An important feature of a job
order cost system is that each job   must be
similar to previous jobs completed. has its own
distinguishing characteristics. must be
completed before a new job is accepted. consists
of one unit of output.
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13. In a process cost system, product costs are
summarized   on job cost sheets. on
production cost reports. when the products are
sold. after each unit is produced. 14.
Activity-based costing   allocates overhead to
multiple activity cost pools, and it then assigns
the activity cost pools to products and services
by means of cost drivers. assigns activity cost
pools to products and services, then allocates
overhead back to the activity cost
pools. accumulates overhead in one cost pool,
then assigns the overhead to products and
services by means of a cost driver. allocates
overhead directly to products and services based
on activity levels.
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15. An activity that has a direct cause-effect
relationship with the resources consumed is
a(n)   overhead rate. product
activity. cost driver. cost pool. 16. A
cost which remains constant per unit at various
levels of activity is a   mixed cost. fixed
cost. manufacturing cost. variable cost.
17. The break-even point is where   total
sales equal total variable costs. total
variable costs equal total fixed costs. total
sales equal total fixed costs. contribution
margin equals total fixed costs.
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18. Fixed costs are 600,000 and the
contribution margin per unit is 150. What is the
break-even point?   1,500,000 4,000,000 1,
500 units 4,000 units 19. When a company
assigns the costs of direct materials, direct
labor, and both variable and fixed manufacturing
overhead to products, that company is
using   product costing. operations
costing. absorption costing. variable
costing.
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20. If a division manager's compensation is based
upon the division's net income, the manager may
decide to meet the net income targets by
increasing production when using   variable
costing, in order to increase net
income. variable costing, in order to decrease
net income. absorption costing, in order to
increase net income. absorption costing, in
order to decrease net income. 21. An unrealistic
budget is more likely to result when it   has
been developed by all levels of management. has
been developed in a bottom up fashion. has been
developed in a top down fashion. is developed
with performance appraisal usages in mind. 22.
A major element in budgetary control is the
valuation of inventories. the preparation of
long-term plans. approval of the budget by the
stockholders. the comparison of actual results
with planned objectives.
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23. The purpose of the sales budget report is
to   control sales commissions. control
selling expenses. determine whether income
objectives are being met. determine whether
sales goals are being met. 24. The accumulation
of accounting data on the basis of the individual
manager who has the authority to make day-to-day
decisions about activities in an area is
called   flexible accounting. static
reporting. responsibility accounting. master
budgeting. 25. Internal reports that review the
actual impact of decisions are prepared
by   the controller. management
accountants. factory workers. department
heads.
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26. The process of evaluating financial data
that change under alternative courses of action
is called   cost-benefit analysis. contributio
n margin analysis. incremental
analysis. double entry analysis. 27. Seasons
manufacturing manufactures a product with a unit
variable cost of 100 and a unit sales price of
176. Fixed manufacturing costs were 480,000
when 10,000 units were produced and sold. The
company has a one-time opportunity to sell an
additional 1,000 units at 140 each in a foreign
market which would not affect its present sales.
If the company has sufficient capacity to produce
the additional units, acceptance of the special
order would affect net income as
follows   Income would increase by
40,000. Income would decrease by
8,000. Income would increase by
140,000. Income would increase by 8,000.
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28. Carter, Inc. can make 100 units of a
necessary component part with the following
costs Direct Materials 120,000 Direct
Labor 20,000 Variable Overhead
60,000 Fixed Overhead 40,000 If Carter can
purchase the component externally for 220,000
and only 10,000 of the fixed costs can be
avoided, what is the correct make-or-buy
decision?   Buy and save 30,000 Make and
save 10,000 Buy and save 10,000 Make and
save 30,000 29. A company has a process that
results in 15,000 pounds of Product A that can be
sold for 16 per pound. An alternative would be
to process Product A further at a cost of
200,000 and then sell it for 28 per pound.
Should management sell Product A now or should
Product A be processed further and then sold?
What is the effect of the action?   Sell now,
the company will be better off by 20,000. Sell
now, the company will be better off by
200,000. Process further, the company will be
better off by 180,000. Process further, the
company will be better off by 20,000.
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