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ACC 561 FINAL EXAM

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ACC 561 FINAL EXAM LATEST


ACC 561 Final Exam (Latest) 49.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.

64. The group of users of accounting information charged with


achieving the goals of the business is its
auditors.
creditors.
managers.
investors.

110. 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.

112. 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.

118. 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.
projected net income for next year.
relationship between short-term and long-term liabilities.

124. 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.

165. The convention of consistency refers to consistent use of


accounting principles
throughout the accounting periods.
among firms.
within industries.
among accounting periods.

90.Horizontal analysis is also known as


common size analysis.
linear analysis.
vertical analysis.
trend analysis.

92. 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.

111. 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.

41. 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.

43. 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.

49. 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.

33. An activity that has a direct cause-effect relationship with


the resources consumed is a(n)
overhead rate.
product activity.
cost driver.
cost pool.

40. 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.

40. A cost which remains constant per unit at various levels of


activity is a
mixed cost.
fixed cost.
manufacturing cost.
variable cost.

105. 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.

109. 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

94. 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.

122. 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.

50. 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.

39. 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.

43. 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.

89. 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.

142. Variance reports are


external financial reports.
SEC financial reports.
internal reports for management.
all of these.

40. Internal reports that review the actual impact of decisions


are prepared by
the controller.
management accountants.

factory workers.
department heads.

42. The process of evaluating financial data that change under


alternative courses of action is called
cost-benefit analysis.
contribution margin analysis.
incremental analysis.
double entry analysis.

54.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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