ACC 561 Final Exam Guide (New)
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ACC 561 Final Exam Guide (New)

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1.      Which of the following is an advantage of corporations relative to partnerships and sole proprietorships?

2.      The group of users of accounting information charged with achieving the goals of the business is its

3.      Which of the following financial statements is cornered with the company at a point in time?

4.      An income statement

5.      The most important information needed to determine if companies can pay their current obligations is the

6.      A liquidity ratio measures the

7.      The convention of consistency refers to consistent use of accounting principles

8.      Horizontal analysis is also known as

9.      Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time

10.  Vertical analysis is a technique that expresses each item in a financial statement

11.  Process costing is used when

12.  An important feature of a job order cost system is that each job

13.  In a process cost system, product costs are summarized:

14.  An activity that has a direct cause-effect relationship with the resources consumed is a(n)

15.  Activity-based costing

16.  A cost which remains constant per unit at various levels of activity is a

17.  Fixed costs are $600,000 and the contribution margin per unit is $150. What is the break-even point?

18.  The break-even point is where

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

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

21.  An unrealistic budget is more likely to result when it

22.  A major element in budgetary control is

23.  The purpose of the sales budget report is to

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

25.  Variance reports are

26.  Internal reports that review the actual impact of decisions are prepared by

27.  The process of evaluating financial data that change under alternative courses of action is called

28.  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:

29.  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?

 

30.  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?

 

 

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