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##### ACC multiple choice questions

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Question;Swamp;Fox has the following sales forecasts for its hip waders next year;First Quarter................10,000 pairs;Second Quarter.............5% increase over first quarter;Third Quarter................3% decrease from second quarter;Fourth Quarter...............8% increase over first quarter;34. What is Swamp Fox's estimated sales in units for next;year?;A. 41,485 pairs.;B. 38,300 pairs.;C. 40,000 pairs.;D. 40,685 pairs.;E. Some other amount.35. What is Swamp Fox's estimated sales revenue;for next year if each pair sells for an average of \$30?;A. \$1,149,000.;B. \$1,200,000.;C. \$1,220,550.;D. \$1,244,550.;E. Some other amount;36. Bird plans to sell 5,000 units each quarter next year.;During the first two quarters each unit will sell for \$12, during the last two;quarters the sales price will increase \$1.50 per unit. What is Bird's estimated;sales revenue for next year?;A. \$240,000.;B. \$255,000.;C. \$270,000.;D. \$244,000.;E. Some other amount.;37. Bison;Sporting Goods sells bicycles throughout the northeastern United States. The following;data were taken from the most recent quarterly sales forecast;On the basis of the information presented, how many bicycles should the company;purchase in August?;A. 1,860.;B. 1,950.;C. 2,040.;D. 2,250.;E. Some other amount.;38. Swansong plans to sell 10,000 units;of a particular product during July, and expects sales to increase at the rate;of 10% per month during the remainder of the year. The June 30 and September 30;ending inventories are anticipated to be 1,100 units and 950 units, respectively.;On the basis of this information, how many units should Swansong purchase for;the quarter ended September 30?;A. 31,850.;B. 32,150.;C. 32,950.;D. 33,250.;E. Some other amount.;39. Yorkley;Corporation plans to sell 41,000 units of its single product in March. The;company has 2,800 units in its March 1 finished-goods inventory and anticipates;having 2,400 completed units in inventory on March 31. On the basis of this;information, how many units does Yorkley plan to produce during March?;A. 40,600.;B. 41,400.;C. 43,800.;D. 46,200.;E. Some other amount.;40. Coleman;Inc. anticipates sales of 50,000 units, 48,000 units, and 51,000 units in July;August, and September, respectively. Company policy is to maintain an ending;finished-goods inventory equal to 40% of the following month's sales. On the;basis of this information, how many units would the company plan to produce in;July?;A. 46,800.;B. 49,200.;C. 49,800.;D. 52,200.;E. Some other amount.;41. Coleman, Inc. anticipates;sales of 50,000 units, 48,000 units, and 51,000 units in July, August, and;September, respectively. Company policy is to maintain an ending finished-goods;inventory equal to 40% of the following month's sales. On the basis of this;information, how many units would the company plan to produce in August?;A. 48,000.;B. 49,200.;C. 49,800.;D. 50,600.;E. Some other amount.;42. Coleman, Inc. anticipates sales of;50,000 units, 48,000 units, 51,000 units and 50,000 units in July, August;September and October, respectively. Company policy is to maintain an ending;finished-goods inventory equal to 40% of the following month's sales. On the;basis of this information, how many units would the company plan to produce in;September?;A. 46,800.;B. 49,200.;C. 49,800.;D. 50,600.;E. Some other amount.;43. Telfair & Company had;3,000 units in finished-goods inventory on December 31. The following data are;available for the upcoming year;The number of units the company expects to sell in January is;A. 6,900.;B. 8,900.;C. 9,400.;D. 9,900.;E. 11,900.;45. Tidewater;plans to sell 85,000 units of product no. 794 in May, and each of these units;requires three units of raw material. Pertinent data follow.;On the basis of the information presented, how many units of raw material;should Tidewater purchase for use in May production?;A. 228,000.;B. 246,000.;C. 264,000.;D. 282,000.;E. Some other amount.;46. An examination;of Shorter Corporation's inventory accounts revealed the following information;Raw materials, June 1: 46,000 units;Raw materials, June 30: 51,000 units;Purchases of raw materials during June: 185,000 units;Shorter's finished product requires four units of raw materials. On the basis;of this information, how many finished products were manufactured during;June?;A. 45,000.;B. 47,500.;C. 57,750.;D. 70,500.;E. Some other amount.;47. Nguyen plans to sell 40,000 units of;product no. 75 in June, and each of these units requires five square feet of;raw material. Pertinent data follow.;If the company purchases 201,000 square feet of raw material during the month;the estimated raw-material inventory on June 30 would be;A. 11,000 square feet.;B. 13,000 square feet.;C. 23,000 square feet.;D. 25,000 square feet.;E. some other amount.;48. Northwest;manufactures a product requiring 0.5 ounces of platinum per unit. The cost of;platinum is approximately \$360 per ounce, the company maintains an ending;platinum inventory equal to 10% of the following month's production usage. The;following data were taken from the most recent quarterly production budget;The cost of platinum to be purchased to support August production is;A. \$195,840.;B. \$198,000.;C. \$200,160.;D. \$391,680.;E. Some other amount.;49. Northwest's;production data for one of its products were taken from the most recent;quarterly production budget;If it takes two direct labor hours to produce each unit and Northwest's cost;per labor hour is \$15, direct labor cost for August would be budgeted at;A. \$16,500.;B. \$31,200.;C. \$33,000.;D. \$34,800.;E. Some other amount.;50. Northcutt's;production data for a new deluxe product were taken from the most recent;quarterly production budget;In addition, Northcutt produces 5,000 units a month of its standard product. It;takes two direct labor hours to produce each standard unit and 2.25 direct;labor hours to produce each deluxe unit. Northwest's cost per labor hour is;\$15. Direct labor cost for July would be budgeted at;A. \$183,750.;B. \$187,125.;C. \$189,125.;D. \$194,750.;E. Some other amount.;51. Northcutt's;production data for a new deluxe product were taken from the most recent;quarterly production budget;In addition, Northcutt produces 5,000 units a month of its standard product. It;takes two direct labor hours to produce each standard unit and 2.25 direct;labor hours to produce each deluxe unit. Northwest's cost per labor hour is;\$15. Direct labor cost for August would be budgeted at;A. \$187,125.;B. \$194,750.;C. \$197,107.;D. \$183,250.;E. Some other amount.52. Northcutt's;production data for a new deluxe product were taken from the most recent;quarterly production budget;In addition, Northcutt produces 5,000 units a month of its standard product. It;takes two direct labor hours to produce each standard unit and 2.25 direct;labor hours to produce each deluxe unit. Northwest's cost per labor hour is;\$15. Direct labor cost for September would be budgeted at;A. \$187,125.;B. \$183,075.;C. \$194,750.;D. \$197,075.;E. Some other amount.53. Northcutt's production data for a new deluxe;product were taken from the most recent quarterly production budget;In addition, Northcutt produces 5,000 units a month of its standard product. It;takes two direct labor hours to produce each standard unit and 2.25 direct;labor hours to produce each deluxe unit. Northwest's cost per labor hour is;\$15. Direct labor cost for the quarter would be budgeted at;A. \$519,075.;B. \$533,125.;C. \$547,750.;D. \$553,950.;E. Some other amount.;54. Quattro;began operations in April of this year. It makes all sales on account, subject;to the following collection pattern: 30% are collected in the month of sale;60% are collected in the first month after sale, and 10% are collected in the;second month after sale. If sales for April, May, and June were \$60,000;\$80,000, and \$70,000, respectively, what were the firm's budgeted collections;for April?;A. \$18,000.;B. \$21,000.;C. \$60,000.;D. \$65,000.;E. Some other amount.55. Quattro began operations in April of;this year. It makes all sales on account, subject to the following collection;pattern: 30% are collected in the month of sale, 60% are collected in the first;month after sale, and 10% are collected in the second month after sale. If;sales for April, May, and June were \$60,000, \$80,000, and \$70,000;respectively, what were the firm's budgeted collections for May?;A. \$21,000.;B. \$60,000.;C. \$69,000.;D. \$75,000.;E. Some other amount.;56. Quattro;began operations in April of this year. It makes all sales on account, subject;to the following collection pattern: 30% are collected in the month of sale;60% are collected in the first month after sale, and 10% are collected in the;second month after sale. If sales for April, May, and June were \$60,000, \$80,000;and \$70,000, respectively, what were the firm's budgeted collections for;June?;A. \$21,000.;B. \$60,000.;C. \$69,000.;D. \$75,000.;E. Some other amount.;57. Quattro;began operations in April of this year. It makes all sales on account, subject;to the following collection pattern: 30% are collected in the month of sale;60% are collected in the first month after sale, and 10% are collected in the;second month after sale. If sales for April, May, and June were \$60,000;\$80,000, and \$70,000, respectively, what were the firm's budgeted collections;for the quarter?;A. \$121,000.;B. \$140,000.;C. \$153,000.;D. \$175,000.;E. Some other amount.;58. Verna's;makes all sales on account, subject to the following collection pattern: 20%;are collected in the month of sale, 70% are collected in the first month after;sale, and 10% are collected in the second month after sale. If sales for;October, November, and December were \$70,000, \$60,000, and \$50,000;respectively, what was the budgeted receivables balance on December 31?;A. \$40,000.;B. \$46,000.;C. \$49,000.;D. \$59,000.;E. Some other amount.;59. Dragon makes all sales on account;subject to the following collection pattern: 30% are collected in the month of;sale, 60% are collected in the first month after sale, and 10% are collected in;the second month after sale. If sales for June, July, and August were \$120,000;\$160,000, and \$220,000, respectively, what were the firm's budgeted collections;for August and the company's budgeted receivables balance on August 31?;A. Choice A;B. Choice B;C. Choice C;D. Choice D;E. Choice E;60. The;following selected data pertain to Phineus Corporation;July's cash disbursements are expected to be;A. \$404,000.;B. \$464,000.;C. \$674,000.;D. \$734,000.;E. Some other amount.;61. Digregory;makes all purchases on account, subject to the following payment pattern;Paid in the month of purchase: 30%;Paid in the first month following purchase: 60%;Paid in the second month following purchase: 10%;If purchases for January, February, and March were \$200,000, \$180,000, and;\$230,000, respectively, what were the firm's budgeted payments in March?;A. \$69,000.;B. \$138,000.;C. \$177,000.;D. \$197,000.;E. Some other amount.62. Brooke-lyn makes all purchases on account;subject to the;following;payment pattern;Paid in the month of purchase: 30%;Paid in the first month following purchase: 65%;Paid in the second month following purchase: 5%;If purchases for April, May, and June were \$200,000, \$160,000, and \$250,000;respectively, what was the firm's budgeted payables balance on June 30?;A. \$175,000.;B. \$179,000.;C. \$183,000.;D. \$189,000.;E. Some other amount.63. Wolverine, Inc. began operations on January;1 of the current year with a \$12,000 cash balance. Forty percent of sales are;collected in the month of sale, 60% are collected in the month following sale.;Similarly, 20% of purchases are paid in the month of purchase, and 80% are paid;in the month following purchase. The following data apply to January and;February;If operating expenses are paid in the month incurred and include monthly;depreciation charges of \$2,500, determine the change in Wolverine's cash;balance during February.;A. \$2,000 increase.;B. \$4,500 increase.;C. \$5,000 increase.;D. \$7,500 increase.;E. Some other amount.;The Gingham Company's budgeted income statement reflects the following;amounts;Sales are collected 50% in the month of sale, 30% in the month following sale;and 19% in the second month following sale. One percent of sales is;uncollectible and expensed at the end of the year.;Gingham pays for all purchases in the month following purchase and takes;advantage of a 3% discount. The following balances are as of January 1;*Of this balance, \$35,000 will be collected in January and the remaining amount;will be collected in February.;The monthly expense figures include \$5,000 of depreciation. The expenses are;paid in the month incurred.;64. Gingham's;expected cash balance at the end of January is;A. \$87,000.;B. \$89,160.;C. \$92,000.;D. \$94,160.;E. \$113,160.;65. Gingham's;budgeted cash receipts in February are;A. \$91,000.;B. \$95,000.;C. \$113,090.;D. \$113,640.;E. \$114,000.;66. Gingham's;budgeted cash payments in February are;A. \$75,660.;B. \$94,860.;C. \$97,200.;D. \$99,860.;E. \$102,200.;67. Gingham's expected cash;balance at the end of February is;A. \$87,000.;B. \$89,160.;C. \$92,000.;D. \$94,160.;E. \$113,300.;Change;numbering through the remainder of chapter! ok

Paper#39210 | Written in 18-Jul-2015

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