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UOP ACC561 final exam




Question;Which of;the following is an advantage of corporations relative to partnerships and sole;proprietorships?;Harder;to transfer ownership.;Lower;taxes.;Most;common form of organization.;Reduced;legal liability for investors.;Multiple;Choice Question 64;The group;of users of accounting information charged with achieving the goals of the;business is its;creditors.;investors.;managers.;auditors.;Multiple;Choice Question 110;Which of;the following financial statements is concerned with the company at a point in;time?;Balance;sheet.;Income;statement.;Retained;Earnings statement.;Statement;of cash flows.;Multiple;Choice Question 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.;Multiple;Choice Question 118;The most;important information needed to determine if companies can pay their current;obligations is the;projected;net income for next year.;net;income for this year.;relationship;between current assets and current liabilities.;relationship;between short-term and long-term liabilities.;Multiple;Choice Question 124;A;liquidity ratio measures the;income;or operating success of a company over a period of time.;percentage;of total financing provided by creditors.;ability;of a company to survive over a long period of time.;short-term;ability of a company to pay its maturing obligations and to meet unexpected;needs for cash.;Multiple;Choice Question 165;The;convention of consistency refers to consistent use of accounting principles;throughout;the accounting periods.;within;industries.;among;accounting periods.;among;firms.;Multiple;Choice Question 90;Horizontal;analysis is also known as;vertical;analysis.;trend;analysis.;common;size analysis.;linear;analysis;Multiple;Choice Question 92;Horizontal;analysis is a technique for evaluating a series of financial statement data;over a period of time;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.;to;determine which items are in error.;that;has been arranged from the lowest number to the highest number.;Multiple;Choice Question 111;Vertical;analysis is a technique that expresses each item in a financial statement;as;a percent of the item in the previous year.;in;dollars and cents.;as;a percent of a base amount.;starting;with the highest value down to the lowest value.;Multiple;Choice Question 41;Process;costing is used when;production;is aimed at filling a specific customer order.;costs;are to be assigned to specific jobs.;the;production process is continuous.;dissimilar;products are involved.;Multiple;Choice Question 43;An;important feature of a job order cost system is that each job;has;its own distinguishing characteristics.;must;be similar to previous jobs completed.;consists;of one unit of output.;must;be completed before a new job is accepted.;Multiple;Choice Question 49;In a;process cost system, product costs are summarized;after;each unit is produced.;on;production cost reports.;when;the products are sold.;on;job cost sheets.;Multiple;Choice Question 33;An;activity that has a direct cause-effect relationship with the resources;consumed is a(n);cost;pool.;cost;driver.;overhead;rate.;product;activity.;Multiple;Choice Question 40;Activity-based;costing;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.;assigns;activity cost pools to products and services, then allocates overhead back to;the activity cost pools.;allocates;overhead to multiple activity cost pools, and it then assigns the activity cost;pools to products and services by means of cost drivers.;Multiple;Choice Question 40;A cost;which remains constant per unit at various levels of activity is a;mixed;cost.;variable;cost.;fixed;cost.;manufacturing;cost.;Multiple;Choice Question 105;The;break-even point is where;total;variable costs equal total fixed costs.;total;sales equal total variable costs.;contribution;margin equals total fixed costs.;total;sales equal total fixed costs.;Multiple;Choice Question 109;Fixed;costs are $600,000 and the contribution margin per unit is $150. What is the;break-even point?;4,000;units;$1,500,000;$4,000,000;1,500;units;Multiple;Choice Question 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.;Multiple;Choice Question 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;absorption;costing, in order to increase net income.;variable;costing, in order to decrease net income.;absorption;costing, in order to decrease net income.;variable;costing, in order to increase net income.;Multiple;Choice Question 50;An;unrealistic budget is more likely to result when it;has;been developed by all levels of management.;is;developed with performance appraisal usages in mind.;has;been developed in a top down fashion.;has;been developed in a bottom up fashion.;Multiple;Choice Question 39;A major;element in budgetary control is;the;comparison of actual results with planned objectives.;the;valuation of inventories.;approval;of the budget by the stockholders.;the;preparation of long-term plans.;Multiple Choice;Question 43;The;purpose of the sales budget report is to;control;sales commissions.;control;selling expenses.;determine;whether sales goals are being met.;determine;whether income objectives are being met.;Multiple;Choice Question 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;static;reporting.;master;budgeting.;flexible;accounting.;responsibility;accounting;Multiple;Choice Question 142;Variance;reports are;(a);external financial reports.;(b);SEC financial reports.;(c);internal reports for management.;(d);all of these.;Multiple;Choice Question 40;Internal;reports that review the actual impact of decisions are prepared by;factory;workers.;the;controller.;management;accountants.;department;heads.;Multiple;Choice Question 42;The;process of evaluating financial data that change under alternative courses of;action is called;cost-benefit;analysis.;double;entry analysis.;contribution;margin analysis.;incremental;analysis.;Multiple;Choice Question 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 decrease by $8,000.;Income;would increase by $8,000.;Income;would increase by $140,000.;Income;would increase by $40,000.;Multiple;Choice Question 70;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 $10,000;Make;and save $30,000;Make;and save $10,000;Buy;and save $30,000;Multiple;Choice Question 84;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 $200,000.;Process;further, the company will be better off by $180,000.;Sell;now, the company will be better off by $20,000.;Process;further, the company will be better off by $20,000.


Paper#41045 | Written in 18-Jul-2015

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