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Question;The group of users of accounting information charged with;achieving the goals of the business is its;creditors.;auditors.;investors.;managers.;4-An income statement;reports the changes in assets, liabilities, and;stockholders? equity over a 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.;presents the revenues and expenses for a specific period of;time.;5-The most important information needed to determine if;companies can pay their current obligations is the;projected net income for next year.;relationship between current assets and current liabilities.;net income for this 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.;ability of a company to survive over a long period of time.;percentage of total financing provided by creditors.;income or operating success of a company over a period of;time.;8-A liquidity ratio measures the;short-term ability of a company to pay its maturing;obligations and to meet unexpected needs for cash.;ability of a company to survive over a long period of time.;percentage of total financing provided by creditors.;income or operating success of a company over a period of;time.;9-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.;that has been arranged from the lowest number to the highest;number.;to determine which items are in error.;10-Vertical analysis is a technique that expresses each item;in a financial statement;as a percent of a base amount.;as a percent of the item in the previous year.;starting with the highest value down to the lowest value.;in dollars and cents.;11-Process costing is used when;production is aimed at filling a specific customer order.;the production process is continuous.;costs are to be assigned to specific jobs.;dissimilar products are involved.;12-An important feature of a job order cost system is that;each job;has its own distinguishing characteristics.;consists of one unit of output.;must be similar to previous jobs completed.;must be completed before a new job is accepted.;13-In a process cost system, product costs are summarized;on production cost reports.;when the products are sold.;after each unit is produced.;14-An activity that has a direct cause-effect relationship;with the resources consumed is a(n);overhead rate.;cost pool.;product activity.;15-Activity-based costing;accumulates overhead in one cost pool, then assigns the;overhead to products and services by means of a cost driver.;assigns activity cost pools to products and services, then;allocates overhead back to the activity cost pools.;allocates overhead directly to products and services based;on activity levels.;allocates overhead to multiple activity cost pools, and it;then assigns the activity cost pools to products and services by means of cost;drivers.;Don't show me this message again for the assignment;16-A cost which remains constant per unit at various levels;of activity is a;fixed cost.;mixed cost.;variable cost.;manufacturing cost.;17-The break-even point is where;total variable costs equal total fixed costs.;total sales equal total variable costs.;total sales equal total fixed costs.;contribution margin equals total fixed costs;18-Fixed costs are $600,000 and the contribution margin per;unit is $150. What is the break-even point?;$4,000,000;$1,500,000;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;absorption costing.;product costing.;operations costing.;variable costing.;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;absorption costing, in order to decrease net income.;absorption costing, in order to increase net income.;variable costing, in order to increase net income.;There is 10 more question;21-An unrealistic;budget is more likely to result when it;is developed with performance appraisal usages;in mind.;has been developed in a top down fashion.;has been developed in a bottom up fashion.;has been developed by all levels of management;22-A major;element in budgetary control is;approval of the budget by the stockholders.;the preparation of long-term plans.;the valuation of inventories.;the comparison of actual results with planned;objectives.;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;master budgeting.;flexible accounting.;responsibility accounting.;static reporting.;25-Variance;reports are;(a) external financial reports.;(b) SEC financial reports.;(c) internal reports for management.;(d) all of these;26-Internal;reports that review the actual impact of decisions are prepared by;management s.;factory workers.;department heads.;the controller.;27-The process of;evaluating financial data that change under alternative courses of action is;called;contribution margin analysis.;cost-benefit analysis.;incremental analysis.;double entry analysis.;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;Income would increase by $40,000.;Income would increase by $140,000.;Income would increase by $8,000.;Income would decrease by $8,000.;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?;Make and save $30,000;Buy and save $10,000;Make and save $10,000;Buy and save $30,000;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?;Process further, the company will be better off;by $180,000.;Process further, the company will be better off;by $20,000.;Sell now, the company will be better off by;$20,000.;Sell now, the company will be better off by;$200,000.;In;a process cost system, product costs are summarized;on;production cost reports.;when;the products are sold.;after;each unit is produced.;on;job cost sheets;14-;An;activity that has a direct cause-effect relationship with the resources;consumed is a(n);overhead;rate.;cost;pool.;product;activity.;cost;driver.

 

Paper#42184 | Written in 18-Jul-2015

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