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ACC/561 ACC 561 Week 6 Final / (30 Questions all correct)




;;Question 1;Which of the following is an advantage of corporations relative to partnerships and sole proprietorships?;? Lower taxes;? Most common form of organization;? Reduced legal liability for investors;? Harder to transfer ownership;Question 2;The group of users of accounting information charged with achieving the goals of the business is its;? Managers;? Creditors;? Auditors;? investors;Question 3;Which of the following financial statements is concerned with the company at a point in time?;? Income statement.;? Retained Earnings statement;? Balance sheet;? Statement of cash flows;Question 4;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 changes in assets, liabilities, and stockholders? equity over a period of time;? reports the assets, liabilities, and stockholders? equity at a specific date;Question 5;The most important information needed to determine if companies can pay their current obligations is the;? relationship between short-term and long-term liabilities;? net income for this year;? relationship between current assets and current liabilities;? projected net income for next year;Question 6;A liquidity ratio measures the;? 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;? percentage of total financing provided by creditors;? income or operating success of a company over a period of time;Question 7;The convention of consistency refers to consistent use of accounting principles;? among accounting periods;? among firms;? within industries;? throughout the accounting periods;Question 8;Horizontal analysis is also known as;? linear analysis;? vertical analysis;? trend analysis;? common size analysis;Question 9;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;? to determine the amount and/or percentage increase or decrease that has taken place;? that has been arranged from the highest number to the lowest number;? that has been arranged from the lowest number to the highest number;Question 10;Vertical analysis is a technique that expresses each item in a financial statement;? in dollars and cents;? starting with the highest value down to the lowest value;? as a percent of the item in the previous year;? as a percent of a base amount;Question 11;? 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;Question 12;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;Question 13;In a process cost system, product costs are summarized;? after each unit is produced;? on job cost sheets;? when the products are sold;? on production cost reports;Question 14;An activity that has a direct cause-effect relationship with the resources consumed is a(n);? cost pool;? product activity;? cost driver;? overhead rate;Question 15;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 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;? allocates overhead directly to products and services based on activity levels;Question 16;A cost which remains constant per unit at various levels of activity is a;? mixed cost;? manufacturing cost;? variable cost;? fixed cost;Question 17;The break-even point is where;? total variable costs equal total fixed costs;? total sales equal total fixed costs;? total sales equal total variable costs


Paper#81573 | Written in 18-Jul-2015

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