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ACC 561 Final Exam – Free Download

1. Department performance reports can be used to help department heads determine acc 561 final exam _____.
2. Performance reports _____.
3. Below is a statement from the Institute of Management Accountants’ Statement of Ethical Professional Practice. “Refrain from disclosing confidential information acquired in the course of their work except when authorized, unless legally obligated to do so.” It is an example of _____.
4. Ethical accountants are important to society because _____.
5. Budgets _____.
6. According to the Institute of Management Accountants’ Statement of Ethical Professional Practice, the standard of competence includes:
7. _____ is the field of accounting that develops information for external decision makers such as stockholders, suppliers, banks, and government regulatory agencies.
8. _____ refers to accounting information developed for managers within an organization.
9. The primary users of management accounting information are _____.
10. _____ would not appear on the financial statements for a sole proprietorship.
11. The _____ is also called the statement of financial position.
12. Valuing assets at replacement cost to facilitate the measurement of “economic income” violates the _____ accounting convention.
13. The use of acquisition cost less depreciation in valuing an asset on the balance sheet is the logical result of the _____ accounting convention.
14. Bryant invested $50,000 cash in a new corporation. The new corporation will record this transaction with a debit to_____.
15. The statement of cash flows is used for all of the following except_____.
16. Walnut Corporation sells desks at $480 per desk. The costs associated with each desk are as follows: Direct materials $195, Direct labor 126, Variable factory overhead 51. Total fixed costs for the period are $456,840. The contribution margin per desk is _____.
17. Nonoperating items on the income statement_____.
18. Etiwanda Company’s accountant recorded a debit to Accounts Payable and a credit to Cash. This transaction will_____.
19. The Rebecca Company acquired merchandise inventory costing $10,000 on September 1. acc 561 final exam The company will not pay for the inventory until October 1. This transaction will affect the Rebecca Company by increasing the Merchandise Inventory account by $10,000 and _____.
20. Which of the following is not a cost driver of customer services costs?
21. Gomez Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing. Maintenance costs are allocated based on square footage while personnel costs are allocated based on number of employees. The following information has been gathered for the current year _____. acc 561 final exam If the step-down method is used to allocate costs and the Maintenance Department is allocated first, the amount of overhead that would be allocated from Maintenance to Mixing is:
22. Which value chain function would include the cost of computer-aided design equipment and cost to develop the prototype of a product?
23. Output measures of both resources and activities are _____.
24. If the sales price per unit is $100, the total fixed costs are $75,000, and the break even volume in dollar sales is $250,000, then the variable cost per unit is _____.
25. Hug Me Company produces dolls. Each doll sells for $20.00. Variable costs per unit total $14.00, of which $6.25 is for direct materials and $5.25 is for direct labor. If total fixed costs are $435,000, then the break even volume in dollars is _____.
26. _____ is a method of approximating cost functions.
27. The _____ method of measuring cost functions is the least reliable.
28. In relation to a cost function, the term reliability means_____.
29. _____ need cost accounting systems.
30. _____ is an example of the external financial reporting purpose of the cost management systems.
31. _____ is a name for a system that first accumulates overhead costs for each of the activities of an organization, and then assigns the costs of activities to the products, services, or other cost objects that caused that activity.
32. _____ budgeting is when budgets are formulated with the active participation of all affected employees
33. A _____ gives the expected sales under a given set of conditions.
34. A sales forecast is _____.
35. The master budget includes forecasts for all of the following except _____.
36. Unit sales of Product A are currently 10,000, while unit sales of Product B are double those of Product A. acc 561 final exam The com¬pany’s sales forecast will be _____, assuming sales of Product A increase by 10% and those of Product B increase by 4,000 units.
37. A sales forecast is _____.
38. _____ probably would not be used as a measure of activity in a flexible budget.
39. Which of the following statements is false?
40. Martinez Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing. Maintenance costs are allocated based on square footage while personnel costs are allocated based on number of employees. The following information has been gathered for the current year: Maintenance, Personnel, Mixing, Finishing
41. _____ are components of a master budget.
42. Costs are allocated for all the following purposes except to _____.
43. _____ is not a type of cost allocation.
44. The use of budgeted service department cost rates protects using departments from _____.
45. Murphy Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing. Maintenance costs are allocated based on square footage while personnel costs are allocated based on number of employees. The following information has been gathered for the current year:
46. _____ is (are) used for external reporting.
47. _____ is another term for variable costing.
48. In absorption costing, costs are separated into the major categories of_____.
49. is the first step in designing a management control system.
50. Identify which of the following is not a characteristic of a management control system.
51. _____ is the logical integration of management accounting tools to gather and report data and to evaluate performance.
52. Jewel Company’s revenues are $300 and invested capital is $240. Expenses are currently 60% of sales. Jewel Company’s current return on investment is _____.
53. The following information is available for the Peter Company:
54. Speedo Company’s revenues are $300 on invested capital of $240. Expenses are currently 70% of sales. If Angelo Company can reduce its invested capital by 20%, return on investment will be _____.