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ACC 561 Final Exam – Free Download

1. _____ refers to accounting information developed for managers within an organization acc 561 final exam.
2. Ethical accountants are important to society because _____.
3. Performance reports _____.
4. Output measures of both resources and activities are _____.
5. An accountant may have difficulty classifying costs as fixed or variable because _____.
6. If the proportions in a sales mix change, the _____.
7. _____ will decrease a company’s break-even point.
8. Costs that change abruptly at intervals of activity because the resources and their costs come in indivisible chunks are called _____.
9. _____ arise as a result of strategic decisions about the scale and scope of an
10. Organization’s activities.
11. _____ is the first step in estimating or predicting costs as a function of appropriate cost drivers.
12. The process of identifying appropriate cost drivers and their effects on the costs of making a product or providing a service is called _____.
13. _____ is not a primary purpose of a cost management system.
14. Where a specific product is the cost object, the materials used to manufacture the product would probably be classified as a(n) _____.
15.  _____ 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.
16. _____ is the process of measuring products, services, and activities against the best levels of performance.
17. Couch Company can produce either product A or product B. acc 561 final exam If Couch Company produces product A, expected direct material cost would be $24,000. If Couch Company produces product B, expected direct material cost would be $24,000. In choosing between these alternatives, the $24,000 direct material cost is _____.
18. The choice of the absorption or contribution approach affects the manufacturing cost per unit because the manufacturing cost per unit is  acc 561 final exam _____.
19. The product strategy in which companies first determine the price at which they can sell a new product and then design a product that can be produced at a low enough cost to provide an adequate profit margin is referred to as _____.
20. Jack Bowers has paid off the mortgage on his house and continues to live in the house. acc 561 final exam The interest income forgone by not selling the house and investing the proceeds is an example of a(n) ____.
21. _____ would be a consideration in a make-or-buy decision.
22. In deciding whether to add or delete a product, service, or department, the salary of the plant manager is an _____.
23. Depreciation is _____.
24. Past costs that are unavoidable and unchangeable are known as _____ costs.
25. A major benefit of effective budgeting is that _____.
26. A sales forecast is _____.
27. Which of the following is not a major benefit of budgeting?
28. Preparing the master budget begins by establishing _____.
29. Financial planning models _____.
30. A variance is the difference between _____.
31. Efficiency is indicated by _____.
32. Flexible budgets help to measure the _____.
33. Identify which of the following statements about “perfection standards” is true.
34. Identify which of the following is not a characteristic of a management control system.
35. Identify which of the following statements regarding responsibility centers is false.
36. A management control system must _____ to achieve maximum benefits at minimum cost.
37. An uncontrollable cost _____.
38. Improvements in the production process are examples of _____cost.
39. Identify which of the following statements is a benefit of decentralization.
40. Reciprocal services are services provided by a service department to _____.
41. Costs are accumulated in traditional and ABC systems by _____.
42. _____ is not a cost driver representing an “ability to bear” philosophy.
43. _____ is least likely to be a cost driver as a basis for applying overhead costs.
44. The excess of actual overhead over the overhead applied to products is called _____.
45. _____ is (are) used for external reporting.
46. The fixed overhead rate is computed as_____.
47. The _____ discloses the economic resources of the organization and the claims against these resources.
48. Identify which one of the following statements is false.
49. The accrual basis of accounting recognizes the impact of transactions on the financial statements in the period when _____.
50. Cash collected from the customers before goods are delivered is known as_____.
51. The _____ is (are) largely responsible for developing generally accepted accounting principles in the United States.
52. The _____ would result in an increase in income under the cash basis but not an increase in income under the accrual basis.
53. _____ is reported on the financial statements of publicly held companies in the United States.