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List of ACC561 Final Exam Questions. Accounting Online MBA Degree Study Guide.

Answers to the Final Exam in ACC561 Accounting in the Online MBA Degree Program at the university.

  1. models are mathematical models of the master budget that can react to any set of assumption about sales, costs, and product mix.
  2. A sales forecast is
  3. gives the expected sales under a given set of conditions
  4. Important factors considered by sales forecasters include all of the following except
  5. gives the expected sales under a given set of conditions
  6. need cost accounting systems
  7. probably would not be used as a measure of activity in a flexible budget
  8. are components of a master budget
  9. The master budget quantifies targets for all of the following except
  10. Costs are allocated for all the following purposes except to
  11. The following information is available for the Peter Company: Sales $150,000 Invested Capital 156,250 ROI 10% The return on sales is
  12. 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
  13. 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
  14. is the first step in designing a management control system.
  15. is (are) the most basic component of a management control system.
  16. Identify which of the following is not a characteristic of a management control system
  17. Absorption costing assigns _____ to the product.
  18. In absorption costing, costs are separated into the major categories of
  19. factory overhead appears on the absorption-costing income statement as
  20. 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...
  21. Department performance reports can be used to help department heads determine
  22. According to the Institute of Management Accountants' Statement of Ethical Professional Practice, the standard of competence includes
  23. Which of the following is not a major factor causing changes in management accounting today?
  24. Ethical accountants are important to society because
  25. The primary users of management accounting information are
  26. is the field of accounting that develops information for external decision makers such as stockholders, suppliers, banks, and government regulatory agencies.
  27. The _____ is also called the statement of financial position
  28. would not appear on the financial statements for a sole proprietorship.
  29. Etiwanda Company's accountant recorded a debit to Accounts Payable and a credit to Cash. This transaction will
  30. The use of acquisition cost less depreciation in valuing an asset on the balance sheet is the logical result of the _____ accounting convention.
  31. Serena Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing
  32. 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
  33. The preferred guidelines for allocating service department costs include
  34. _____ is not a type of cost allocation.
  35. 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.
  36. The change from traditional costing to activity-based costing may reveal that
  37. Managers should apply two principles to obtain accurate and useful cost functions. These principles are
  38. Knothole Company 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 break-even volume in dollars is
  39. 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
  40. 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
  41. Which value chain function would include advertising costs?
  42. The accounting convention of _____ permits a company to immediately expense assets (such as a garbage can) with small values and long useful lives.
  43. The accounting convention of _____ guides the relative sophistication of the accounting system.
  44. Limited liability means that_____.
  45. The Rebecca Company acquired merchandise inventory costing $10,000 on September 1. 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
  46. Which value chain function would include the cost of computer-aided design equipment and cost to develop the prototype of a product?
  47. Which of the following is not a cost driver of customer services costs?

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