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BUS 475 Final Exam


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BUS 475 Final Exam
1) Which one of the following items is not generally used in preparing a statement
of cash flows?
A. Adjusted trial balance
B. Comparative balance sheets
C. Additional information
D. Current income statement
2) One of Astro Company's activity cost pools is machine setups, with estimated
overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600
setups). How much of the machine setup cost pool should be assigned to sparklers?
A. $150,000
B. $60,000
C. $90,000
D. $75,000
3) Of the following companies, which one would not likely employ the specific
identification method for inventory costing?
A. Music store specializing in organ sales
B. Antique shop
C. Farm implement dealership
D. Hardware store
4) Which one of the following is a product cost?
A. Indirect labor
B. Sales person’s salaries
C. Office salaries
D. Advertising costs
5) The conceptual framework developed by the Financial Accounting Standards
Board __________.
A. was approved by a vote of all accountants
B. is viewed as providing a constitution for setting accounting standards for
financial reporting
C. are rules that all accountants must follow
D. is legally binding on all accountants

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6) What is the preparation of reports for each level of responsibility in the
company’s organization chart called?
A. Static reporting
B. Exception reporting
C. Responsibility reporting
D. Master budgeting analysis
7) The cost principle requires that when assets are acquired, they be recorded at
A. appraisal value
B. selling price
C. exchange price paid
D. list price
8) If a company reports a net loss, it __________.
A. will not be able to make capital expenditures
B. will not be able to get a loan
C. may still have a net increase in cash
D. will not be able to pay cash dividends
9) The major reporting standard for management accounts is __________.
A. generally accepted accounting principles
B. relevance to decisions
C. the Standards of Ethical Conduct for Practitioners of Management Accounting
and Financial Management
D. the Sarbanes-Oxley Act of 2002
10) The primary purpose of the statement of cash flows is to __________.
A. facilitate banking relationships
B. provide information about the cash receipts and cash payments during a period
C. provide information about the investing and financing activities during a period
D. prove that revenues exceed expenses if there is a net income
11) Managerial accounting __________.
A. places emphasis on special-purpose information
B. pertains to the entity as a whole and is highly aggregated
C. is concerned with costing products
D. is governed by generally accepted accounting principles
12) A well-designed activity-based costing system starts with __________.
A. analyzing the activities performed to manufacture a product
B. assigning manufacturing overhead costs for each activity cost pool to products
C. identifying the activity-cost pools

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