Access over 20 million homework & study documents

search

BUS 475 FINAL EXAM 100 Questions with ANSWERS 2 Set.doc

Subject

Business

Type

Homework

Rating

Showing Page:
1/19
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
6) What is the preparation of reports for each level of responsibility in the
company’s organization chart called?
A. Static reporting

Sign up to view the full document!

lock_open Sign Up
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
D. computing the activity-based overhead rate
13) Balance sheet accounts are considered to be __________.

Sign up to view the full document!

lock_open Sign Up
A. nominal accounts
B. capital accounts
C. temporary stockholders’ accounts
D. permanent accounts
14) As Plant Controller, you are trying to determine which costs over which you
have the most control on a day to day basis. Your goal is to achieve better
profitability. The Plant Operations Manager suggests that overhead is the easiest
area to directly reduce costs. Which of the following items would be classified as
manufacturing overhead?
A. Cost of landscaping the corporate office
B. The western division’s vice president’s salary
C. General corporate liability insurance
D. Factory janitor
15) There are two types of markets in which firms face some competition yet are
still able to have some control over the prices of their products. The names given to
these market structures are __________.
A. perfect competition and monopolistic competition
B. duopoly and imperfect competition
C. duopoly and triopoly
D. monopolistic competition and oligopoly
16) Lekeisha's income exceeds her expenditures. Lekeisha is a __________.
A. borrower who demands money from the financial system
B. borrower who supplies money to the financial system
C. saver who supplies money to the financial system
D. saver who demands money from the financial system
17) A tax on an imported good is called a __________.
A. supply tax
B. trade tax
C. tariff
D. quota
18) Lucy starts her own psychiatric practice, but her expenditures to open the
practice exceed her income. Lucy is a __________.
A. borrower who demands money from the financial system
B. borrower who supplies money to the financial system
C. saver who supplies money to the financial system
D. saver who demands money from the financial system
19) One characteristic of an oligopoly market structure is:

Sign up to view the full document!

lock_open Sign Up
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Anonymous
Excellent! Definitely coming back for more study materials.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4