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ANSWERS
ACC 561 Final Exam
1). The
statement of cash flows is used for _____.
2) Nonoperating items on the income statement _____.
3) The difference between a single-step and multiple-step income statement is
that a single-step income statement _____. ACC
561 final exam
4) Which one of the following statements is true?
5) The _____ accounting convention uses the acquisition cost minus depreciation
in valuing an asset on the balance sheet.
6) A new corporation issuing a common, no-par value stock for cash would
include a journal entry a debit to _____. ACC
561 final exam ACC 561 final exam
7) Which type of organization would most likely have work-in-process inventory?
8) _____ is a measure of income or profit divided by the investment required to
obtain that income or profit.
9) The following information is available for the Peter Company:
Sales: $150,000
Invested capital: $156,250
ROI: 10%
The return on sales is _____.
10) The following information is available for the Peter Company:
Sales: $500,000
Invested capital: $312,500
ROI: 10%
The return on sales is _____.
11) Company A’s revenues are $300 on invested capital of $240. Expenses are
currently 70% of sales. Acc 561 final exam If Angelo Company can reduce its
capital investment by 20% in Company A, return on investment will be
_____. ACC 561 final exam
12) When the variable costing method is used, fixed factory overhead appears on
the income statement as a _____. ACC 561 final
exam
13) In absorption costing, costs are separated into the major categories of
_____.
14) _____ is another term for variable costing.
15) Budgeted service department cost rates protects the user departments from
_____.
16) _____ is an example of the external financial-reporting purpose of the cost
management systems. ACC 561 final exam
17) The level of sales at which revenues equal expenses and net income is zero
is called the _____.
18) Output measures of both resources and activities are _____.
19) The break-even point is where _____.
20) _____ budgeting is when budgets are formulated with the active
participation of all affected employees. ACC 561
final exam
21) _____ is the logical integration of management accounting tools to gather
and report data and to evaluate performance.
22) _____ are components of a master budget.
23) An important factor considered by sales forecasters is _____. ACC 561 final exam
24) _____ models are mathematical models of the master budget that can react to
any set of assumptions about sales, costs, and product mix. Acc 561 final
exam
25) Which of the following is an objective of budgeting?
26) An organization`s budget program should be used ACC 561 ACC561 Final Exam
27) The activity-based costing may reveal _________, whereas traditional
costing cannot.
28) _____ is a method of approximating cost functions. ACC 561 final exam
29) In relation to a cost function, the term reliability refers to _____.
30) One of the simplest methods to measure a linear cost function from past
data is the _____.
