ACC 561 Accounting
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 _____.
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 _____.
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. If Angelo Company can reduce its
capital investment by 20% in Company A, return on investment will be _____.
12.
When the variable costing method is used, fixed
factory overhead appears on the income statement as a _____.
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.
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.
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 _____.
24.
_____ models are mathematical models of the master
budget that can react to any set of assumptions about sales, costs, and product
mix.
25.
Which of the following is an objective of budgeting?
26.
An organization's budget program should be used
27.
The activity-based costing may reveal _________,
whereas traditional costing cannot.
28.
_____ is a method of approximating cost functions.
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 _____.
