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ACC 561 Weily Plus Final exam

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ACC 561 Wiley Plus Final exam

(2015 updated)

Multiple Choice Question 49Which of the following is an advantage of corporations relative to partnerships and sole proprietorships? 

Multiple Choice Question 64

The group of users of accounting information charged with achieving the goals of the business is its

 

 

Multiple Choice Question 110Which of the following financial statements is concerned with the company at a point in time? 

Multiple Choice Question 112

An income statement

 

 

 

Multiple Choice Question 118

The most important information needed to determine if companies can pay their current obligations is the

 

Multiple Choice Question 124

A liquidity ratio measures the

 

 

Multiple Choice Question 165

The convention of consistency refers to consistent use of accounting principles

Multiple Choice Question 90

Horizontal analysis is also known as

 

 

Multiple Choice Question 92Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time 

to determine which items are in error.
that has been arranged from the lowest number to the highest number.

 

Multiple Choice Question 111

Vertical analysis is a technique that expresses each item in a financial statement

 

 

Multiple Choice Question 41

Process costing is used when

 

Multiple Choice Question 43An important feature of a job order cost system is that each job 

 

Multiple Choice Question 49In a process cost system, product costs are summarized: 
Multiple Choice Question 33An activity that has a direct cause-effect relationship with the resources consumed is a(n)

Multiple Choice Question 40

Activity-based costing

 

 

Multiple Choice Question 40A cost which remains constant per unit at various levels of activity is a 

 

Multiple Choice Question 105

The break-even point is where

 

 

Multiple Choice Question 109

Fixed costs are $600,000 and the contribution margin per unit is $150. What is the break-even point?

 

 

Multiple Choice Question 94

When a company assigns the costs of direct materials, direct labor, and both variable and fixed manufacturing overhead to products, that company is using

 

 

Multiple Choice Question 122If a division manager’s compensation is based upon the division’s net income, the manager may decide to meet the net income targets by increasing production when using 
Multiple Choice Question 50An unrealistic budget is more likely to result when it

Multiple Choice Question 39

A major element in budgetary control is

 

 

Multiple Choice Question 43The purpose of the sales budget report is to 

 

Multiple Choice Question 89

The accumulation of accounting data on the basis of the individual manager who has the authority to make day-to-day decisions about activities in an area is called

 

Multiple Choice Question 142Variance reports are 

 

Multiple Choice Question 40Internal reports that review the actual impact of decisions are prepared by 
Multiple Choice Question 42The process of evaluating financial data that change under alternative courses of action is called 

 

Multiple Choice Question 54

Seasons Manufacturing manufactures a product with a unit variable cost of $100 and a unit sales price of $176. Fixed manufacturing costs were $480,000 when 10,000 units were produced and sold. The company has a one-time opportunity to sell an additional 1,000 units at $140 each in a foreign market which would not affect its present sales. If the company has sufficient capacity to produce the additional units, acceptance of the special order would affect net income as follows:

 

 

Multiple Choice Question 70

Carter, Inc. can make 100 units of a necessary component part with the following costs:

Direct Materials

$120,000

Direct Labor

20,000

Variable Overhead

60,000

Fixed Overhead

40,000

If Carter can purchase the component externally for $220,000 and only $10,000 of the fixed costs can be avoided, what is the correct make-or-buy decision?

 

 

Multiple Choice Question 84

A company has a process that results in 15,000 pounds of Product A that can be sold for $16 per pound. An alternative would be to process Product A further at a cost of $200,000 and then sell it for $28 per pound. Should management sell Product A now or should Product A be processed further and then sold? What is the effect of the action?

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