ACC 561 Final Exam C. DONE

This paperwork ACC 561 Final Exam C. DONE includes answers to these exercises:

1) Department performance reports can be used to help department heads determine .

2) Performance reports _ .

3) According to the Financial Executives Institute, one function of controllership is .

4) Which of the following is not a major factor causing changes in management accounting today?

5) Ethical accountants are important to society because .

6) According to the Institute of Management Accountants’ Statement of Ethical Professional

Practice, the standard of competence includes:

7) Which scorecard function is associated with making non-routine decisions?

8) The primary users of management accounting information are .

9) is the field of accounting that develops information for external decision makers such as stockholders, suppliers, banks, and government regulatory agencies.

10) The is also called the statement of financial position.

11) Etiwanda Company’s accountant recorded a debit to Accounts Payable and a credit to Cash. This transaction will .

12) The is not one of the three major financial statements.

13) The accounting convention of guides the relative sophistication of the accounting system.

14) The accounting convention of means selecting the method of measurement that yields the gloomiest immediate results.

15) The use of acquisition cost less depreciation in valuing an asset on the balance sheet is the logical result of the _ accounting convention.

16) The statement of cash flows is used for all of the following except _.

17) The Rebecca Company acquired merchandise inventory costing $10,000 on September 1. The company will not pay for the inventory until October 1. This transaction will affect the Rebecca Company by increasing the Merchandise Inventory account by $10,000 and

18) Output measures of both resources and activities are

19) Nonoperating items on the income statement .

20) Number of engineering hours is a likely cost driver for which value chain function?

21) Which value chain function would include advertising costs?

22) Walnut Corporation sells desks at $480 per desk. The costs associated with each desk are as follows:

23) If the sales price per unit is $100, the unit variable cost is $75, and total fixed costs are

$150,000, then the break even volume in dollar sales rounded to the nearest whole dollar is

24) Hug Me Company produces dolls. Each doll sells for $20.00. Variable costs per unit total

$14.00, of which $6.25 is for direct materials and $5.25 is for direct labor. If total fixed costs are

$435,000, then the break even volume in dollars is .

25) The method of measuring cost functions is the least reliable.

26) of approximating cost functions does not involve the analysis of past costs.

27) Managers should apply two principles to obtain accurate and useful cost functions. These principles are .

28) The change from traditional costing to activity-based costing may reveal that .

29) need cost accounting systems.

30) A sales forecast is .

31) is an example of the external financial reporting purpose of the cost management systems

32) models are mathematical models of the master budget that can react to any set of assumption about sales, costs, and product mix.

33) A gives the expected sales under a given set of conditions.

34) A gives the expected sales under a given set of conditions.

35) Important factors considered by sales forecasters include all of the following except .

36) The master budget includes forecasts for all of the following except .

37) The master budget quantifies targets for all of the following except .

38) are components of a master budget.

39) Differences between the static budget and the flexible budget are due to .

40) The use of budgeted service department cost rates protects using departments from .

41) Cost allocation base refers to the .

42) The preferred guidelines for allocating service department costs include .

43) Murphy Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing. Maintenance costs are allocated based on square footage while personnel costs are allocated based on number of employees. The following information has been gathered for the current year:

44) Gomez Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing. Maintenance costs are allocated based on square footage while personnel costs are allocated based on number of employees. The following information has been gathered for the current year .

45) Serena Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing. Maintenance costs are allocated based on square footage while personnel costs are allocated based on number of employees. The following information has been gathered for the current year:

46) In absorption costing, costs are separated into the major categories of .

47) Absorption costing assigns to the product.

48) Factory overhead appears on the absorption-costing income statement as .

49) is the first step in designing a management control system.

50) is (are) the most basic component of a management control system.

51) Identify which of the following is not a characteristic of a management control system.

52) The following information is available for the Peter Company:

53) is a measure of income or profit divided by the investment required to obtain that income or profit.

54) The following information is available for the Peter Company: