ACC 497 Final Exam
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ACC 497 Final Exam
1) The uniform law, issued in 1984 by the Committee on Corporate Laws of the American Bar Association, that regulates the formation, operation, and termination of corporations is
2) Which of the following statements is true? 3) Which of the following statements is true?
4) What effect would a decrease in interest rates by the Federal Reserve most likely have in the nation’s manufacturing sector, all other factors remaining constant?
5) A table that shows the relationship between the price of a good and the quantity demanded of that good is called
6) If policymakers increase aggregate demand, the price leve
7) Which table would show the largest factor for an interest rate of 8% for five periods?
8) Financial service 9) As the interest rate increases for any given period, the future value interest factor will
10) The specific cost of each source of long-term financing is based on ________ and ________ costs.
11) At the operating break-even point, ________ equals zero. Section 4: Information Technology (IT) Implications in the Business Environment
12) Justifying expenditures for new technologies is especially difficult because
13) The hardware of a computer system includes the computer itself and other devices that help the computer perform its tasks. These other devices are commonly also called
14) Software that enables businesses and government agencies to transmit and manipulate financial data on an organization-wide basis best describes
15) A simple diagram that shows estimated completion times versus actual completion times for the various activities in a systems implementation project
16) What would be the best explanation for the absence of complete information on computer crime?
17) Which of the following processes would be accounted for using a job order cost system?
18) In traditional costing systems, overhead is generally applied based on
19) If standard costs are incorporated into the accounting system
20) Generally accepted accounting principles are
21) Luca Compa overapplied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the overapplied amount assuming the amount is material?
22) The cost to produce Part A was $10 per unit in 2005. During 2006, it has increased to $11 per unit. In 2006, Supplier Company has offered to supply Part A for $9 per unit. For the make-or-buy decision,
23) Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net income increase?
24) Kershaw Bookstore had 600 units on hand at January 1, costing $18 each. Purchases and sales during the month of January were as follows: Kershaw does not maintain perpetual inventory records. According to a physical count, 450 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is:
25) The process of formally recording or incorporating an item in the financial statements of an entity is
26) The primary purpose of the statement of cash flows is to provide information
27) Which of the following is considered cash?
28) A company offers a cash rebate of $1 on each $4 package of batteries sold during 2007. Historically, 10% of customers mail in the rebate form. During 2007, 6,000,000 packages of batteries are sold, and 210,000 $1 rebates are mailed to customers. Assuming there is no beginning liability balance, what is the rebate expense and liability, respectively, shown on the 2007 financial statements dated December 31?
29) Which of the following is a debt security?
30) The balance in Newsprint Corp.'s foreign exchange loss account was $10,000 on December 31, 2008, before any necessary year-end adjustment relating to the following:
31) Costs incurred internally to create intangibles are
32) The amount to be recorded as the cost of an asset under capital lease is equal to the
33) In computations of weighted average of shares outstanding, when a stock dividend or stock split occurs, the additional shares are
34) Debt securities that are accounted for at amortized cost, NOT fair value, are
35) Elvis Company purchases inventory for $70,000 on March 19, 2008, and sells it to Graceland Corporation for $95,000 on May 14, 2008. Graceland still holds the inventory on December 31, 2008, and determines that its market value (replacement cost) is $82,000 at that time. Graceland writes the inventory down from $95,000 to its lower market value of $82,000 at the end of the year. Elvis owns 75% of Graceland. Based on this information, what amount of inventory should be eliminated in the consolidation workpaper for 2008?
36) Which of the following objectives is considered the cornerstone of financial reporting by a governmental entity?
37) Expenditures should be budgeted by character. An example of a character classification is
38) Which of the following funds is accounted for on the modified accrual basis of accounting?
39) Several years ago, Durham City issued $1 million in zero coupon bonds due and payable in 2010. The bonds were sold at an amount to yield investors 6% over the life of the bonds. During the current year, how much interest expenditures would Durham City recognize related to these bonds?
40) As used in governmental accounting, interperiod equity refers to a concept of
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