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ACC 561 Final Exam Answers

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ACC 561 Final Exam 2

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

2) Performance reports _____.

3) Budgets _____.

4) Ethical accountants are important to society because _____.

5) According to the Institute of Management Accountants’ Statement of Ethical Professional Practice, the standard of competence includes:

6) According to the Institute of Management Accountants’ Statement of Ethical Professional Practice, the standard of objectivity includes _____.

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

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

9) Launching a new product line is an example of _____.

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

11) The accrual basis of accounting recognizes the impact of transactions on the financial statements in the period when _____.

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

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

14) The accounting convention of _____ guides the relative sophistication of the accounting system.

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

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

17) The difference between a single and multiple step income statement is that a single step income statement_____.

18) Sylvester Company requires clients to pay in advance for legal services. One such client made a $4,000 payment on May 1, and Sylvester Company recorded this transaction in the appropriate liability account. As of May 20, the legal services that the client requested had been completed. The May 20 accounting entry will:

19) Output measures of both resources and activities are _____.

20) Which of the following is not a cost driver of customer services costs?

21) Which value chain function would include the cost of computer-aided design equipment and cost to develop the prototype of a product?

22) Walnut Corporation sells desks at $480 per desk. The costs associated with each desk are as follows: Total fixed costs for the period are $456,840. The contribution margin per desk is

23) 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 _____.

24) 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 _____.

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

26) In relation to a cost function, the term reliability means_____.

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

28) _____ is a name for a system that first accumulates overhead costs for each of the activities of an organization, and then assigns the costs of activities to the products, services, or other cost objects that caused that activity.

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

30) _____ is an example of the external financial reporting purpose of the cost management systems.

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

32) Budgets generate negative feelings if they are _____.

33) _____ budgeting is when budgets are formulated with the active participation of all affected employees

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

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

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

37) _____ are components of a master budget.

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

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

40) Costs are allocated for all the following purposes except to _____.

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

42) Cost allocation base refers to the _____.

43) Murphy Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing.

44) Serena Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing.

45) Gomez Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing.

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

47) _____ is another term for variable costing.

48) When the variable costing method is used, fixed factory overhead appears on the income statement as a_____.

ACC 561 Final Exam 2 1) According to the Financial Executives Institute, one function of controllership is _____. 2) Performance reports _____. 3) Budgets _____. 4) Ethical accountants are important to society because _____. 5) According to the
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