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ACC 561 Final Exam

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ACC 561 Final Exam 3

1) Performance reports _____.

2) Budgets _____.

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

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

5) Below is a statement from the Institute of Management Accountants’ Statement of Ethical Professional Practice. “Refrain from disclosing confidential information acquired in the course of their work except when authorized,

6) Ethical accountants are important to society because _____.

7) _____ refers to accounting information developed for managers within an organization.

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) Any event that affects the financial position of an organization and requires recording is called a(n)_____.

12) _____ would not appear on the financial statements for a sole proprietorship.

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

14) Mr. Bryant invested $50,000 cash in a new corporation. The new corporation will record this transaction with a debit to_____.

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 Rebecca Company acquired merchandise inventory costing $10,000 on September 1. The company will not pay for the inventory until October 1. T

18) Nonoperating items on the income statement_____.

19) Which value chain function would include depreciation on transportation cost?

20) Which value chain function would include advertising costs?

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

22) 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.

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) Knothole Company sells desks at $480 per desk. The costs associated with each desk are as follows:

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

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

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

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,

29) _____ need cost accounting systems.

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

31) A sales forecast is _____.

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

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

34) Unit sales of Product A are currently 10,000, while unit sales of Product B are double those of Product A. The com¬pany's sales forecast will be _____, assuming sales of Product A increase by 10% and those of Product B increase by 4,000 units.

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

36) A sales forecast is _____.

37) _____ are components of a master budget.

38) Which of the following statements is false?

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

40) Cost allocation base refers to the _____.

41) The preferred guidelines for allocating service department costs include _____.

42) _____ is not a type of cost allocation.

43) Kevin Company has two service departments, Maintenance and Personnel, as well as two production departments,

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

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.

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

47) _____ is (are) used for external reporting.

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

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

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

ACC 561 Final Exam 3 1) Performance reports _____. 2) Budgets _____. 3) According to the Financial Executives Institute, one function of the treasurer is _____. 4) Which of the following is not a major factor causing changes in management account
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