ACC 561 Week 6 Final Exam
ACC 561 Final Exam 4
1) Budgets _____.
2) Performance reports _____.
3) Department performance reports can be used to help department heads determine _____.
4) 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,
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) _____ is the field of accounting that develops information for external decision makers such as stockholders, suppliers, banks, and government regulatory agencies.
8) _____ refers to accounting information developed for managers within an organization.
9) The primary users of management accounting information are _____.
10) _____ would not appear on the financial statements for a sole proprietorship.
11) The _____ is also called the statement of financial position.
12) Etiwanda Company's accountant recorded a debit to Accounts Payable and a credit to Cash. This transaction will_____.
13) Valuing assets at replacement cost to facilitate the measurement of “economic income” violates the _____ accounting convention.
14) The use of acquisition cost less depreciation in valuing an asset on the balance sheet is the logical result of the _____ accounting convention.
15) Mr. Bryant invested $50,000 cash in a new corporation. The new corporation will record this transaction with a debit to_____.
16) The statement of cash flows is used for all of the following except_____.
17) Nonoperating items on the income statement_____.
18) The Rebecca Company acquired merchandise inventory costing $10,000 on September 1. The company will not pay for the inventory until October 1.
19) Which of the following is not a cost driver of customer services costs?
20) Which value chain function would include the cost of computer-aided design equipment and cost to develop the prototype of a product?
21) Output measures of both resources and activities are _____.
22) If the sales price per unit is $100, the total fixed costs are $75,000, and the break even volume in dollar sales is $250,000, then the variable cost per unit 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.
24) Walnut Corporation sells desks at $480 per desk. The costs associated with each desk are as follows: Direct materials $195 Direct labor 126 Variable factory overhead 51
25) _____ is a method of approximating cost functions.
26) The _____ method of measuring cost functions is the least reliable.
27) In relation to a cost function, the term reliability means_____.
28) _____ need cost accounting systems.
29) _____ is an example of the external financial reporting purpose of the cost management systems.
30) _____ 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,
31) _____ budgeting is when budgets are formulated with the active participation of all affected employees
32) A _____ gives the expected sales under a given set of conditions.
33) A sales forecast is _____.
34) The master budget includes forecasts for all of the following except _____.
35) 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 _____,
36) A sales forecast is _____.
37) _____ probably would not be used as a measure of activity in a flexible budget.
38) Which of the following statements is false?
39) _____ are components of a master budget.
40) Costs are allocated for all the following purposes except to _____.
41) _____ is not a type of cost allocation.
42) The use of budgeted service department cost rates protects using departments from _____.
43) Murphy Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing.
44) Martinez 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) _____ is (are) used for external reporting.
47) _____ is another term for variable costing.
48) In absorption costing, costs are separated into the major categories of_____.
49) is the first step in designing a management control system.
50) Identify which of the following is not a characteristic of a management control system.