ACC 561 Final Exam
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ACC 561 Final Exam
1) Which of the following is not a major factor causing changes in management accounting today?
2) The primary users of management accounting information are _______
3) The _____ is also called the statement of financial position.
4) Costs are allocated for all the following purposes except to
5) Martinez 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.
6) Etiwanda Company's accountant recorded a debit to Accounts Payable and a credit to Cash. This transaction will _______
7) Serena Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing.
8) The preferred guidelines for allocating service department costs include _____.
9) _____ need cost accounting systems.
10) _________ 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.
11) Managers should apply two principles to obtain accurate and useful cost functions. These principles are ______
12) 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 Total fixed costs for the period are $456,840. The contribution margin per desk is _______
13) According to the Institute of Management Accountants' Statement of Ethical Professional Practice, the standard of competence includes:
14) Which value chain function would include advertising costs?
15) The accounting convention of _______ guides the relative sophistication of the accounting system.
16) 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 _________
17) Which of the following is not a cost driver of customer services costs?
18) Department performance reports can be used to help department heads determine _______
19) A sales forecast is _______
20) Factory overhead appears on the absorption-costing income statement as_______
21) Absorption costing assigns _______ to the product.
22) ________ is (are) the most basic component of a management control system.
23) Speedo Company's revenues are $300 on invested capital of $240. Expenses are currently 70% of sales. If Angelo Company can reduce its invested capital by 20%, return on investment will be ________
24) Jewel Company's revenues are $300 and invested capital is $240. Expenses are currently 60% of sales. Jewel Company's current return on investment is _______
25) The following information is available for the Peter Company: Sales $150,000; Invested Capital 156,250; ROI 10%; the return on sales is _______
26) The master budget quantifies targets for all of the following except ________
27) _______ probably would not be used as a measure of activity in a flexible budget.
28) A _______ gives the expected sales under a given set of conditions.
29) _______ models are mathematical models of the master budget that can react to any set of assumption about sales, costs, and product mix.
30) Ethical accountants are important to society because _______
31) ________ is the field of accounting that develops information for external decision makers such as stockholders, suppliers, banks, and government regulatory agencies.
32) _______ is the first step in designing a management control system.
33) _______ are components of a master budget.
34) ________ would not appear on the financial statements for a sole proprietorship.
35) The use of acquisition cost less depreciation in valuing an asset on the balance sheet is the logical result of the _______ accounting convention.
36) Identify which of the following is not a characteristic of a management control system.
37) In absorption costing, costs are separated into the major categories of _______
38) 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.
39) _______ is not a type of cost allocation.
40) The change from traditional costing to activity-based costing may reveal that _______
41) Knothole Company 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 Total fixed costs for the period are $456,840. The break-even volume in dollars is _______
42) 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.
43) The accounting convention of _______ permits a company to immediately expense assets