ACC 561 Final Exam B. DONE

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This paperwork ACC 561 Final Exam B. DONE.doc includes answers to these exercises:

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

2) Budgets .

3) Department performance reports can be used to help department heads determine .

4) Ethical accountants are important to society because .

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, unless legally obligated to do so.” It is an example of .

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

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

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) would not appear on the financial statements for a sole

11) The is also called the statement of financial

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

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

14) The accounting convention of permits a company to immediately expense assets (such as a garbage can) with small values and long useful lives.

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

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

17) 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

18) Limited liability means that .

19) Which value chain function would include depreciation on transportation

20) Number of engineering hours is a likely cost driver for which value chain function?

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

22) 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

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

24) 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 .

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

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

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

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

30) need cost accounting systems.

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

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

33) A sales forecast is .

34) Unit sales of Product A are currently 10,000, while unit sales of Product B are double those of Product A. The com

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