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Title: ACC 561 Final Exam Latest University of Phoenix Final Exam Study Guide

1
ACC 561 Final Exam

By www.uopeassignments.com/

49.Which of the following is an advantage of
corporations relative to partnerships and sole
proprietorships?
Lower taxes.
Harder to transfer ownership.
Most common form of organization.
Reduced legal liability for investors.
64. The group of users of accounting information
charged with achieving the goals of the business
is its
auditors.
creditors.
managers.
investors.
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Assignment

110. Which of the following financial statements
is concerned with the company at a point in time?
Income statement.
Balance sheet.
Retained Earnings statement.
Statement of cash flows.
112. An income statement
presents the revenues and expenses for a specific
period of time.
summarizes the changes in retained earnings for a
specific period of time.
reports the assets, liabilities, and
stockholders equity at a specific date.
reports the changes in assets, liabilities, and
stockholders equity over a period of time.

118. The most important information needed to
determine if companies can pay their current
obligations is the
net income for this year.
relationship between current assets and current
liabilities.
projected net income for next year.
relationship between short-term and long-term
liabilities.
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Assignment
124. A liquidity ratio measures the
short-term ability of a company to pay its
maturing obligations and to meet unexpected needs
for cash.
percentage of total financing provided by
creditors.
income or operating success of a company over a
period of time.
ability of a company to survive over a long
period of time.

165. The convention of consistency refers to
consistent use of accounting principles
throughout the accounting periods.
among firms.
within industries.
among accounting periods.
90.Horizontal analysis is also known as
common size analysis.
linear analysis.
vertical analysis.
trend analysis.
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Week 1 Complete

92. Horizontal analysis is a technique for
evaluating a series of financial statement data
over a period of time
to determine which items are in error.
that has been arranged from the highest number to
the lowest number.
to determine the amount and/or percentage
increase or decrease that has taken place.
that has been arranged from the lowest number to
the highest number.
111. Vertical analysis is a technique that
expresses each item in a financial statement
as a percent of a base amount.
in dollars and cents.
starting with the highest value down to the
lowest value.
as a percent of the item in the previous year.
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41. Process costing is used when
the production process is continuous.
costs are to be assigned to specific jobs.
production is aimed at filling a specific
customer order.
dissimilar products are involved.
43. An important feature of a job order cost
system is that each job
must be similar to previous jobs completed.
has its own distinguishing characteristics.
must be completed before a new job is accepted.
consists of one unit of output.
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49. In a process cost system, product costs are
summarized
on job cost sheets.
on production cost reports.
when the products are sold.
after each unit is produced.
33. An activity that has a direct cause-effect
relationship with the resources consumed is a(n)
overhead rate.
product activity.
cost driver.
cost pool.

40. Activity-based costing
allocates overhead to multiple activity cost
pools, and it then assigns the activity cost
pools to products and services by means of cost
drivers.
assigns activity cost pools to products and
services, then allocates overhead back to the
activity cost pools.
accumulates overhead in one cost pool, then
assigns the overhead to products and services by
means of a cost driver.
allocates overhead directly to products and
services based on activity levels.
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course
40. A cost which remains constant per unit at
various levels of activity is a
mixed cost.
fixed cost.
manufacturing cost.
variable cost.
total sales equal total fixed costs.
contribution margin equals total fixed costs.

109. Fixed costs are 600,000 and the
contribution margin per unit is 150. What is the
break-even point?
1,500,000
4,000,000
1,500 units
4,000 units
Find the quiz answers here ACC 561 Final Exam
Questions With Answers
94. When a company assigns the costs of direct
materials, direct labor, and both variable and
fixed manufacturing overhead to products, that
company is using
product costing.
operations costing.
absorption costing.
variable costing.

122. If a division manager's compensation is
based upon the division's net income, the manager
may decide to meet the net income targets by
increasing production when using
variable costing, in order to increase net
income.
variable costing, in order to decrease net
income.
absorption costing, in order to increase net
income.
absorption costing, in order to decrease net
income.
50. An unrealistic budget is more likely to
result when it
has been developed by all levels of management.
has been developed in a bottom up fashion.
has been developed in a top down fashion.
is developed with performance appraisal usages in
mind.
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39. A major element in budgetary control is
the valuation of inventories.
the preparation of long-term plans.
approval of the budget by the stockholders.
the comparison of actual results with planned
objectives.
43. The purpose of the sales budget report is to
control sales commissions.
control selling expenses.
determine whether income objectives are being
met.
determine whether sales goals are being met.

89. The accumulation of accounting data on the
basis of the individual manager who has the
authority to make day-to-day decisions about
activities in an area is called
flexible accounting.
static reporting.
responsibility accounting.
master budgeting.
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Material
142. Variance reports are
external financial reports.
SEC financial reports.
internal reports for management.
all of these.

40. Internal reports that review the actual
impact of decisions are prepared by
the controller.
management accountants.
factory workers.
department heads.
42. The process of evaluating financial data that
change under alternative courses of action is
called
cost-benefit analysis.
contribution margin analysis.
incremental analysis.
double entry analysis.
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Assignments

54.Seasons Manufacturing manufactures a product
with a unit variable cost of 100 and a unit
sales price of 176. Fixed manufacturing costs
were 480,000 when 10,000 units were produced and
sold. The company has a one-time opportunity to
sell an additional 1,000 units at 140 each in a
foreign market which would not affect its present
sales. If the company has sufficient capacity to
produce the additional units, acceptance of the
special order would affect net income as follows
Income would increase by 40,000.
Income would decrease by 8,000.
Income would increase by 140,000.
Income would increase by 8,000.
70. Carter, Inc. can make 100 units of a
necessary component part with the following
costs
Direct Materials 120,000
Direct Labor 20,000
Variable Overhead 60,000
Fixed Overhead 40,000
If Carter can purchase the component externally
for 220,000 and only 10,000 of the fixed costs
can be avoided, what is the correct make-or-buy
decision?
Buy and save 30,000
Make and save 10,000
Buy and save 10,000
Make and save 30,000

84. A company has a process that results in
15,000 pounds of Product A that can be sold for
16 per pound. An alternative would be to process
Product A further at a cost of 200,000 and then
sell it for 28 per pound. Should management sell
Product A now or should Product A be processed
further and then sold? What is the effect of the
action?
Sell now, the company will be better off by
20,000.
Sell now, the company will be better off by
200,000.
Process further, the company will be better off
by 180,000.
Process further, the company will be better off
by 20,000.
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ACC 561 Week 1 DQ 1
ACC 561 Week 1 DQ 2
ACC 561 Week 1 Quiz (Latest)
ACC 561 Week 1 WileyPLUS Assignment
ACC 561 Week 1 Financial Statement Review
ACC 561 Week 1 Complete