ACC 561 Wk 6 Individual: Final Exam
Follow Below Link to Download Study Guide Tutorial
Email us for original
and Plagiarism Work At ( info.homeworklance@gmail.com ) or order us at (https://homeworklance.com/custom-order/ )
ACC 561 Wk 6 Individual: Final Exam
Question 1
Differences
between a job order cost system and a process cost system include all of the
following except the:
Question 2
Henson
Company began the year with retained earnings of $380,000. During the year, the
company recorded revenues of $500,000, expenses of $380,000, and paid dividends
of $40,000. What was Henson’s retained earnings at the end of the year?
Question 3
Kimble
Company applies overhead on the basis of machine hours. Given the following
data, compute overhead applied and the under- or over-application of overhead
for the period:
Estimated
annual overhead cost $1,600,000
Actual
annual overhead cost $1,575,000
Estimated
machine hours 400,000
Actual
machine
hours 390,000
Question 4
Which
one of the following is an example of a period cost?
Question 5
What is
the primary difference between a static budget and a flexible budget?
Question 6
Which
of the following will not result
in an unfavorable controllable margin difference?
Question 7
At
September 1, 2017, Baxter Inc. reported Retained Earnings of $423,000. During
the month, Baxter generated revenues of $60,000, incurred expenses of $36,000,
purchased equipment for $15,000 and paid dividends of $6,000. What is the
balance in Retained Earnings at September 30, 2017?
Question 8
Hollis
Industries produces flash drives for computers, which it sells for $20 each.
Each flash drive costs $13 of variable costs to make. During April, 1,000
drives were sold. Fixed costs for March were $2 per unit for a total of $1,000
for the month. How much is the contribution margin ratio?
Question 9
Which
is the last step in developing the master budget?
Question 10
Based
on the following data, what is the amount of working capital?
Accounts
payable………………………………………………………..$64,000
Accounts
receivable……………………………………………………..114,000
Cash………………………………………………………………………. 70,000
Intangible
assets…………………………………………………………100,000
Inventory………………………………………………………………….
138,000
Long-term
investments…………………………………………………..160,000
Long-term
liabilities……………………………… ………………………200,000
Short-term
investments……………………………………………………80,000
Notes
payable (short-term)………………………………………………..56,000
Property,
plant, and equipment………………………………………..1,340,000
Prepaid
insurance…………………………………………………………….2,000
Question 11
Are
advanced receipts from customers treated as revenue at the time of receipt? Why
or why not?
Question 12
The Mac
Company has four plants nationwide that cost $350 million. The current fair
value of the plants is $300 million. The plants will be reported as assets at:
Question 13
In
performing a vertical analysis, the base for sales revenues on the income
statement is:
Question 14
La More
Company had the following transactions during 2016:
·
Sales of $9,000 on account
·
Collected $4,000 for services to be performed in 2017
·
Paid $3,750 cash in salaries for 2016
·
Purchased airline tickets for $500 in December for a trip to
take place in 2017
What is
La More’s 2016 net income using accrual accounting?
Question 15
Which
statement is correct?
Question 16
Which
of the following is not an
underlying assumption of CVP analysis?
Question 17
If a
plant is operating at full capacity and receives a one-time opportunity to
accept an order at a special price below its usual price, then:
Question 18
Ben
Gordon, Inc. manufactures 2 products, wheels and seats. The company has
estimated its overhead in the assembling department to be $660,000. The company
produces 300,000 wheels and 600,000 seats each year. Each wheel uses 2 parts,
and each seat uses 3 parts. How much of the assembly overhead should be
allocated to wheels?
Question 19
Scorpion
Production Company planned to use 1 yard of plastic per unit budgeted at $81 a
yard. However, the plastic actually cost $80 per yard. The company actually
made 3,900 units, although it had planned to make only 3,300 units. Total yards
used for production were 3,960. How much is the total materials variance?
Question 20
The
entry to record the acquisition of raw materials on account is:
Question 21
It
costs Garner Company $12 of variable and $5 of fixed costs to produce one
bathroom scale which normally sells for $35. A foreign wholesaler offers to
purchase 3,000 scales at $15 each. Garner would incur special shipping costs of
$1 per scale if the order were accepted. Garner has sufficient unused capacity
to produce the 3,000 scales. If the special order is accepted, what will be the
effect on net income?
Question 22
Miller
Manufacturing’s degree of operating leverage is 1.5. Warren Corporation’s
degree of operating leverage is 3. Warren’s earnings would go up (or down) by
________ as much as Miller’s with an equal increase (or decrease) in sales.
Question 23
Which
of the following statements concerning users of accounting information is incorrect?
Question 24
An
activity-based overhead rate is computed as follows:
Question 25
Top
management notices a variation from budget and an investigation of the
difference reveals that the department manager could not be expected to have
controlled the variation. Which of the following statements is applicable?
Question 26
Danner
Corporation reported net sales of $650,000, $720,000, and $780,000 in the years
2016, 2017, and 2018, respectively. If 2016 is the base year, what percentage
do 2018 sales represent of the base?
Question 27
The
investigation of materials price variance usually begins in the:
Question 28
Which
of the following statements is not true?
Question 29
Financial
and managerial accounting are similar in that both:
Question 30
If
there are no units
in process at the beginning of the period, then:
Comments
Post a Comment