ACC/561 Sample Last Examination
Week One: Making decisions
Objective: Explain the role of budgets and performance reports in the supervision decision-making method.
1 . The Hola Business held a Christmas party. The company expected attendance of 100 people and prepared the following budget:
Hotel room rental $600
Totals $2, 200
After all bills pertaining to the party were paid out, the total came to $2, 315. Details will be $575 intended for hotel room local rental, $640 for food, $750 for entertainment, and $350 for decorations. 100 people attended the party. Precisely what is the main reason for the undesirable total price range variance? a. Hotel room local rental is the main purpose.
b. Food is the main explanation.
c. Entertainment is the main reason.
d. Accessories are the major reason.
Objective: Clarify the position of financial constraints and performance reviews in the management decision-making process.
2 . Beneath is a statement from the Company of Supervision Accountants' Declaration of Ethical Professional Practice.
" Talk information pretty and objectively. вЂќ
Costly example of __________.
Objective: Examine relevant accounting information for people who do buiness decision making.
3. All of the pursuing companies experienced significantly defective accounting details in the past 10 years except __________. a. Enron
Week Two: Financial Claims
Objective: Apply the principles, techniques, and conventions of basic economic accounting.
four. Upland Company purchased $4, 000 of inventory, having to pay cash intended for 25% with the purchase, with the remainder on account. Upland Company ought to debit__________. a. Cash to get $1, 000, debit Accounts Payable to get $3, 1000, and credit Inventory intended for $4, 000 b. Cash for $1, 000, charge Note Payable for $3, 000, and credit Products on hand for $4, 000 c. Inventory to get $4, 1000, credit Cash for $1, 000, and credit Take note Payable for $3, 000 d. Inventory for $4, 000, credit Cash intended for $1, 000, and credit rating Accounts Payable for $3, 000
Aim: Identify just how measurement conferences affect monetary reporting.
your five. The use of buy cost less devaluation in valuing an asset for the balance sheet is definitely the logical consequence of the __________ accounting tradition. a. continuity
Objective: Determine the relationships between the elements of the several financial statements.
6. Which of the subsequent statements is definitely false?
a. The assertion of cash runs reports the money receipts and cash payments of an organization over a period of period. b. The statement of money flows plus the income assertion determine the web income for a company. c. Transactions impacting the sale plus the purchase or perhaps production of products and solutions are reported in the functioning activities portion of the affirmation of cash runs. d. Trading activities inside the statement of money flows contain acquiring and selling long lasting assets.
Week Three: Price Behavior
Aim: Evaluate how cost tendencies affects choice of cost individuals and supervision decisions.
several. Which from the following will be a good price driver to get salaries of product and supervisory incomes? a. Range of hours worked well
b. Number of people supervised
c. Number of department transactions
m. Number of clients served
Aim: Analyze the cost-volume-profit human relationships to foresee effects of within sales or perhaps costs, like the break-even sales volume.
8. Zachary Company wishes to earn after-tax net income of $18, 1000. Total set costs happen to be $84, 1000, and the contribution margin per unit is $6. Zachary's tax price is forty percent. The number of models that must be purcahased by break even is __________. a. 14, 500 units
m. 17, 500 units
c. 19, 000 units
m. 21, five-hundred units
Goal: Compare and contrast the several methods of computing cost...