Acc 561 final exam | Accounting homework help

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. The following information has been gathered for the current year: Maintenance Personnel Mixing Finishing Direct dept. costs $50,400 $33,600 $42,000 $5,600 Square footage 1,600 800 3,200 2,400 Number of employees 16 24 48 64 If the step down method is used to allocate costs and the Maintenance Department is allocated first, then the amount of overhead that would be allocated from Personnel to Maintenance is _______

 

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. Maintenance costs are allocated based on square footage while personnel costs are allocated based on number of employees. The

following information has been gathered for the current year: Maintenance Personnel Mixing Finishing Direct dept. costs $126,000 $84,000 $105,000 $175,000 Square footage 800 400 1,600 1,200 Number of employees 8 12 24 32 If the step-down method is used to allocate costs and the Maintenance Department is allocated first, then the amount of overhead that would be allocated from Maintenance to Finishing is _______

 

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. The following information has been gathered for the current year _______. Maintenance Personnel Mixing Finishing Direct dept. costs $126,000 $84,000 $105,000 $175,000 Square footage 800 400 1,600 1,200 Number of employees 8 12 24 32 If the step-down method is used to allocate costs and the Maintenance Department is allocated first, the amount of overhead that would be allocated from Maintenance to Mixing is:

 

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. If total fixed costs are $435,000, then the break even volume in dollars is _________

 

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

 

44) Limited liability means that _______

 

 

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

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