ACC 561 Wk 6 Individual Final Exam PDF

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ACC 561 Wk 6 Individual Final Exam...

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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

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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:...