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140) A company has prepared the operational budget and the cash budget and is now preparing the budgeted balance sheet. To provide the balance for Inventory, which document should be used? A) Electricity and gas budget B) Inventory, purchases and cost of sales budget C) Cash budget D) Budgeted cash collections 141) A company has.
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86) Activity-based costing creates more precise matching of indirect costs with products. 87) An activity-based costing system would be of less value to a business making a single product than it would be for a company with multiple products. 88) A traditional costing system employs multiple allocation rates, but an activity-based costing.
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TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 80) An accountant working in public practice may provide management consulting services. 81) Accounting firms in public practice are all large, multinational partnerships. 82) The Australian conceptual framework encompasses non-profit organisations as well as for-profit ones. 83) Australian Accounting.
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45) Robinson starts a plumbing service named Crusoe Waterworks. Transactions of Crusoe Waterworks during the first year of operations are given below: A)Robinson deposited $8000 into a new cheque account for the business and recorded the capital contribution. B)Paid $2000 cash for equipment to be used for plumbing repairs. C)Borrowed $29,000 from a.
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5) Outside investors would ordinarily use financial accounting information to decide whether or not to invest in a business. 6) Management accounting focuses on information for decision makers outside of the business, such as outside investors and lenders. 7) Accounting is 'the language of business'. 8) An investor is someone who lends money.
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35) A business settles a liability by making a payment with cash. How does paying this liability affect the accounting equation? A) Liabilities decrease; owners' equity increases. B) Assets increase; liabilities increase. C) Assets increase; liabilities decrease. D) Assets decrease; liabilities decrease. 36) A proprietor makes a cash withdrawal from the proprietorship. How does this.
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  155) A3+ has prepared its third quarter budget and provided the following data:     Jul Aug Sep Cash collections $49,000 $39,900 $47,600 Cash payments       Purchases of inventory 29,000 21,700 17,700 Operating expenses 12,400 9100 11,400 Capital expenditures 13,200 24,300 0   The cash balance on 30 June is projected to be $4200. The company has to maintain a minimum cash balance of $5,000 and is authorised to borrow at the end of each.
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70) The return on assets is calculated by: A) multiplying profit and average assets. B) dividing profit by average assets. C) subtracting profit from average assets. D) adding profit and average assets. 71) Which of the following is used to calculate average assets for the return on assets calculation? A) Average assets = (Beginning assets +.
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76) Which of the following would NOT be considered an activity for the purposes of an activity-based costing system? A) Machine processing B) Direct materials cost C) Packaging D) Materials handling 77) Which of the following would most likely be treated as an activity in an activity-based costing system? A) Direct materials cost B) Direct labour cost C).
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75) Which of the following is NOT one of the main professional accounting bodies in Australia? A) Institute of Public Accountants B) Institute of Chartered Accountants in Australia C) Certified Public Accountants of Australia D) Certified Practising Accountants of Australia 76) In Australia, Accounting standards are formulated by the: A) AASB. B) FRC. C) IASB. D) ASIC. 77) Which of.
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51) At 1 January 2017, Feldstein Manufacturing had a beginning balance in Work in process inventory of $90,000 and a beginning balance in Finished goods inventory of $25,000. During the year, Feldstein incurred manufacturing costs of $375,000. During the year, the following transactions occurred: Job A-12 was completed for a total cost.
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11) Managerial accounting includes the controlling function. Which of the following items would be part of the controlling function of a business's managerial accounting? A) Devising marketing and production plans B) Setting product prices C) Comparing actual performance to previously budgeted amounts D) Creating detailed budgets TRUE/FALSE. Write 'T' if the statement is true and.
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165) The budgeted "Cash payments for purchases" must be completed before the "Inventory, Purchases and Cost of sales budget" can be prepared. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 166) Which of the following best describes the term sensitivity analysis? A) Evaluating a company's financial.
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TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 125) The capital expenditures budget is part of the operating budget. 126) The master budget includes three components—the operating budget, the capital expenditures budget and the financial budget. 127) The production budget must be prepared before any other.
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  150) Diemans Ltd has provided a part of its budget for the second quarter:     Apr May June Cash collections $42,000 $45,000 $43,000 Cash payments:       Purchases of inventory 7200 5000 5000 Operating expenses 7000 6400 5200 Capital expenditures 4600 0 4600   The cash balance on 1 April is $14,000. Assume that there will be no financing transactions or costs during the quarter. Calculate the cash balance at the end of June. A) $70,800 B).
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16) What is total quality management? A) A software system that integrates a company's functions, departments and data into a single system B) A philosophy designed to integrate organisational areas in order to supply customers C) An exchange of information with suppliers and customers to create efficient and effective processes D) A system which.
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6) Management is accountable to its suppliers and vendors in which of the following ways? A) Repaying loans in a timely manner B) Providing a return on the stakeholders' investment C) Making timely payments and complying with contract terms D) Providing products to customers that are safe and free of defects 7) Management is accountable.
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  160) Gamma Company has prepared a preliminary cash budget for the third quarter as shown below:   Cash budget Jul Aug Sep Beginning cash balance $34,000 $14,000 $16,500 Plus: cash collections $56,000 $51,000 45,400 Cash available 90,000 $65,000 $61,900 Less: cash payments:       Purchases of inventory 36,000 9000 10,000 Operating expenses 39,000 30,500 30,900 Capital expenditures 1000 9000 7400 Ending cash balance $14,000 $16,500 $13,600   Subsequently, the marketing department revised its figures for cash collections. New data are as follows: $53,000 in July, $50,000 in August.
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85) The International Accounting Standards Board is made up of members from the private sector and has no public sector involvement. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 86) A proprietorship is created by: A) two or more individuals. B) one individual deciding to start a.
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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 130) Which of the following describes the sales budget? A) It aids in planning to ensure the company has adequate inventory on hand. B) It represents a breakdown of total sales for each product by multiplying the price.
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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 65) If an analyst wants to know how likely it is that a company would be able to earn a profit, which of the following statements would be MOST useful? A) Statement of changes in equity B) Balance.
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40) Venus Ltd paid $10,000 for an account payable. How does this transaction affect the accounting equation of Venus? A) assets decrease by $10,000 and liabilities decrease by $10,000 B) assets increase by $10,000 and liabilities increase by $10,000 C) assets increase by $10,000 and equity decreases by $10,000 D) assets decrease by $10,000.
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30) Martin Supply Service received $1 000 cash from a customer which was owed to the business from the previous month. What is the effect of the cash receipt on the accounts of the business? A) Cash increases; Accounts payable decreases. B) Accounts payable increases; Owners' capital account decreases. C) Accounts receivable decreases;.
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10) Different users of financial statements (investors, creditors, tax authorities, etc.) all focus on the same parts of the financial statements for the information they need. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 11) The owners' claims to the assets of the business are.
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50) The total assets and the total liabilities of Samantha Financial Services are shown below. There were no capital contributions and withdrawals during the year.     Assets Liabilities Beginning of year $405,000 $275,000 End of year 445,000 305,000   What was the amount of profit for the year? A) $30,000 B) $70,000 C) $40,000 D) $10,000 TRUE/FALSE. Write 'T' if the statement is true and 'F'.
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21) Which of the following BEST describes the value chain? A) The minimising of inventory levels to reduce storage, insurance and finance costs B) All activities that contribute to the continuous improvement of business operations C) A management information system which tracks the costs of products through the manufacturing process D) The whole sequence.
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81) Activity-based costing focuses on a single predetermined overhead rate for cost analysis. 82) The main difference between activity-based costing and traditional costing systems is that activity-based costing uses a separate allocation rate for each activity. 83) Two main benefits of activity-based costing are more accurate product cost information and more detailed.
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46) Caltran Company completed manufacturing Job 445. It included $920 of direct materials cost, $1440 of direct labour cost and $860 of allocated overhead. Which of the following is the correct journal entry needed to record the completed job? A) Work in process inventory 115,000   Cost of sales   115,000   B) Finished goods inventory 3220   Work in process inventory   3220   C)   Finished goods.
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135) Freighters Ltd has the following budgeted figures:     January February March April Sales $57,500 $63,000 $89,000 $94,000 Cost of sales 50% of sales       Required ending inventory $20,000 + 25% of next month's sales       Inventory on hand on 1 Jan $27,500         Calculate the budgeted purchases for the month of January. A) $37,000 B) $7000 C) $35,750 D) $64,500 TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is.
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121) The financial budget includes all of the following, EXCEPT the: A) budgeted income statement. B) budgeted cash flow statement. C) cash budget. D) budgeted balance sheet. 122) Which of the following statements is TRUE about the operating budget? A) Its final component is the cash budget. B) It includes the capital expenditures budget. C) It includes the.
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90) If a proprietorship cannot pay its debts, the creditors may make claims against the: A) state government. B) employees of the business. C) assets of the proprietorship only. D) assets of the proprietor. 91) A relatively low amount of government regulation is a key advantage of a: A) company. B) not-for-profit. C) partnership. D) proprietorship. 92) Phillip and Reed.
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1) Which of the following statements BEST describes management accounting? A) Management accounting provides information for taxing authorities. B) Management accounting focuses on information for internal decision making. C) Management accounting provides information for the public. D) Management accounting focuses on outside investors and lenders. 2) Which of the following are most likely to be.
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60) Each financial statement includes a heading giving three pieces of data. Which of the following items is NOT included in these headings? A) Name of the preparer of the statement B) Name of the business C) Name of the financial statement D) Date or time period covered TRUE/FALSE. Write 'T' if the statement is.
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36) Kentucky purchases and sells widgets. The following information summarises Kentucky's operating activities for 2017:   Selling and administrative expenses $4600 Purchases 159,000 Sales revenue 785,000 Inventory, 1 January 2017 33,600 Inventory, 31 December 2017 76,800   If the company sold 7700 units of widgets during 2017, how much is the cost for one widget? A) $20.65 B) $25.01 C) $14.34 D) $15.04 37) Crystal Ltd is a.
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55) Which of the following financial statements reports cash receipts and cash payments during a period of time? A) Balance sheet B) Statement of changes in equity C) Income statement D) Cash flow statement 56) Which of the following financial statements reports an increase or decrease in net cash during the time period covered? A) Income.
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  145) When a company is preparing a budgeted cash flow statement and it wishes to calculate the payments to suppliers for purchases of inventory, it should refer to which of the following? A) Budgeted cash payments for purchases B) Budgeted balance sheet C) Budgeted cash collections D) Sales budget 146) When a company is preparing.
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25) Joe purchased office equipment for $1 250 cash. What is the effect on accounts? A) One asset account increases; another asset account decreases. B) One asset account increases; one owners' equity account increases. C) Two asset accounts increase. D) One asset account increases; one liability account increases. 26) Hamilton Lawn Service earned $1 000.
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91) Companies that use activity-based costing do NOT need to trace direct materials and direct labour to products as is done in traditional costing systems. 92) Target costing starts with the price that customers are willing to pay and then subtracts the company's desired profit to determine the desired full-product cost. 93).
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