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84) Explain the cost-benefit and behavioral issues involved in designing an accounting system. 85) Distinguish between line and staff roles in an organization, and give an example of each. 86) Contrast the functions of controllers and treasurers. 87) Explain a management accountant's ethical responsibilities. 88) Explain the role of budgets and performance reports in.
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11) What is the risk of an apparent gain or loss arising from the restatement of financial statements prepared in one currency to another currency called? A) Transaction exposure B) Accounting exposure C) Economic exposure D) Restatement exposure 12) Cho Co., a public Canadian corporation has a subsidiary in South Africa that supplies half of.
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  1) Which of the following statements about incorporated not-for-profit (NFP) organizations is true? A) Incorporated NFP organizations can only issue preferred shares capital. B) Incorporated NFP organizations do not have share capital. C) Incorporated NFP organizations can only be government-owned. D) NFP organizations cannot be incorporated. 2) One of the programs that the Tyger Society.
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26) Service organizations A) sell tangible goods. B) are not wholesalers. C) are considered manufacturers. D) must be profit-seeking. 27) A characteristic of service organizations is that A) labour is intensive. B) output is easy to define. C) major inputs and outputs can be stored. D) plant and equipment costs are high in proportion to labour costs. 28) The watchword.
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36) The CICA's Public Sector Accounting Board (PSAB) identified nine unique characteristics of governments that differentiate them from private sector reporting. List these nine characteristics. 37) In general, there are three types of government organizations. Identify and describe these three types and the accounting standards that are followed by each type.
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31) What type of not-for-profit (NFP) organization may be allowed to use the restricted fund method? A) Any NFP organization B) Any NFP that has a general fund for unrestricted contributions C) Any NFP that has at least one internally restricted fund D) Any NFP that has at least one externally restricted fund 32) When.
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93) Dopler Inc. manufactures a product that sells for $50.  The variable costs per unit are: Direct materials $15 Direct labour5 Variable manufacturing overhead4 Budgeted fixed manufacturing overhead is estimated at $500,000 and budgeted fixed selling, general and administrative costs are expected to be $300,000.  Variable selling costs are $6 per unit. a. Determine the.
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Hampton Company, a producer of computer disks, has the following information: Income tax rate 40 percent Selling price per unit $1.00 Variable cost per unit $0.60 Total fixed costs $36,000.00 36) What is the contribution margin per unit? A) 0.40 B) 0.60 C) 1.00 D) None of the above. 37) What is the contribution-margin ratio? A) 40 percent B) 60 percent C) 100 percent D) None of the.
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43) Describe the four fundamental ways in which not-for-profit organizations differ from business enterprises. What are the reporting objectives of NFP's ? 44) World Doctors (WD) is a non-profit-organization that provides medical expertise and equipment in areas of the world that cannot afford this type of service or that have been.
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  1) Under IFRS, which of the following statements is true? A) Preferred shares must be classified as debt. B) Preferred shares must be classified as equity. C) Preferred shares can be classified as debt or equity depending on the rights attached to them. D) Preferred shares can be classified as debt or equity at.
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  1) For gains on intercompany bond holdings, which method of allocating the gain emphasizes substance over form? A) Allocate the gain to the parent company as the parent company has ultimate control B) Allocate the gain to the bond purchasing company as the bonds will be retired under consolidation C) Allocate the gain.
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36) ________ concentrate(s) on areas that deviate from the plan and ignore(s) areas that are presumed to be running smoothly. A) A budget B) Performance reports C) Variances D) Management by exception 37) Launching a new product line is an example of A) decision making. B) planning. C) controlling. D) organization. 38) Answering the following questions: When is dinner? Who.
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37) Liverpool Company operates retail stores in Canada and an exporting business in London that specializes in buying and selling British tweeds. The London subsidiary provided the following financial statements in pounds sterling to the Canadian parent company. LIVERPOOL COMPANY, London Branch Statement of Comprehensive Income For the Year Ended December 31, 20X5 Sales£.
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  1) When a subsidiary issues shares, ________. A) no gain or loss is recognized B) a gain or loss is always recognized C) this reduces minority interest D) this may increase minority interest 2) Gumble Ltd. has owned 65% of the common shares of Lopez for several years.  This year, Gumble reduced its interest in.
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46) The product development stage in a product's life cycle corresponds to A) no sales. B) sales growth. C) stable sales level. D) low and decreasing sales. 47) The introduction to market stage in a product's life cycle corresponds to A) no sales. B) sales growth. C) stable sales level. D) low and decreasing sales. 48) The mature market stage.
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16) Activities that affect costs are often called A) cost drivers. B) stages of production. C) fixed activities. D) variable activities. 17) As the level of activity increases within the relevant range, A) total fixed costs remain unchanged. B) fixed costs per unit increases. C) total variable costs remain unchanged. D) variable costs per unit decreases. 18) As the level.
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39) Contributions received by NFP's may be restricted. Funds can be received in the form of endowment contributions, and contributions that are externally restricted by the donor or internally restricted by the Board. Required: Explain the differences between endowment contributions, contributions that are externally restricted by the donor or internally restricted by.
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73) Broad concepts or guidelines and detailed practices, including all conventions, rules, and procedures that together make up accepted accounting practice at a given time. 74) The person from whom the controller derives authority to set accounting procedures. 75) Weighing known costs against probable benefits, the primary consideration in choosing among accounting.
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42) On January 1, 20X7, Clock Inc. of Vancouver, British Columbia, purchased 75% of the outstanding shares of Time Limited, in London England. Time Limited’s statements of financial position, statements of comprehensive income and changes in equity — retained earnings section for the year ended December 31, 20X7 are below. Time.
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  1) When an inter-corporate investment is acquired in stages, when does the equity method first becomes appropriate? A) The initial investment is made B) The intent to control is determined C) Significant influence is first achieved D) When control is attained 2) Frey Ltd. acquired 70% of Sabo Ltd. in 20X4.  On January 1, 20X8,.
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  1) Morin Co. acquired all the shares of Lightfoot Ltd. Lightfoot has a number of amortizable capital assets and has properly recorded the related deferred income taxes on its books. What deferred income tax adjustment must Morin make for its consolidated financial statements? A) Adjustment for any changes in temporary differences.
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11) Under the CICA Handbook, a large not-for-profit museum or art gallery ________. A) must capitalize the cost of collections B) may capitalize the cost of collections C) must only disclose the cost of collections in the notes to the financial statements D) must expense the cost of collections 12) During the year, a not-for-profit.
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94) The Isbit Company has developed the following income statement using a contribution margin format. ISBIT COMPANY PROJECTED INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2006 Revenues$200,000 Variable Costs: Variable manufacturing costs$60,000 Variable selling costs  20,00080,000 Contribution Margin$120,000 Fixed Costs: Fixed manufacturing costs$80,000 Fixed selling, general and      administrative costs  25,000  105,000 Income$  15,000 The projected income statement was based upon sales of.
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32) Describe the major differences that exist in the purpose of accounting and reporting and in the types of reports of a large city when compared to a large public company. 33) Clearly distinguish between a government business organization and a non-business government organization. 34) The Public Sector Accounting Board suggested several.
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1) Both internal managers and external parties use accounting information. 2) Internal accounting reports must follow generally accepted accounting principles and account for assets at historical cost. 3) Organizations that do not make or sell tangible goods are called service organizations. 4) The cost-benefit balance is the primary consideration in choosing among accounting.
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39) One of the largest sources of revenue for governments is government transfers. Government transfers represent non-exchange revenue. Explain what "government transfer" is and why it is a non-exchange transaction. How are government transfers reported? Be sure to address reporting from the transferor and the recipient perspectives, separately. 40) One of.
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66) Below is a statement from the Code of Professional Ethics for the Society of Management Accountants. "Maintain at all times independence of thought and action." It is an example of A) competence. B) confidentiality. C) integrity. D) objectivity. 67) Management accountants are similar to CAs and CGAs in that they A) give opinions on financial statements. B) are.
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26) As sales volume in units increases and all other relationships remain constant A) break-even increases. B) break-even decreases. C) total contribution margin decreases. D) total contribution margin increases. 27) If the sales price per unit is $10.00, the unit contribution margin is $4.00, and total fixed costs are $20,000, the break-even point in units.
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11) Which of the following is not a suggested objective for financial statements for public sector entities? A) To provide an accounting of financial affairs and resources B) To enable evaluation of compliance with legislation C) To provide information on financing and investing activities D) To determine if programs are economical, efficient, and effective 12).
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90) Given the following information for Baugh Company: Total fixed costs$78,000 Unit variable costs$24 Unit selling price$36 Required: a.Compute the contribution margin per unit. b.Compute the contribution-margin ratio. c.Compute the break-even point in units. d.Compute the break-even volume in dollars. 91) Thornburg Corporation manufactures lamps.  Given the following financial data: Total fixed costs$25,000 Variable costs per unit$8 Selling price per unit$13 Required: a.Compute the.
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21) Which translation method should be used for the following subsidiaries? A) Extension of Parent Company Autonomous Temporal Temporal B) Extension of Parent Company Autonomous Temporal Current C) Extension of Parent Company Autonomous Current Current D) Extension of Parent Company Autonomous Current Temporal 22) For publicly-accountable companies, with foreign operations in countries with a hyper-inflationary economy, what should be done prior to translation? A) The subsidiary's financial statements.
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  1) Proudfoot Ltd. acquired all the shares of Jacob Ltd. several years ago. In conducting its goodwill impairment test for the current year, Proudfoot has determined that there has been an impairment related to revalued assets. On Proudfoot's consolidated financial statements, where should this impairment be reported? A) As part of.
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  1) Sparrow Pension Plan is a not-for-profit organization that administers the pension fund held for the employees of Sparrow Tech Ltd. What type of fund is the pension fund? A) Reserve fund B) Self-sustaining fund C) Fiduciary fund D) Endowment fund 2) Which statements are affected by inter-fund loans? A) Statement of operations and consolidated statements B).
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  1) Who is the largest issuer of debt? A) Banks B) Government C) Publicly-accountable enterprises D) Private enterprises 2) Which of the following is not a typical characteristic of a non-business organization? A) No equity investors B) May have restrictive funds C) Rely on the sale of goods and services D) Provision of collective goods and services 3) One of.
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16) A survey of managers selected which of the following business areas as the most common starting-point for future managers? A) Accounting. B) Finance. C) Legal environment of business. D) Computers in business. 17) Management accounting refers to accounting information developed for A) shareholders. B) governmental authorities. C) managers within an organization. D) loan officers. 18) ________ is a formal.
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56) The top accounting officer in an organization is often A) the controller. B) the treasurer. C) the CFO. D) the CEO. 57) ________ is mainly concerned with the company's financial matters. A) The controller B) The treasurer C) The secretary D) None of the above 58) ________ is the designation that provides the greatest orientation toward management accounting. A) CIA B).
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46) The contribution-margin ratio is A) 64.3 percent. B) 55.6 percent. C) 35.7 percent. D) 44.4 percent. 47) If total fixed costs increased to $156,750, then break-even volume in dollars would increase by A) 12.3 percent. B) 20.0 percent. C) 34.3 percent. D) 10.0 percent. Assume the following cost information for Quayle Corporation: Total fixed costs $50,000 Selling price per unit $90 Variable costs per.
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40) Water Bottling Inc. (WBI) is a 100% wholly owned subsidiary with operations in France. WBI was purchased by a Canadian parent on January 1, 20X5. The financial records of WBI are maintained in euros and provide the following information with respect to equipment, intangibles and goodwill. Equipment - purchased on.
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21) Mr. Generous donated $100,000 to Excel Private School and specified that the principal amount not be spent but be maintained permanently. Interest on the invested funds can be used to award scholarships to those who excel in drama. How should the $100,000 contribution be presented on Excel Private School's.
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