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Accounting Expert Answers & Study Resources : Page 56

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21.Balance sheet disclosures for preferred stock include all of the following except:   A. The number of shares issued. B. The number of shares outstanding. C. The liquidating or redemption value. D. The credit or market value. E. The number of shares authorized. 22.The declaration date pertains to:   A. The date used to determine who receives dividends. B. The date on which the board of directors.

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  • 21.Balance sheet disclosures for preferred stock include all of the
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Multiple Choice Questions1.________________ is a technique used to filter cost information contained in performance reports to each manager within the organization at an appropriate level of detail or summarization:   A. Managerial reporting B. Responsibility reporting C. Financial reporting D. Segment reporting 2.The term noncontrollable cost:   A. implies that there is really nothing the manager can do to influence the amount of.

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  • Multiple Choice Questions1.________________ a technique used to filter cost information
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11.The total variance for any particular cost component is referred to as the:   A. price variance. B. efficiency variance. C. budget variance. D. none of these. 12.The total budget variance is caused by two factors:   A. quantity and price. B. time and materials. C. direct and indirect relationships. D. fixed and variable cost behavior. 13.A variance is the difference between actual costs and:   A. selling price. B. expected costs. C. activity-based costs. D. historical costs. 14.The difference.

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  • 11.The total variance for any particular cost component referred to
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Multiple Choice Questions 1.The method of evaluating financial data that change under different courses of action is called:   A. financial statement analysis. B. break-even analysis. C. incremental analysis. D. cost-benefit analysis. 2.Braizen, Inc. produces a product with a $30 per-unit variable cost and an $80 per-unit sales price. Fixed manufacturing overhead costs are $100,000. The firm has a one-time opportunity.

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  • Multiple Choice Questions 1.The method of evaluating financial data that change
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21.  The present value of $3,000 to be received every year for 9 years, at 10%, is:   A. $7,073.80. B. $12,273.00. C. $17,277.00. D. $27,000.00. 22.  The present value of an obligation of $4,000 payable in 7 years at 8% is:   A. $1,760. B. $2,334. C. $3,206. D. $3,680. 23.  A particular common stock has an annual cash dividend of $2.00 per share and is predicted to have a market value.

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  • 21.  The present value of $3,000 to be received every year
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11.The relevant range concept refers to:   A. a firm's range of profitability. B. a firm's range of sales. C. a firm's range of rates of return. D. a firm's range of activity. 12.Which of the following is another term for mixed costs?   A. Semifixed costs. B. Semivariable costs. C. Component costs. D. None of these. 13.As the total volume of activity changes:   A. the total of variable costs changes. B. the total.

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  • 11.The relevant range concept refers to:   A. a firm's range of profitability. B. a
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11.Current maturities of long-term debt:   A. reflect overdue installments of bonds payable. B. are classified with long-term debt. C. represent cash that has been set aside for debt payments due within a year. D. permit a more accurate determination of working capital. 12.The purpose of reporting Current Maturities of Long-Term debt is to:   A. report any portion of a long-term borrowing.

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  • 11.Current maturities of long-term debt:   A. reflect overdue installments of bonds payable. B. are
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11.Product costs are inventoried and treated as assets until:   A. the next accounting period. B. related liabilities no longer exist. C. the period in which the products they relate to are sold. D. none of these. 12.In the T-account cost flow diagram of balance sheet inventory accounts and the income statement cost of goods sold account:   A. raw materials purchases are.

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  • 11.Product costs inventoried and treated as assets until:   A. the next accounting
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11.The key data element on which the entire budget is based is the:   A. sales/revenue forecast. B. income statement budget. C. cash budget. D. balance sheet forecast. 12.The operating budget depends on key information developed in the:   A. cash forecast. B. sales forecast. C. labor forecast. D. operating forecast. 13.The production budget uses all of the following except:   A. the sales forecast. B. the inventory policy. C. the cash receipts budget. D. the beginning inventory quantity. 14.A.

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  • 11.The key data element which the entire budget based the:   A. sales/revenue
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41.The contribution margin format income statement is organized by:   A. responsibility centers. B. functional classifications. C. sales territories. D. cost behavior classifications. 42.A 10% change in a firm's revenues is likely to result in a change of more than 10% in the firm's operating income because:   A. not all of the firm's costs will change in proportion to the revenue change. B. the.

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  • 41.The contribution margin format income statement organized by:   A. responsibility centers. B. functional classifications.
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51.The contribution margin ratio always decreases when the:   A. break-even point decreases. B. fixed expenses increase. C. selling price increases and the variable costs remain constant. D. variable cost increase and the selling price remains constant. 52.If fixed costs were increased by $9,000 and the contribution margin ratio remained at 30 percent, then sales must increase by _________ in.

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  • 51.The contribution margin ratio always decreases when the:   A. break-even point decreases. B. fixed
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11.Retained earnings represents:   A. cash that is available for dividends. B. the total net income of the firm since its beginning. C. cumulative net income of the firm since its beginning that has not been distributed to its stockholders in the form of dividends. D. net income plus gains (or minus losses) on treasury stock transactions. 12.Preferred stock is.

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  • 11.Retained earnings represents:   A. cash that available for dividends. B. the total net income
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31.Regardless of the inventory cost flow assumption used, inventories on the balance sheet are stated at:   A. original cost. B. realizable value. C. replacement cost. D. the lower of cost or market. 32.Prepaid expenses classified as current assets represent:   A. current year expenses that have been accrued. B. current year cash payments that will be matched against revenues of the next year or.

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  • 31.Regardless of the inventory cost flow assumption used, inventories the
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Multiple Choice Questions 1.The first caption in most income statements in annual reports is:   A. gross sales. B. net sales. C. earned revenues. D. sales, less sales returns and allowances. 2.Gains differ from revenues because gains:   A. are not a result of the entity's ongoing, central operations. B. do not have to be realized. C. are reported as income from operating activities. D. do not involve any offsetting.

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  • Multiple Choice Questions 1.The first caption in most income statements in
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21.As the level of activity decreases:   A. fixed cost per unit decrease. B. variable cost per unit decrease. C. fixed cost remains constant in total. D. variable cost remains constant in total. 22.An example of a cost that is likely to have a variable behavior pattern is:   A. sales force salaries. B. depreciation of production equipment. C. salaries of production supervisors. D. production labor wages. 23.An example of.

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  • 21.As the level of activity decreases:   A. fixed cost per unit decrease. B. variable
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Multiple Choice Questions 1.A transaction that is likely to cause an increase in a current liability is:   A. payment of accrued wages. B. accrual of interest expense. C. depreciation of equipment. D. accrual of bad debts expense. 2.The payment of a current liability will:   A. decrease net income. B. decrease working capital. C. increase working capital. D. not affect working capital. 3.A working capital loan will generally:   A. not have an.

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  • Multiple Choice Questions 1.A transaction that likely to cause an increase
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Multiple Choice Questions 1.Corporate governance includes concerns about:   A. business ethics and social responsibility. B. the responsibilities of the board of directors. C. equitable treatment of all stakeholders. D. disclosures and transparency. E. all of these. 2.The most powerful corporate governance legislation to date has been:   A. the Sarbanes-Oxley Act (SOX) of 2002. B. the creation of the American Institute of Certified Public Accountants. C. Corporate Ethics.

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  • Multiple Choice Questions 1.Corporate governance includes concerns about:   A. business ethics and
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21.Which of the following is a plan for acquiring the resources needed to complete the manufacturing activities that will satisfy the organization's sales forecast?   A. Sales budget. B. Raw materials budget. C. Production budget. D. Direct labor budget. 22.Which of the following lists the components of the master budget in correct chronological order?   A. Direct labor budget, production budget, cost of.

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  • 21.Which of the following a plan for acquiring the resources
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Multiple Choice Questions 1.The term "cost" means:   A. the price paid for a raw material. B. the wage paid to a worker. C. the price charged by an entity for its services. D. all of these. 2.Cost accounting is primarily concerned with:   A. accumulation and determination of product or service cost. B. income measurement and inventory valuation. C. generally accepted accounting principles. D. all of these. 3.Which of the.

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  • Multiple Choice Questions 1.The term "cost" means:   A. the price paid for a
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11.The dividend payout ratio describes:   A. the proportion of earnings paid as dividends. B. the relationship of dividends per share to market price per share. C. the percentage change in dividends this year compared to last year. D. dividends as a percentage of the price/earnings ratio. 12.The price/earnings ratio:   A. is a measure of the relative expensiveness of a firm's common.

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  • 11.The dividend payout ratio describes:   A. the proportion of earnings paid as
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31.The three sections of a statement of cost of goods manufactured include:   A. raw material, direct labor, manufacturing overhead. B. variable expenses, contribution margin, fixed expenses. C. sales revenue, gross profit, selling and administrative expenses. D. direct costs, indirect costs, operating profit. 32.Which of the following items would not be reported on the statement of cost of goods manufactured?   A. cost.

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  • 31.The three sections of a statement of cost of goods
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31.A cash budget would not include:   A. sale of common stock. B. payment of dividends. C. payment of property taxes. D. plant and building depreciation. 32.A key to estimating an accurate amount of cash to be collected from sales is:   A. the accuracy of the sales forecast. B. the accuracy of the estimated collection patterns for sales. C. both the accuracy of the sales forecast.

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  • 31.A cash budget would not include:   A. sale of common stock. B. payment of
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Multiple Choice Questions 1.Which of the following is not a right or attribute of common stock ownership?   A. Electing directors. B. Liability limited to amount invested. C. Approving changes in corporate charter. D. Determining dividend policy. 2.Which of the terms is not used to identify owners' equity or stockholders' equity?   A. Partner's capital. B. Proprietor's capital. C. Paid-in-capital and retained earnings. D. Additional-paid-in-retained earnings. 3.Which of the following.

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  • Multiple Choice Questions 1.Which of the following not a right
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Multiple Choice Questions 1.Managerial accounting supports the management process most significantly by:   A. measuring and reporting financial results after the fact. B. determining the goals and objectives of the entity. C. providing estimates of financial results for various plans. D. establishing operating policies to be followed during a period of time. 2.Activities included in a generally accepted definition of management.

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  • Multiple Choice Questions 1.Managerial accounting supports the management process most significantly
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41.The use of activity-based costing information to support the decision-making process is known as:   A. value chain analysis. B. cost distortion analysis. C. activity-based management. D. cost-based management. Essay Questions 42.For each of the following costs, check the columns that most likely apply.     43.Webster World Products uses the following account titles:  For each transaction described below, indicate which accounts would be debited.

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  • 41.The use of activity-based costing information to support the decision-making
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Multiple Choice Questions 1.An example of a committed cost is:   A. employee training. B. manufacturing supplies. C. real estate taxes. D. charitable contributions. 2.Which of the following is not a strong reason for budgeting?   A. Budgets provide a benchmark for judging performance. B. Budgeting requires little effort by non-accounting managers. C. Budgeting requires management to plan. D. Budgeting requires coordination among the functional areas of the firm. 3.The budgeting.

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  • Multiple Choice Questions 1.An example of a committed cost is:   A. employee training. B. manufacturing
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21.The principal reason for converting a customer's account receivable to a note receivable is:   A. the note receivable earns interest and the account receivable does not. B. the receivable is less likely to have to be written off as uncollectible. C. working capital is immediately increased. D. the customer is more likely to continue purchasing the company's products. 22.The.

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  • 21.The principal reason for converting a customer's account receivable to
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41.The concept of a standard used for planning and control purposes is most like a:   A. measure of ideal performance. B. unit budget. C. measure of maximum efficiency. D. measure of historical performance. 42.Standards are most appropriately used to:   A. reward workers and managers who meet them. B. penalize workers and managers who do not meet them. C. calculate the unit cost of a product.

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  • 41.The concept of a standard used for planning and control
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21.The three components of product costs are:   A. direct material, supervisor salaries, selling expenses. B. direct labor, manufacturing overhead, indirect material. C. direct material, direct labor, manufacturing overhead. D. manufacturing overhead, indirect material, indirect labor. 22.Which of the following is NOT an inventory account for a manufacturing company?   A. Cost of goods sold. B. Work-in-process. C. Raw materials. D. Finished goods. 23.Which of the following is NOT an.

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  • 21.The three components of product costs are:   A. direct material, supervisor salaries,
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31.How is performance evaluated for a cost center?   A. Actual costs incurred compared to budgeted costs. B. Actual segment margin compared to budgeted segment margin. C. Comparison of actual and budgeted return on investment (ROI) based on segment margin and assets controlled by the segment. D. None of these. 32.How is performance evaluated for a profit center?   A. Actual costs incurred.

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  • 31.How performance evaluated for a cost center?   A. Actual costs incurred compared
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11.Relevant costs in decision-making:   A. are future costs that represent differences between decision alternatives. B. result from past decisions. C. should not influence the decision. D. None of these. 12.A cost is considered relevant if:   A. it is positive. B. it is sunk. C. it makes a difference. D. if it can't be changed. 13.If a cost is irrelevant to a decision, the cost could not be a:   A. fixed.

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  • 11.Relevant costs in decision-making:   A. are future costs that represent differences between
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31.To which function of management is CVP analysis most applicable?   A. Planning. B. Organizing. C. Directing. D. Controlling. 32.The scattergram allows cost-volume relationships to be visually scanned for outlier observations that should be:   A. included in the calculation of the cost formula of a mixed cost. B. ignored in the calculation of the cost formula of a mixed cost. C. included in the calculation of.

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  • 31.To which function of management CVP analysis most applicable?   A. Planning. B. Organizing. C. Directing.
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