final final

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  1. Question 1

    5 PointsDanner 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?Select the correct answer


  2. Question 2

    5 PointsIn performing a vertical analysis, the base for sales revenues on the income statement is:Select the correct answers


  3. Question 3

    5 PointsIf 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:Select the correct answer


  4. Question 4

    5 PointsWhich statement is correct?Select the correct answer


  5. Question 5

    5 PointsHenson 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?Select the correct answer


  6. Question 6

    5 PointsWhich of the following will not result in an unfavorable controllable margin difference?Select the correct answer


  7. Question 7

    5 PointsIf there are no units in process at the beginning of the period, then:Select the correct answer


  8. Question 8

    5 PointsThe investigation of materials price variance usually begins in the:Select the correct answers


  9. Question 9

    5 PointsMiller 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.Select the correct answer


  10. Question 10

    5 PointsWhich is the last step in developing the master budget?Select the correct answer


  11. Question 11

    5 PointsAre advanced receipts from customers treated as revenue at the time of receipt? Why or why not?Select the correct answer


  12. Question 12

    5 PointsBen 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?Select the correct answer


  13. Question 13

    5 PointsAn activity-based overhead rate is computed as follows:Select the correct answer


  14. Question 14

    5 PointsKimble 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 $1,600,000Actual annual overhead cost $1,575,000Estimated machine hours 400,000Actual machine hours 390,000 Select the correct answer


  15. Question 15

    5 PointsWhich of the following statements concerning users of accounting information is incorrect?Select the correct answer


  16. Question 16

    5 PointsHollis 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?Select the correct answer


  17. Question 17

    5 PointsAt 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?Select the correct answer


  18. Question 18

    5 PointsScorpion 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?Select the correct answers


  19. Question 19

    5 PointsFinancial and managerial accounting are similar in that both:Select the correct answer


  20. Question 20

    5 PointsBased on the following data, what is the amount of working capital?Accounts payable………………………………………………………..$64,000Accounts receivable……………………………………………………..114,000Cash………………………………………………………………………. 70,000Intangible assets…………………………………………………………100,000Inventory…………………………………………………………………. 138,000Long-term investments…………………………………………………..160,000Long-term liabilities……………………………… ………………………200,000Short-term investments……………………………………………………80,000Notes payable (short-term)………………………………………………..56,000Property, plant, and equipment………………………………………..1,340,000Prepaid insurance…………………………………………………………….2,000Select the correct answer


  21. Question 21

    5 PointsWhich of the following is not an underlying assumption of CVP analysis?Select the correct answer


  22. Question 22

    5 PointsIt 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?Select the correct answer


  23. Question 23

    5 PointsLa 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?Select the correct answer


  24. Question 24

    5 PointsTop 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?Select the correct answer


  25. Question 25

    5 PointsWhich one of the following is an example of a period cost?Select the correct answer


  26. Question 26

    5 PointsWhat is the primary difference between a static budget and a flexible budget?Select the correct answer


  27. Question 27

    5 PointsWhich of the following statements is not true?Select the correct answers


  28. Question 28

    5 PointsThe entry to record the acquisition of raw materials on account is:Select the correct answer


  29. Question 29

    5 PointsDifferences between a job order cost system and a process cost system include all of the following except the:Select the correct answer


  30. Question 30

    5 PointsThe 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:Select the correct answer

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