ACC 561 Wk 6 Individual: Final Exam

ACC 561 Wk 6 Individual: Final Exam

Follow Below Link to Download Tutorial

https://homeworklance.com/downloads/acc-561-wk-6-individual-final-exam-2/

For More Information Visit our Website: (https://homeworklance.com/)

Email Us At :Support@homeworklance.com or Info.homeworklance@gmail.com

 

Or Make Custom Order

A competent writer crafting your custom made paper

We write high-quality sample essays, term papers, research papers, thesis papers, dissertations, book reviews,nbook reports, speeches, assignments, business papers and custom web content

 

                                                   Place an Order

 

We do custom work 100% original and plagiarism free .If you need help in any assignment just send us requirements with time limit ,we will quote a price and after your confirmation ,we start working on your assignment .An original work ready for submission provided to you

 

                                                  https://homeworklance.com/homeworkhelp/

 

 

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

 

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:

 

Leave a Reply

Your email address will not be published. Required fields are marked *