Bus 475
BUS/475 Sample Final Exam
This Sample Final Exam is provided as a resource to help familiarize students with the content areas and types of questions that they may encounter when they complete the comprehensive BUS/475 Final Exam in Week Five. The student version of the sample Final does not include the correct answers (as marked below in red). Please feel free to share the sample final questions and answers with your students.
Accounting
Financial accounting Conceptual foundations Income statement and statement of retained earnings Balance sheet Statement of cash flows
Managerial accounting Cost concepts Product costing systems Activities-based costing Cost, volume, and profit analysis Budgeting (except capital budgeting covered under finance) Standard costing Nonroutine decision making
International accounting*
1. Which of the following is NOT an element of manufacturing overhead?
a. 1 Factory employee’s salary
b. 0 Depreciation on the factory
c. 0 Plant manager’s salary
d. 0 Factory repairperson’s wages
2. What accounts are NOT classified in the current assets section of the balance sheet?
a. 0 Cash
b. 1 Accounts payable
c. 0 Security deposits
d. 0 Inventory
3. The starting point of a master budget is the preparation of the
a. 0 cash budget.
b. 1 sales budget.
c. 0 production budget.
d. 0 budgeted balance sheet.
4. What amounts are not included in Gross Margin?
a. 1 Operating expenses
b. 0 Sales
c. 0 Cost of goods sold
d. 0 Commissions paid
5. At what rate is the income statement converted for US $ comparison?
a. 0 Month end
b. 0 First day of the month rate
c. 1 Average rate
d. 0 It is not appropriate to convert to US $
6. Which list below best describes the major services performed by public accountants?
a. 0 Bookkeeping, mergers, and budgets
b. 0 Employee training, auditing, and bookkeeping
c. 1 Auditing, taxation, management consulting
This Sample Final Exam is provided as a resource to help familiarize students with the content areas and types of questions that they may encounter when they complete the comprehensive BUS/475 Final Exam in Week Five. The student version of the sample Final does not include the correct answers (as marked below in red). Please feel free to share the sample final questions and answers with your students.
Accounting
Financial accounting Conceptual foundations Income statement and statement of retained earnings Balance sheet Statement of cash flows
Managerial accounting Cost concepts Product costing systems Activities-based costing Cost, volume, and profit analysis Budgeting (except capital budgeting covered under finance) Standard costing Nonroutine decision making
International accounting*
1. Which of the following is NOT an element of manufacturing overhead?
a. 1 Factory employee’s salary
b. 0 Depreciation on the factory
c. 0 Plant manager’s salary
d. 0 Factory repairperson’s wages
2. What accounts are NOT classified in the current assets section of the balance sheet?
a. 0 Cash
b. 1 Accounts payable
c. 0 Security deposits
d. 0 Inventory
3. The starting point of a master budget is the preparation of the
a. 0 cash budget.
b. 1 sales budget.
c. 0 production budget.
d. 0 budgeted balance sheet.
4. What amounts are not included in Gross Margin?
a. 1 Operating expenses
b. 0 Sales
c. 0 Cost of goods sold
d. 0 Commissions paid
5. At what rate is the income statement converted for US $ comparison?
a. 0 Month end
b. 0 First day of the month rate
c. 1 Average rate
d. 0 It is not appropriate to convert to US $
6. Which list below best describes the major services performed by public accountants?
a. 0 Bookkeeping, mergers, and budgets
b. 0 Employee training, auditing, and bookkeeping
c. 1 Auditing, taxation, management consulting