BUS 475 Final Exam - SET 1 / 100% correct answers / A+ Essay Example
BUS 475 Final Exam - SET 1 / 100% correct answers / A+
http://www.homeworkmarket.com/content/bus-475-final-exam-set-1-100-correct-answers
1) Which one of the following items is not generally used in preparing a statement of cash flows?
A. Adjusted trial balance
B. Comparative balance sheets C. Additional information D. Current income statement
2) One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?
A. $150,000 B. $60,000 C. $90,000 D. $75,000
3) Of the following companies, which one would not likely employ the specific identification method for inventory costing?
A. Music store specializing in organ sales B. Antique shop C. Farm implement dealership D. Hardware store
4) Which one of the following is a product cost?
A. Indirect labor B. Sales person’s salaries C. Office salaries D. Advertising costs
5) The conceptual framework developed by the Financial Accounting Standards Board __________.
A. was approved by a vote of all accountants B. is viewed as providing a constitution for setting accounting standards for financial reporting
C. are rules that all accountants must follow D. is legally binding on all accountants
6) What is the preparation of reports for each level of responsibility in the company’s organization chart called?
A. Static reporting B. Exception reporting C. Responsibility reporting D. Master budgeting analysis
7) The cost principle requires that when assets are acquired, they be recorded at __________.
A. appraisal value B. selling price C. exchange price paid D. list price
8) If a company reports a net loss, it __________.
A. will not be able to make capital expenditures B. will not be able to get a loan C. may still have a net increase in cash D.
http://www.homeworkmarket.com/content/bus-475-final-exam-set-1-100-correct-answers
1) Which one of the following items is not generally used in preparing a statement of cash flows?
A. Adjusted trial balance
B. Comparative balance sheets C. Additional information D. Current income statement
2) One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?
A. $150,000 B. $60,000 C. $90,000 D. $75,000
3) Of the following companies, which one would not likely employ the specific identification method for inventory costing?
A. Music store specializing in organ sales B. Antique shop C. Farm implement dealership D. Hardware store
4) Which one of the following is a product cost?
A. Indirect labor B. Sales person’s salaries C. Office salaries D. Advertising costs
5) The conceptual framework developed by the Financial Accounting Standards Board __________.
A. was approved by a vote of all accountants B. is viewed as providing a constitution for setting accounting standards for financial reporting
C. are rules that all accountants must follow D. is legally binding on all accountants
6) What is the preparation of reports for each level of responsibility in the company’s organization chart called?
A. Static reporting B. Exception reporting C. Responsibility reporting D. Master budgeting analysis
7) The cost principle requires that when assets are acquired, they be recorded at __________.
A. appraisal value B. selling price C. exchange price paid D. list price
8) If a company reports a net loss, it __________.
A. will not be able to make capital expenditures B. will not be able to get a loan C. may still have a net increase in cash D.