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8/17/2019
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Course 171004- Accounting for Management
  Final Exam
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171004v - Accounting for Management

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Accounting
12 CPE Credit Hours

8/17/2019
Final Exam
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Read 'Chapter 1: Introduction to Accounting' & answer the following question(s):
1. The group that focuses on the trend in net earnings and makes capital structure decisions is:
2. The area of accounting that is concerned with providing information for external users is referred to as:
3. Which of the following is NOT one of the three primary financial statements?
4. A governmental body created by the Sarbanes-Oxley Act is the:
5. The global focus in financial reporting does NOT include:
6. The basic accounting equation is:
7. The three major types of business entities are:
Read 'Chapter 2: Understanding the Financial Statements' & answer the following question(s):
8. Which of the following is true of the balance sheet?
9. Which of the following is the correct way to date an income statement?
10. Which of the following financial statements shows an entity's operating performance?
Read 'Chapter 3: Recording Financial Information and Accounting Convention' & answer the following question(s):
11. The idea that an increase or decrease on one side of the accounting equation must be offset exactly by an increase or decrease on the other side of the accounting equation is:
12. Which of the following statement is false regarding the basic accounting equation?
13. The basic accounting equation:
14. Which of the following would usually NOT happen in a single transaction?
15. The declining-balance method of depreciation produces a(n):
16. A truck was purchased for $15,000 and it was estimated to have a $3,000 salvage value at the end of its useful life. Annual depreciation expense of $2,400 was recorded using the straight-line method. The annual depreciation rate is:
Read 'Chapter 4: Analysis of the Financial Statements' & answer the following question(s):
17. In assessing the financial prospects for a firm, financial analysts use various techniques. An example of vertical, common-size analysis is
18. _____________________ indicates in which direction a company is headed.
19. A measure of long-term debt-paying ability is a company’s
20. If a company is profitable and is effectively using leverage, which one of the following ratios is likely to be the largest?
21. What ratio is used to measure a firm's solvency?
22. What ratio is used to measure a firm's liquidity?
23. What ratio is used to measure a firm's efficiency at managing its inventory?
24. What ratio is used to measure the profit earned on stockholders’ investment in the company?
25. What ratio represents an indication of investors' expectations concerning a firm's growth potential?
Read 'Chapter 5: What is Management Accounting?' & answer the following question(s):
26. In JIT production, each operation buys or produces:
27. Depreciation of the factory building would be classified as:
28. Total quality management (TQM) focuses attention on all of the following EXCEPT the
29. Management accounting is important because it helps
Read 'Chapter 6: Product Costing Methods: Job Order Costing, Process Costing, and Activity-Based Costing' & answer the following question(s):
30. The predetermined overhead rate is calculated as
31. Activity-based costing (ABC) does NOT include
32. A basic assumption of activity-based costing (ABC) is that
Read 'Chapter 7: Cost Behavior and Cost-Volume-Profit Analysis' & answer the following question(s):
33. Which of the following questions would NOT be answered by cost-volume-profit (CVP) analysis?
34. The following information pertains to the Lurkins Company: Sales price per unit = $300; Variable cost per unit = $220; Total fixed costs = $500,000; Net income = $100,000. Unit sales for the company must have been:
35. Use the following information: Sales = $360,000; Variable costs = $270,000; Fixed costs = $50,000; Expected sales volume = 10,000 units. The breakeven point in sales dollars is
36. Baker Company sells its product for $60. In addition, it has a variable cost IS $24 and total fixed costs of $9,000. What is the break-even point in units for Baker Company?
37. Baker Company sells its product for $60. In addition, it has a variable cost ratio of 40 percent and total fixed costs of $9,000. How many units must be sold in order to obtain a before-tax profit of $12,000?
38. A company with $280,000 of fixed costs has the following data: For Product A, Sales price per unit = $5 and Variable costs per unit = $3. For Product B, Sales price per unit = $6 and Variable costs per unit = $5. Assume three units of A are sold for each unit of B sold. Sales for product B at the breakeven point will equal
Read 'Chapter 8: Budgeting and Standard Cost Systems' & answer the following question(s):
39. The last step in the budgeting process is the preparation of the:
40. Financial budgeting refers to:
41. Which of the following is NOT considered an operating budget?
42. A budget is NOT
43. A standard cost is a(an)
44. Use the following for information: Projected sales for Tony, Inc. for next year and beginning and ending inventory data are as follows: Sales = 20,000 units; Beginning inventory = 1,000 units; Desired ending inventory = 5,000 units. According to the production budget, how many units should be produced?
45. Under a standard cost system, the materials price variances are usually the responsibility of the
46. How is labor rate variance computed?
Read 'Chapter 9: Responsibility Accounting' & answer the following question(s):
47. ______________________ is most likely the measure of performance for a profit center.
48. Return on investment may be calculated by multiplying asset turnover by
49. Which of the following responsibility centers may be evaluated on the basis of residual income (RI)?
50. If a division generates a positive residual income then the division's
51. ABC Co. had the following 20x9 financial statement relationships: Asset turnover = 5; Profit margin = 2%. What was Select's 20x9 percentage return on investment?
Read 'Chapter 10: Relevant Costs and Short-Term Decisions' & answer the following question(s):
52. A joint product should be processed beyond split-off if:
53. With regard to impact on decision making, accountants classify costs as
54. Jago Co. has two products that use the same manufacturing facilities and cannot be subcontracted. Each product has sufficient orders to utilize the entire manufacturing capacity. For short-run profit maximization, Jago should manufacture the product with the
55. The solution of the product mix problem with multiple constraints is considerably more complex and requires a technique known as ____________.
56. Common mistakes you make in decision making are to include:
57. In joint-product costing and analysis, which one of the following costs is relevant when deciding the point at which a product should be sold to maximize profits?
Read 'Chapter 11: Capital Budgeting Decisions' & answer the following question(s):
58. Which of the following methods uses income instead of cash flows?
59. Russell Corp. is considering the purchase of a new machine for $76,000. The machine would generate an annual cash flow of $23,214 for five years. At the end of five years, the machine would have no salvage value. What is the payback period in years for the machine approximated to two decimal points?
60. Which of the following capital investment models would be preferred when choosing among mutually exclusive alternatives?
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