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7/20/2018
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Course 171026- Accounting and Finance for Business Operations
  Final Exam
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171026v - Accounting and Finance for Business Operations

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Accounting
18 CPE Credit Hours

7/20/2018
Final Exam
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Read 'Chapter 1: Essentials Of Accounting And Finance ' & answer the following question(s):
1. Managers spend a good portion of time:
2. Capital investments projects do NOT include:
3. The Controller is responsible for all EXCEPT:
4. The three major types of business entities are:
5. A business owned by two or more people is called a:
6. An S corporation cannot have more than ______________ shareholders.
7. ____________ are typically not permitted to carry on certain service businesses (e.g., law, medicine, and accounting).
Read 'Chapter 2: Types Of Cost Data And Cost Analysis ' & answer the following question(s):
8. _________________ are related to time rather than to producing the product (e.g., advertising costs, sales commissions, and administrative salaries).
9. The wood in an oak desk is an example of:
10. Prime costs consist of:
11. Conversion costs consist of
Read 'Chapter 3: Contribution Analysis' & answer the following question(s):
12. _______________________ is not very useful for decision analysis.
13. Contribution margin is calculated as:
14. The contribution margin ratio is calculated as:
Read 'Chapter 4: Break-Even And Cost-Volume-Profit Analysis' & answer the following question(s):
15. The break-even point in sales dollars is computed using the:
16. The formula that can be used to calculate unit sales necessary in order to earn a desired profit is:
17. Sales mix is the relative combination of:
18. The ______________ measures the percentage change in profits resulting from a percentage change in sales.
Read 'Chapter 5: Relevant Cost And Making Short-Term Decisions' & answer the following question(s):
19. ___________ refer to all the manufacturing costs incurred prior to the split-off point.
20. For a cost or revenue to be relevant to a particular decision, the cost or revenue must
21. ______________ are the result of past decisions and cannot be changed by current or future actions.
Read 'Chapter 6: Forecasting Cash Needs And Budgeting' & answer the following question(s):
22. Forecasting tries to
23. The _____________________ is immediately followed by the sales budget:
Read 'Chapter 7: Cost Control And Variance Analysis' & answer the following question(s):
24. Variance analysis is a tool used to:
25. Variances indicate:
26. When should variances be investigated?
27. The performance evaluation of a cost center is typically based on its:
28. The standard quantity allowed for actual output is used in the calculation of which of the following variances?
29. Under a standard cost system, the labor rate variances are usually the responsibility of the:
30. Under a standard cost system, the sales price variances are the responsibility of:
31. An unfavorable direct labor efficiency variance could be caused by a(n):
32. How is labor efficiency variance computed?
Read 'Chapter 8: Managing Financial Assets' & answer the following question(s):
33. Working capital consists of:
34. When a firm finances each asset with a financial instrument of the same approximate maturity as the life of the asset, it is applying:
35. A lock-box system
36. Which one of following is least likely an investment vehicle for excess cash?
37. A working capital technique that increases the payable float and therefore delays the outflow of cash is:
Read 'Chapter 9: Managing Accounts Receivable And Credit' & answer the following question(s):
38. You can increase your rate of return by:
39. The cost of a product is 30% of the selling price, and the carrying cost is 12% of the selling price. On the average, accounts are paid 90 days after the sale date. Sales average $30,000 per month. What is your accounts receivable for this product?
40. Your accounts receivable (A/R) amounts to $100,000. The cost of a product is 30% of the selling price, and the carrying cost is 10% of the selling price. What is the amount of investment in A/R?
Read 'Chapter 10: Managing Inventory' & answer the following question(s):
41. Economic order quantity refers to the order size that:
42. One of the elements included in the economic order quantity (EOQ) formula is:
43. The amount of inventory that a company would tend to hold in stock would increase as the:
44. The Stewart Co. uses the economic order quantity (EOQ) model for inventory management. A decrease in which one of the following variables would increase the EOQ?
Read 'Chapter 11: The Time Value Of Money' & answer the following question(s):
45. If a loan is to be repaid in equal periodic amount it is:
46. The basic idea of time value of money is that money received in the future is:
47. Which of the following is true regarding capital rationing decisions?
Read 'Chapter 12: Capital Budgeting Decisions' & answer the following question(s):
48. Long-term investment projects do NOT include investments in:
49. Several methods of evaluating investments are all EXCEPT:
50. The newest rule for computing depreciation for tax purposes is called the
51. Sally, Inc. is considering the purchase of an investment that has a negative net present value based on Sally's 10% hurdle rate (minimum required rate of return). The internal rate of return would be:
Read 'Chapter 13: Improving Managerial Performance' & answer the following question(s):
52. _______________ is NOT an action management can take to enhance rate of return on investment (ROI):
53. The breakdown of ROI into margin and turnover is popularly known as
Read 'Chapter 14: Evaluating And Improving Your Department'S Performance' & answer the following question(s):
54. Which of the following is NOT a responsibility center?
55. The best transfer price is the __________________ of the assembled product or service since it is a fair price and treats each profit center as a separate economic entity. .
Read 'Chapter 15: Sources Of Short-Term Financing' & answer the following question(s):
56. Which one of the following provides a spontaneous source of financing for a firm?
57. An example of secured short-term financing is
58. __________________ are often used to finance the shipment handling of both domestic and foreign merchandise.
59. Commercial paper:
Read 'Chapter 16: Considering Term Loans And Leasing' & answer the following question(s):
60. Intermediate-term loans do NOT include
61. Revolving credit is used mainly for:
Read 'Chapter 17: Long-Term Debt And Equity Financing' & answer the following question(s):
62. An issuer of new securities selects an investment banker by
63. When dealing with venture capital firms, do NOT:
64. Bond holders are:
65. Zero-coupon bonds:
66. Which of the following is false about junk bonds?
67. A firm must select from among several methods of financing arrangements when meeting its capital requirements. To acquire additional growth capital while attempting to maximize earnings per share, a firm should normally:
68. Common shareholders with preemptive rights are entitled to
69. In what way do investment bankers make money under best efforts offerings?
Read 'Chapter 18: Interpreting Financial Statements' & answer the following question(s):
70. The basic financial statements include a
71. A statement of cash flows is to be presented in general purpose external financial statements by which of the following?
72. The primary purpose of the balance sheet is to measure:
73. Another name for the balance sheet is the:
74. Which of the following types of accounts are not found on the balance sheet?
75. Which of the following would be classified as a current liability?
76. The financial statement that shows the origin and disposition of an enterprise's cash flows is called the:
77. Which of the following is a primary use of cash?
Read 'Chapter 19: Accounting Conventions And Recording Financial Data' & answer the following question(s):
78. Double-entry system implies:
79. The idea that a transaction affects either both sides of the equation by the same amount or one side of the equation only, by increasing and decreasing it by identical amounts and thus netting zero:
80. The basic accounting equation is:
81. A journal is:
82. The ledger is:
83. What function do general ledgers serve in the accounting process?
84. Borrowing money from a bank:
85. If a company purchased equipment for cash, the accounting equation would show a(n):
Read 'Chapter 20: Assessing Financial Health And Fitness' & answer the following question(s):
86. What ratio is used to measure a firm's liquidity?
87. What ratio is used to measure a firm's leverage?
88. What ratio is used to measure a firm's efficiency at using its assets?
89. What ratio is used to measure the profit earned on each dollar invested in a firm?
90. What type of ratio is rate of return on net sales?
91. If a company is profitable and is effectively using leverage, which one of the following ratios is likely to be the largest?
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