ACC 561 Final Exam -
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- Lower taxes.
- Harder to transfer ownership.
- Most common form of organization.
- Reduced legal liability for investors.
- Income statement.
- Balance sheet.
- Retained Earnings statement.
- Statement of cash flows.
- presents the revenues and expenses for a specific period of time.
- summarizes the changes in retained earnings for a specific period of time.
- reports the assets, liabilities, and stockholders’ equity at a specific date.
- reports the changes in assets, liabilities, and stockholders’ equity over a period of time.
- net income for this year.
- relationship between current assets and current liabilities.
- projected net income for next year.
- relationship between short-term and long-term liabilities.
- short-term ability of a company to pay its maturing obligations and to meet unexpected needs for cash.
- percentage of total financing provided by creditors.
- income or operating success of a company over a period of time.
- ability of a company to survive over a long period of time.
- throughout the accounting periods.
- among firms.
- within industries.
- among accounting periods.
- common size analysis.
- linear analysis.
- vertical analysis.
- trend analysis.
- to determine which items are in error.
- that has been arranged from the highest number to the lowest number.
- to determine the amount and/or percentage increase or decrease that has taken place.
- that has been arranged from the lowest number to the highest number.
- as a percent of a base amount.
- in dollars and cents.
- starting with the highest value down to the lowest value.
- as a percent of the item in the previous year.
- the production process is continuous.
- costs are to be assigned to specific jobs.
- production is aimed at filling a specific customer order.
- dissimilar products are involved.
- must be similar to previous jobs completed.
- has its own distinguishing characteristics.
- must be completed before a new job is accepted.
- consists of one unit of output.
- on job cost sheets.
- on production cost reports.
- when the products are sold.
- after each unit is produced.
- overhead rate.
- product activity.
- cost driver.
- cost pool.
- allocates overhead to multiple activity cost pools, and it then assigns the activity cost pools to products and services by means of cost drivers.
- assigns activity cost pools to products and services, then allocates overhead back to the activity cost pools.
- accumulates overhead in one cost pool, then assigns the overhead to products and services by means of a cost driver.
- allocates overhead directly to products and services based on activity levels.
- mixed cost.
- fixed cost.
- manufacturing cost.
- variable cost.
- total sales equal total variable costs.
- total variable costs equal total fixed costs.
- total sales equal total fixed costs.
- contribution margin equals total fixed costs.
- 1,500 units
- 4,000 units
- product costing.
- operations costing.
- absorption costing.
- variable costing.
- variable costing, in order to increase net income.
- variable costing, in order to decrease net income.
- absorption costing, in order to increase net income.
- absorption costing, in order to decrease net income.
- has been developed by all levels of management.
- has been developed in a bottom up fashion.
- has been developed in a top down fashion.
- is developed with performance appraisal usages in mind.
- the valuation of inventories.
- the preparation of long-term plans.
- approval of the budget by the stockholders.
- the comparison of actual results with planned objectives.
- control sales commissions.
- control selling expenses.
- determine whether income objectives are being met.
- determine whether sales goals are being met.
- flexible accounting.
- static reporting.
- responsibility accounting.
- master budgeting.
- external financial reports.
- SEC financial reports.
- internal reports for management.
- all of these.
- the controller.
- management accountants.
- factory workers.
- department heads.
- cost-benefit analysis.
- contribution margin analysis.
- incremental analysis.
- double entry analysis.
- Income would increase by $40,000.
- Income would decrease by $8,000.
- Income would increase by $140,000.
- Income would increase by $8,000.
- Buy and save $30,000
- Make and save $10,000
- Buy and save $10,000
- Make and save $30,000
- Sell now, the company will be better off by $20,000.
- Sell now, the company will be better off by $200,000.
- Process further, the company will be better off by $180,000.
- Process further, the company will be better off by $20,000.
Accounting 561 Course Content include Topics and Objectives for ACC 561 final exam questions and answers
ACC 561 final exam has a well-defined syllabus. We have presented the entire syllabus with both compulsory and optional modules for Accounting – acc561 Course. Past trend suggests that the focus of exam has changed year-on-year. So, we have covered the entire topics important for the exam.
- Budgetary Planning and Control
- Decision Making Objectives
- Introduction to Financial Reporting
- Financial Statement Analysis
- CostâVolumeâProfit Analysis
- Product Costing