BUS 475 FINAL EXAM GUIDE 3
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BUS 475 FINAL EXAM GUIDE 3
BUS 475 Final Exam Guide 3
1) Which one of the following items is not generally used in preparing a statement of cash flows?
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?
3) Of the following companies, which one would not likely employ the specific identification method for inventory costing?
4) Which one of the following is a product cost?
5) The conceptual framework developed by the Financial Accounting Standards Board __________.
6) What is the preparation of reports for each level of responsibility in the company’s organization chart called?
7) The cost principle requires that when assets are acquired, they be recorded at __________.
8) If a company reports a net loss, it __________.
9) The major reporting standard for management accounts is __________.
10) The primary purpose of the statement of cash flows is to __________.
11) Managerial accounting __________.
12) A well-designed activity-based costing system starts with __________.
13) Balance sheet accounts are considered to be __________.
14) As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day basis. Your goal is to achieve better profitability. The Plant Operations Manager suggests that overhead is the easiest area to directly reduce costs. Which of the following items would be classified as manufacturing overhead?
15) There are two types of markets in which firms face some competition yet are still able to have some control over the prices of their products. The names given to these market structures are __________....