BUS 475 FINAL EXAM GUIDE 2
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BUS 475 FINAL EXAM GUIDE 2
BUS 475 Final Exam Guide 2
1) The cost principle requires that when assets are acquired, they be recorded at __________.
2) “Generally accepted” in the phrase generally accepted accounting principles means that the principles __________.
3) The standards and rules that are recognized as a general guide for financial reporting are called __________.
4) Sam’s Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000,
$7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is
still on hand. What is Sam’s gross profit for March?
5) Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of
$100,000. How much is Hess’s break even point?
6) 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?
7) What is the preparation of reports for each level of responsibility in the company’s organization chart called?
8) Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are
expected to increase $40,000, by how much will the company’s net income increase?
9) The cost of an asset and its fair market value are __________.
10) Which one of the following is a product cost?
11) What exists when budgeted costs exceed actual results?
12) The income statement and balance sheet columns of...