BUS 475 FINAL EXAM GUIDE 5

BUS 475 FINAL EXAM GUIDE 5

BUS 475 FINAL EXAM GUIDE 5


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BUS 475 FINAL EXAM GUIDE 5

BUS 475 Final Exam Guide 5

) The income statement and balance sheet columns of Pine Company’s worksheet reflects the following totals:

Income Statement Balance Sheet
Dr. Cr. Dr. Cr.
Totals $58,000 $48,000 $34,000 $44,000
Closing entries are necessary for __________.

2) 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?

3) Which list below best describes the major services performed by public accountants?

4) The conceptual framework developed by the Financial Accounting Standards Board __________.

5) In what situations will a static budget be most effective in evaluating a manager’s effectiveness?

6) Which one of the following items is not generally used in preparing a statement of cash flows?

7) These are selected account balances on December 31, 2008.
Land (location of the corporation’s office building) $150,000
Land (held for future use) 225,000
Corporate Office Building 900,000
Inventory 300,000
Equipment 675,000
Office Furniture 150,000
Accumulated Depreciation 450,000
What is the net amount of property, plant, and equipment that will appear on the balance sheet?

8) A well-designed activity-based costing system starts with __________.

9) The cost principle is the basis for preparing financial statements because it is __________.

10) Which one of the following is a product cost?

11) If a company reports a net loss, it __________.

12) The primary purpose of...

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