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HOMEWORK BUS 475 Final Exam 100 Questions with Answers 4th Set
BUS 475 Final Exam 100 Questions with Answers 4th Set
1) A well-designed activity-based costing system starts with __________.
A. analyzing the activities performed to manufacture a productB. assigning manufacturing overhead costs for each activity cost pool to products
C. computing the activity-based overhead rateD. identifying the activity-cost pools
2) "Generally accepted" in the phrase generally accepted accounting principles means that the principles __________.
A. have been approved for use by the managements of business firms
B. have been approved by the Internal Revenue ServiceC. have substantial authoritative support D. are proven theories of accounting
3) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals:
Income StatementBalance Sheet
Dr.Cr.Dr.Cr.
Totals$58,000$48,000$34,000$44,000
The net income (or loss) for the period is __________.
A. not determinableB. $10,000 lossC. $10,000 incomeD. $48,000 income
4) 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 Building900,000
Inventory300,000
Equipment675,000
Office Furniture150,000
Accumulated Depreciation450,000
What is the net amount of property, plant, and equipment that will appear on the balance sheet?
A. $1,425,000B. $1,950,000C. $2,400,000D. $1,650,000
5) The first step in activity-based costing is to __________.
A. identify the cost driver that has a strong correlation to the activity cost poolB. assign manufacturing overhead costs for each activity cost pool to productsC. identify and classify the major activities involved in the manufacture of specific products
D. compute the activity-based overhead rate per cost driver
6) 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?
A. 2,133 unitsB. 4,600 unitsC. 6,200 unitsD. $25,600
7) 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?
A. $8,250B. $5,250C. $750D. $4,500
8) These are selected account balances on December 31, 2008.
Land (location of the corporation's office building)$100,000
Land (held for future use)150,000
Corporate Office Building600,000
Inventory200,000
Equipment450,000
Office Furniture100,000
Accumulated Depreciation300,000
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