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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 What is the net amount of property, plant, and equipment that will appear on the balance sheet? |
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