Essay on Accounting Final Examination Study Guide

1781 Words Feb 13th, 2012 8 Pages
ACC/561 Final Examination Study GuideThis study guide will prepare you for the Final Examination you will complete in the final week. It contains practice questions, which are related to each week’s objectives. In addition, refer to each week’s readings and your student guide as study references for the Final Examination.

Week One: Financial Reporting and Analysis

Objective: Differentiate between financial statements.

1. The _____ is also called the statement of financial position. a. income statement b. balance sheet c. statement of retained earnings d. statement of cash flows

Objective: Differentiate between financial statements.

2. _____ is the field of accounting that develops information for external
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a. materiality b. matching c. historical-cost d. cost-benefit

Week Three: Product Costing

Objective: Differentiate between various costing methods.

12. Absorption costing assigns _____ to the product. a. variable manufacturing costs b. all variable costs c. all variable manufacturing and fixed manufacturing costs d. all variable and fixed costs

Objective: Differentiate between various costing methods.

13. Martinez Company has two service departments, Maintenance and Personnel, and two production departments, Mixing and Finishing. Maintenance costs are allocated based on square footage, while personnel costs are allocated based on number of employees. The following information has been gathered for the current year:

Maintenance Personnel Mixing Finishing Direct department costs $50,400 $33,600 $42,000 $5,600 Square footage 1,600 800 3,200 2,400 Number of employees 16 24 48 64

If the step-down method is used to allocate costs and the Maintenance Department is allocated first, then the amount of overhead allocated from Personnel to Maintenance is _____. a. $4,998 b. $4,200 c. $3,539 d. $0

Objective: Differentiate between various costing methods.

14. Kevin Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing. Maintenance costs

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