Acc Final Chap 12-24: test banks – Flashcards

The statement of cash flows reports:

The appropriate section in the statement of cash flows for reporting the purchase of equipment for cash is:

The appropriate section in the statement of cash flows for reporting the cash payment of wages is:

The appropriate section in the statement of cash flows for reporting the issuance of common stock for cash is:

A company's transactions with its creditors to borrow money and/or to repay the principal amounts of loans are reported as cash flows from:

Activities that involve the production or purchase of merchandise and the sale of goods and services to customers, including expenditures related to administering the business, are classified as:

The appropriate section in the statement of cash flows for reporting the receipt of cash dividends from investments in securities is:

Which one of the following is representative of typical cash flows from operating activities?

Cash flows from selling trading securities are reported in the statement of cash flows as part of:

Cash flows from interest received are reported in the statement of cash flows as part of:

External users of financial information:

Internal users of financial information

The ability to meet short-term obligations and to generate revenues using the least amount of resources is called

The ability to generate future revenues and meet long-term obligations is referred to as:

The ability to provide financial rewards sufficient to attract and retain financing is called

The ability to generate positive market expectations is called:

The three most common tools of financial analysis are:

The comparison of a company's financial condition and performance across time is known as:

The comparison of a company's financial condition and performance to a base amount is known as

Horizontal analysis:

In horizontal analysis the percent change is computed by:

Current assets minus current liabilities is equal to:

Managerial accounting information:

Managerial accounting is different from financial accounting in that:

Flexibility of practice when applied to managerial accounting means that:

An approach to managing inventories and production operations such that units of materials and products are obtained and provided only as they are needed is called

Costs that are incurred as part of the manufacturing process but are not clearly associated with specific units of product or batches of production, including all manufacturing costs other than direct material and direct labor costs, are called:

Classifying costs by behavior involves

A fixed cost

Period costs for a manufacturing company would flow directly to:

Costs that are first assigned to inventory are called:

Costs that flow directly to the current income statement are called:

Product costs:

The following are all examples of product costs:

Which one of the following items is normally not a manufacturing cost?

A manufacturing statement is also known as a schedule or listing of the:

A job cost sheet includes:

The rate established prior to the beginning of a period that relates estimated overhead to an allocation factor such as estimated direct labor and that is used to assign overhead cost to jobs is the:

If overhead applied is less than actual overhead, it is:

The amount by which the overhead applied to jobs during a period exceeds the overhead incurred during the period is known as:

The amount by which overhead incurred during a period exceeds the overhead applied to jobs is:

An expression of the activity of a process as the number of units that would have been processed during a period if all effort had been applied to units that were started and finished during the period is called:

Equivalent units of production are equal to

Which of the following characteristics applies to process cost accounting and not to job order cost accounting?

Direct material costs are recorded:

The purchase of raw materials on account in a process costing system is recorded with a:

Direct labor and indirect labor are recorded, respectively, to

To compute an equivalent unit of production, one must be able to reasonably estimate:

A method of assigning overhead costs to a product using a single overhead rate is:

Which types of overhead allocation methods result in the use of more than one overhead rate during the same time period

The cost object of the plantwide overhead rate method is:

Which of the following statements is true with regard to the plantwide overhead rate method

The cost object(s) of the departmental overhead rate method is:

Which of the following statements is true with regard to the departmental overhead rate method?

The cost object(s) of the activity-based costing method is(are):

From an ABC perspective, what causes costs to be incurred?

Which of the following statements is true with regard to activity-based costing rates?

Which of the following are advantages of using the plantwide overhead rate method?

Which of the following companies would be best served by a plantwide overhead rate?

Which of the following is true?

Which of the following is a disadvantage of the departmental overhead rate method

Which of the following is not true?

What are three advantages of activity-based costing over traditional volume-based allocation

A cost that changes with volume, but not at a constant rate, is called a

A cost that remains constant over a limited range of volume but increases by a lump sum when volume increases beyond a maximum amount is a(n):

Curvilinear costs always increase

Cost-volume-profit analysis is based on three basic assumptions. Which of the following is not one of these assumptions?

Total contribution margin in dollars divided by pretax income is the:

The sales level at which a company neither earns a profit nor incurs a loss is the

The difference between sales price per unit and variable cost per unit is the:

The contribution margin per unit expressed as a percentage of the product's selling price is the:

A special case of cost-volume-profit analysis is:

Which of the following is not a product cost?

Which of the following statements is true regarding absorption costing

Which of the following statements is true regarding variable costing?

Which of the following statements is true?

Under absorption costing, which of the following statements is not true?

A formal statement of future plans, usually expressed in monetary terms, is a:

Operating budgets include all the following budgets except the:

Which of the following is a financial budget?

Standard costs are

The costs that should be incurred under normal conditions to produce a specific product or component or to perform a specific service are:

Standard costs are used to measure:

The difference between actual and standard cost caused by the difference between the actual price and the standard price is called the

The difference between actual and standard cost caused by the difference between the actual quantity and the standard quantity is called the:

Which of the following would not be considered a cost center

Which of the following is most likely to be considered a profit center

A unit of a business that not only incurs costs but also generates revenues is called a:

A profit center

A department that incurs costs without directly generating revenues is a:

Which of the following is an example of a financial performance measure that would be found in a balanced scorecard

An opportunity cost:

An additional cost that is incurred only if a particular action is taken is a(n):

The potential benefit of one alternative that is lost by choosing another is known as a(n):

A cost that cannot be avoided or changed because it arises from a past decision, and is irrelevant to future decisions, is called a(n):

Capital budgeting decisions usually involve analysis of

Capital budgeting decisions are generally based on

Which of the following is an objective of capital budgeting

The process of analyzing alternative investments and deciding which assets to acquire or sell is known as

The time value of money concept

For purposes of applying the net present value and the internal rate of return methods, the rate chosen to measure the time adjusted value of money is known as the: