ACC 561 Final Exam
1) The statement of cash flows is used for_____.
2) Nonoperating items on the income statement_____.   
3) The difference between a single-step andmultiple-step income statement is that a single-step incomestatement _____. ACC 561 final exam
4) Which one of the following statements istrue?
5) The _____ accounting convention uses theacquisition cost minus depreciation in valuing an asset on thebalance sheet.
6) A new corporation issuing a common, no-parvalue stock for cash would include a journal entry a debit to_____. ACC 561 final exam ACC 561 final exam
7) Which type of organization would most likelyhave work-in-process inventory?
8) _____ is a measure of income or profit dividedby the investment required to obtain that income or profit.
9) The following information is available for thePeter Company:
Sales:            $150,000
Invested capital:     $156,250
ROI:            10%
The return on sales is     _____.
10) The following information is available for thePeter Company:
Sales:            $500,000
Invested capital:     $312,500
ROI:            10%
The return on sales is     _____.
11) Company A’s revenues are $300 on investedcapital of $240. Expenses are currently 70% of sales. If AngeloCompany can reduce its capital investment by 20% in Company A,return on investment will be _____.  ACC 561 final exam
12) When the variable costing method is used,fixed factory overhead appears on the income statement as a _____.ACC 561 final exam
13) In absorption costing, costs are separatedinto the major categories of _____.
14) _____ is another term for variablecosting.
15) Budgeted service department cost ratesprotects the user departments from _____.   
16) _____ is an example of the externalfinancial-reporting purpose of the cost management systems. ACC 561final exam
17) The level of sales at which revenues equalexpenses and net income is zero is called the_____.
18) Output measures of both resources andactivities are _____.
19) The break-even point is where _____.
20) _____ budgeting is when budgets are formulatedwith the active participation of all affected employees. ACC 561final exam
21) _____ is the logical integration of managementaccounting tools to gather and report data and to evaluateperformance.   
22) _____ are components of a master budget.
23) An important factor considered by salesforecasters is _____. ACC 561 final exam
24) _____ models are mathematical models of themaster budget that can react to any set of assumptions about sales,costs, and product mix.
25) Which of the following is an objective ofbudgeting?
26) An organization’s budget program should beused  ACC 561 ACC561 Final Exam  
27) The activity-based costing may reveal_________, whereas traditional costing cannot.   
28) _____ is a method of approximating costfunctions. ACC 561 final exam 
29) In relation to a cost function, the termreliability refers to _____.
30) One of the simplest methods to measure alinear cost function from past data is the _____.

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